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Friday, 22 January 10
JSW ENERGY TO INVEST RS 4,500 CRORE IN COAL MINES ABROAD
 The Sajjan Jindal-promoted JSW Energy is planning an investment of Rs 4,500 crore (US$ 978,260,869) to acquire coal mines abroad and another of Rs 10,000 crore (US$ 2,173,913,043) in West Bengal through a joint venture with group company JSW Bengal Steel.
The company’s board today approved the floating of an overseas subsidiary for the investment abroad. The company also announced a profit after tax of Rs 205 crore (US$ 44,565,217) for the quarter ended December 31, about 73 per cent more than the Rs 118.5 crore (US$ 25,760,869) net profit posted in the corresponding period last year. Total income for the period was Rs 712.4 crore (US$ 154,869,565), about the same as the corresponding period revenues of Rs 711 crore (US$ 154,565,217) last year.
The better performance was mainly on account of enhanced generation from capacity additions, sales and less fuel costs.
JSW Energy, which debuted on the stock exchanges in the first week of January, had earlier contracted coal from Indonesia to fuel its power projects.
The company will form a special purpose vehicle (SPV) with group company JSW Bengal Steel to set up a 1,600-Mw (2x800 Mw) power plant at Ichhapur in West Bengal.
JSW Energy will hold 74 per cent in the SPV and JSW Bengal Steel the balance 26 per cent. The SPV will develop the power project and captive coal mines in Ichhapur at an estimated cost of Rs 7,680 crore (US$ 1,669,565,217) and Rs 2,000 crore (US$ 434,782,608), respectively. The project is proposed to be financed with a debt equity ratio of 3:1. The steel producer will buy 51 per cent of the power produced from this unit and the rest will be up for sale, said the release.
Share prices of the company fell 2.33 per cent on the Bombay Stock Exchange today, to close at Rs 112.95 (US$ 2.45543) per share. (1 USD = 46.0000 INR)
Source: Business-Standard
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Saturday, 23 January 10
COAL CAMARADERIE
Union coal minister Shriprakash Jaiswal feels Asian countries should join hands in developing minerals, particularly coal.
At the third Asian Min ...
Friday, 22 January 10
ENERGY ADVISORY COUNCIL MULLS - COAL EXPORT BAN
The National Energy Council, which advises the House of Representatives and the president on energy issues, has begun to debate a proposal to ban ex ...
Friday, 22 January 10
MERCATOR EYES MORE COAL MINES IN INDONESIA
India’s second-largest private shipping company Mercator Lines is looking at acquiring more coal mines in Indonesia as part of its strategy&nb ...
Friday, 22 January 10
BHAKTI ENERGI IN TALKS OVER COAL VENTURES IN KALIMANTAN
PT Bhakti Energi Persada, one of Indonesia’s biggest miners of brown coal, revealed on Thursday that it was in talks to form a joint venture w ...
Friday, 22 January 10
SHENHUA ENERGY 09 YIELDED 210MN TONS COMMODITY COAL
China Shenhua Energy Co., Ltd. yielded 210 million tons of commodity coal in 2009, hiking 13.2% year on year, the Chinese energy titan announced tod ...
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