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Stocks pile up with Coal India as 15 power plants didn't lift fuel

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As many as 15 power plants did not lift any coal from Coal India in September, foregoing the 2.6 million tonnes of stock they were supposed to lift from the state-run monopoly miner and resulting in thermal power plants across the country receiving delivery of only 80% of the coal allotted to them during the month.

This in turn reduced stocks at various power plants, specially the ones near coal mines. A number of them did not lift their full quota of coal despite stocks falling down to five days, or critical stock position, according to Central Electricity Authority’s definition.

Plants in Gujarat, Rajasthan, Madhya Pradesh, Haryana and Punjab have not been lifting their full quota for several months in a row although their stocks have dwindled to five days in some cases.

Coal IndiaBSE 3.93 % officials said power producers, both near and away from coal mines, are not lifting their full quota of coal each month because they are now assured of railway rakes and coal availability whenever required, unlike in the past when availability of both were uncertain for major part of the year. “While coal can be available on credit from Coal India, power producers need to pay upfront to the railways.

With assured supply of coal whenever required, power producers are not interested in blocking their money by way of stocking large volumes of coal as stipulated by the Central Electricity Authority,” a senior coal ministry official said.

At the time when coal and rakes were not available freely, the Central Electricity Authority had stipulated that all power stations stock coal that would support generation for 15 days in a row. ‘Critical’ and ‘super critical’ stocks were also defined at that time.

As per the definition a pit head plant would be marked with critical stock position if its stocks fell below five days and less than three days would be super critical. For non-pit head plants, critical stocks would be less than seven days and super critical would be less than four days.

Source: economictimes.indiatimes.com

UltraTech Cement Gains on Fundraising Plans

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UltraTech Cement rose 0.41% to Rs 3,887.25 at 10:00 IST on BSE after the company announced a proposal to issue secured redeemable non-convertible debentures amounting Rs 500 crore on private placement basis.

The announcement was made after market hours yesterday, 18 August 2016. Meanwhile, the S&P BSE Sensex was up 8.44 points, or 0.03%, to 28,131.88.

On BSE, so far 1,827 shares were traded in the counter, compared with an average daily volume of 21,532 shares in the past one quarter. The stock hit a high of Rs 3,920 so far during the day, which is also a record high for the stock. The stock hit a low of Rs 3,881.10 so far during the day. The stock hit a 52-week low of Rs 2,581.15 on 18 January 2016. The stock had outperformed the market over the past one month till 18 August 2016, rising 10.62% compared with 1.36% rise in the Sensex. The scrip had also outperformed the market in past one quarter, gaining 20.33% as against Sensex's 9.41% rise.

The large-cap company has equity capital of Rs 274.44 crore. Face value per share is Rs 10.

UltraTech Cement said that non-convertible debentures (NCDs) have tenure of 10 years and carry coupon of 7.53% per annum. The deemed date of allotment of NCDs is 22 August 2016 and the maturity date is 21 August 2026.

UltraTech Cement's consolidated net profit rose 29.2% to Rs 780.11 crore on 4.1% growth in net sales to Rs 6537.83 crore in Q1 June 2016 over Q1 June 2015.

UltraTech Cement is a leading cement manufacturer in India. It is a part of the Aditya Birla Group.

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Source: Business-Standard

Kudankulam Nuclear Power Plant: PM Narendra Modi to Dedicate the Project to The Country

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Prime Minster Narendra Modi and the Russian President, Vladimir Putin on Wednesday, will hand over the Kudankulam Nuclear Power Project (KKNPP's) first unit to the country.

Prime Minster Narendra Modi and the Russian President, Vladimir Putin on Wednesday, will hand over the Kudankulam Nuclear Power Project (KKNPP’s) first unit to the country. Tamil Nadu Chief Minister J Jayalalitha is also to be a part of the ceremony. All three of the leaders will join in through video conferencing. A function is also to be held for the occasion, which will see the presence of the Chairman of the Kudankulam Nuclear Power Corporation Chairman, SK Sharma, Russian company Atomstroy’s President Limareenko and site Director Sundar. This will be another example of the cooperation between India and Russia on the nuclear front. The first Unit of the Kudankulam Nuclear Power Plant was built with the expertise of the Russians after a pact between the then prime Minister Rajiv Gandhi and Soviet leader Mikhail Gorbachev in November 1988. But the construction only took place in 1997 due to the political and economic instability of Russia due to the Soviet Union Collapse of 1991. The unit was synchronised with the southern grid on October 22, 2013, and became fully functional on December 31,2014

The first unit was synchronized with southern power grid on October 22, 2013, and power generation started on December 31, 2014, generating a 1000 Mw. India’s regulator is speculated to authorise the start of the second power unit at KNPP. Two 1000 Mw Russian reactors are being set up by the Nuclear Corporation of India (NPICL) at the KudanKulam village in the Tirunelveli district of Tamil Nadu. The cost of Unit I and II had been estimated around Rs 13,171 crore. But delays and the depreciation of rupee has brought it up to Rs 17,270. NPCIL and Atomstroy export, a subsidiary of the Rosatom is building the power plants at KudanKulam. Rosatom is the regulatory body of the Russian nuclear complex.

The construction of the first two units has previously been stopped due to strong protests from villagers around the plant. The issue was later resolved after court cases and diplomacy between the state government and the centre. The capacity of KKNPP Unit- II would be a 1000 Mw on full power. The electricity generated by all central sector generating systems is allotted to beneficiary states and union territories. Tamil Nadu uses about 925 Mw of the energy, while Kerela gets 266 Mw and Puducherry suffices with 67 Mw. 300 Mw remains unallocated.

Source: financialexpress

80 Mini Steel Plants Closed Down in Chhattisgarh as Running Cost Shoots Up

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About 80 mini steel plants, located in the industrial area near the state capital, have halted production and closed their units since Sunday night claiming that running cost of their units has gone up considerably, particularly due to increase in power tariff, leading to heavy losses.

Chhattisgarh Mini Steel Plant Association (CMSPA) is demanding reduction of electricity tariff to Rs 4.00 per unit from the hiked price of Rs 6.19 per unit.

Association's members said Chhattisgarh, which generates electricity, is considered as a power hub, but has failed to supply electricity to steel industry at nominal rates, whereas the states including Jharkhand, West Bengal, Bihar, Uttrakhand, Jalna and Vidharbh Maharashtra and Punjab, which are purchasing the electricity from other states, are charging electricity tariff from industries between Rs 3.81 to Rs 4.99.

Talking to TOI, Chhattisgarh Mini Steel Plant Association's president Ashok Surana said, "The steel industrialists have closed down their units voluntarily, neither without any Association's role nor in wake of protest.

"The matter is anyway on monthly basis. We are already bearing the loss of Rs 45 lakh on operating the units. Even when the units are closed, we will have to bear a minimum loss of Rs 15 lakh," he said.

He said the association has submitted a memorandum to Chhattisgarh Power Holding Company Limited managing director Ankit Anand and also the state electricity regulatory commission, which determines the tariff, and all other concerned, seeking reduction in tariff to Rs four per unit".

In Industrial areas of Hirapur, Tendua, Urla and Siltara on the outskirts of Raipur, there are 185 steel industries.

According to the association, monthly bill generated for one mini steel plant is around Rs 60 lakh. With closure of 80 units, the load on transformers has reduced to 250 megawatt from 490 megawatt on Monday. This is a big revenue loss for the electricity department besides no work for more than 15,000 labourers.

The steel industry has been witnessing a downward slide due to multiple factors, including increase in cost of inputs, since 2013. Many steel plants in Chhattisgarh have downsized their staff and scaled down their operations.

Source: timesofindia

Kirloskar Ferrous to acquire pig iron plant of VSL Steels

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Kirloskar FerrousBSE 1.15 % Industries today said it will acquire VSL Steels's pig iron plant for Rs 155 crore in cash.

"Board at its meeting on July 28, has granted in-principle approval for acquisition of movable and immovable assets relating to pig iron plant of VSL Steels Ltd for a cash consideration of Rs 155 crore," Kirloskar Ferrous Industries said in a regulatory filing.

The amount will be payable in installments and will be subject to certain commercial conditions, necessary governmental or regulatory approvals and the approval of the Board and shareholders of VSL Steels Ltd, it added.

Kirloskar Ferrous Industries Ltd (KFIL), part of the Kirloskar Group, is in the business of pig iron and castings with its core products being pig iron, grey iron castings and S.G iron castings.

The company has two manufacturing plants -- one at Koppal district in Karnataka and another at Solapur in Maharashtra. It caters to industry sectors such as tractors, automotives and diesel engines.

VSL Steels Ltd (formerly SLR Steels Ltd) manufactures pig iron and is part of the VSL Group.

Source: Economictimes

JSW Energy to buy Jaiprakash Power's Bina unit for Rs 2,700 cr

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Sajjan Jindal-promoted JSW Energy acquired the 500-megawatt (Mw) power plant of debt-laden Jaiprakash Power Ventures at Bina in Madhya Pradesh for Rs 2,700 crore, 10 months after the two firms got into a binding agreement.

In September 2015, JSW Energy had acquired two hydropower assets of Manoj Gaur’s company for Rs 9,700 crore in a deal that was the largest ever in the power sector. Following the deal, both companies signed a binding agreement for the Bina deal.

“The acquisition demonstrates JSW Energy’s commitment to the power sector, which is vital for the sustained economic growth of the country,” said Sajjan Jindal, chairman and managing director, JSW Energy.

Meanwhile, JSW Energy has been on an acquisition spree. In May, it announced the purchase of Jindal Steel & Power (JSPL)-owned 1,000-Mw thermal power plant in Chhattisgarh for Rs 4,000 crore, which could be increased to Rs 6,500 crore if the seller manages to get 100 per cent fuel supply and long-term power purchase agreements.

With these deals, JSW Energy will reach the total installed capacity of 6,031 Mw now. This has helped JSW Energy come closer to its ambition of achieving power generation capacity of 10,000 Mw by 2020.

“The acquisition will enable the diversification of geographical foot print and fuel source, thereby strengthening the existing business model,” said JSW Energy in a media statement.

Over the past few years, the power sector has found it difficult to source adequate coal. Power companies are finding it tough to find buyers for the power generated as debt-ridden state electricity boards are unwilling to buy expensive power. Most power companies are weighed down by debt, forcing some of them to sell their assets.

Both Jaiprakash Power and JSPL are undergoing stress due to high debt. JSPL has a consolidated debt of Rs 46,000 crore.

The Jaypee group has been on an asset sale spree in a bid to cut its debt. The group has so far focused on selling its best assets in the power and cement sectors to reduce debt. Jaiprakash Associates agreed to sell its entire cement division of 21.2 million tonnes to UltraTech Cement, which will fetch the company an enterprise value of Rs 16,189 crore in a deal that was approved in July.

Last month, bankers to Jaiprakash Associates also invoked the strategic debt restructuring provision, which allows lenders to convert debt into equity and take control. Jaiprakash Associates holds 60.69 per cent stake in Jaiprakash Power. As of March 2016, Jaiprakash Associates had a consolidated debt of Rs 58,250 crore.

Pramod Menon, director (finance) at JSW, had in May said JSW Energy carried a net debt of Rs 15,000 crore on its books and had cash of Rs 300 crore.

Jindal Energy continues with its plan to grow its power business inorganically and has also been in talks with Monnet Ispat to buy the latter's power assets for a year. Monnet Power is developing two coal-fired thermal power plants with total capacity of 1,050 Mw in Odisha.

Source: Business Standard



Essar to Fully Operationalise Tori, Mahan Power Plants

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Essar Power plans to make its 2x600 MW Tori power plant operational by the next financial year as the company expects to secure new fuel through government's upcoming coal linkage auction, a company spokesman told ET. The plant, which is 43 per cent complete, will be built at an investment of Rs 4,100 crore.

"All approvals for the plant are in place and the company has also signed long-term power purchase agreements for the project with Bihar and Jharkhand," the spokesperson said.

The promoters of the company have infused close to Rs 1,500 crore as equity in the project. The current debt of the project stands at Rs 2,600 crore. The company is also in process of re-operationalising unit II of 2x600 MW Mahan power plant by November this year as it plans to secure coal through special forward e-auctions in the short term. For longterm fuel security, the company looks to make coal available from its Tokisud coal mine.

"The restart of unit I has been possible due to the government making coal available through e-auctions and aligning coal prices to the current market scenario. Mahan plant has already secured over 12 lakh tonne coal through special forward e-auction of Coal India (CIL). Company will be participating in further e-auctions being done by CIL," Essar said.

Source: Economictimes

Sagar Cements to Acquire Grinding Unit of Toshali Cements

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Sagar Cements has announced the complete acquisition of grinding unit owned by M/s Toshali Cements for Rs 60 crore (9 million USD)

“The board has accorded its ‘in principle’ approval for the acquisition of the entire assets in the grinding unit of 181,500 tons per annum capacity in Bayyavaram, Vizag district, Andhra Pradesh, owned by M/s Toshali Cements, Hyderabad, at a cost of around Rs 60 crore (including transaction cost),” Sagar Cements said in a BSE filing.

Post acquisition, the company proposes to increase the capacity of the said unit to 300,000 tons per annum by optimizing the equipment already available with the company by infusion of funds to the extent of around Rs 6 crore (0.9 million USD)

The acquisition will enable the company to save its logistic cost and to introduce slag cement to cater markets in Visakhapatnam, Viziangaram, Srikakulam and parts of Orissa, it added.

The transaction is expected to be completed by September 30, 2016, subject to regulatory approvals as may be required by the company to commence its grinding operations in the said unit.

Danieli Group Signs Big Steel Contracts with Iran

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Following the lifting of sanctions on Iran, the Italian Danieli Group has signed agreements worth approximately 5.7 billion Euros.

The agreements, signed in Rome by the company’s chairman and CEO, Gianpietro Benedetti, relate to a joint venture and orders for the supply of machinery and plants to be installed in Iran.

Persian Metallics” is the name of a joint venture worth an estimated 2 billion Euros, which will involve a group of international and Iranian investors.

The Persian Metallics project will use iron ore and energy to produce around 6Mt/yr of pellets to feed direct reduced iron (DRI) for steelmaking using electric arc furnaces – the most environmentally friendly and often more competitive way to make steel today.

Other agreements relating to the supply of machines and plants to produce steel and aluminium will be signed with several Iranian companies and worth an estimated 3.7 billion Euros.

Danieli’s plant-making division, based in Buttrio, employs 10,000 people and consists of various product lines active in the design, construction and start-up of plants for the production of steel and non-ferrous metals, from the treatment of ore and scrap to the melting, casting, rolling and finishing of a wide variety of finished, flat, long, forged and tubular products.

Source: Steeltimes Intl

The Big Indian Steel Assets Sale

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The Indian steel industry is in turbulent times. Demand for steel in 2016 is unlikely to increase against increasing capacities by primary players. Steelmakers are bracing for this and are struggling to maintain profits in the face of global excess capacity and historically low prices. This has led several steel plants to shut their shop or bring themselves on sale.

Excess capacity in India stands around 20-25 million tonnes, with a large number of these are small and mid-sized induction furnaces.

Rising import and increasing domestic capacity have created a challenging time for Indian steel industry. In this climate, steel companies are seeking to reduce debt, manage costs and implement operational improvements to weather the turbulence ahead. The industry is looking towards 2017 for signs of a recovery, but bracing for a tough year in 2016.

Plants for Sale

There are about 100-150 small and medium plants, which are on sale across India. Most of them are on sale because of liquidity issue and unfavorable government policies.

High Power Charges

For an instance, a 7 MT induction furnace based in Punjab is on sale because of high electricity charges. Mr Garg, who owns that unit claimed that it is not viable to produce billet in this part of region. For a smelter based in Chhattisgarh or Bengal electricity charges are about INR 5/unit, whereas in Punjab, it is INR 7.5/unit.

Liquidity Issue

Another instance is that a sponge iron plant of 200 TPD is on sale in Odisha owing to liquidity issues. Owner Mr Agrawal claimed that they have lost money in last couple of years owing to falling prices and low demand. Also, banks are unwilling to give them any term loan or working capital loan to any steel unit.

Government Policies

A classic example of unfavorable government policies that has forced a big pant under stress is Stemcor’s 4 MnT pellet plant. Delay in statutory clearances by the government and sudden change in export duty on pellet exports are persistently putting pressure on the company.

Excessive Loan on Primary Players Too

Not only small and mid-sized units are stressed, but primary steel producers are also struggling in this scenario due to excessive loan. As much as 37% of India Inc’s borrowings are held by companies, led by steel firms, which are not generating enough revenues to service their interest expenses — or stressed assets. Further, banks’ exposures to stressed steel companies are at 10-30% of net worth.

Banks have been talking about change in management in two steel companies for sometime now. Essar Steel, promoted by the Ruias, and Bhushan Steel both have debt of INR 40,000 crore on their books and have been declared as non-performing assets.

Bhushan Steel has again been given a June 30 deadline to ramp up production. A senior official at Bhushan Steel mentioned,"We have already reached the targets set by banks, without any additional working capital. We will slowly ramp up further. Sale of assets are also in the pipeline."

 

Essar Steel Algoma to Agrees to Sell Its Assets

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Essar Steel Algoma Inc (ESA) has agreed to sell its assets to a consortium formed by New York-based private equity firm KPS Capital Partners and its lenders.

The Company is serving a motion today with the Ontario Superior Court of Justice seeking approval of the APA.

KPS is a leading private equity firm in the manufacturing sector, with a track record for transforming businesses into vibrant independent companies. ESA, manufactures steel products and sells them to the automotive, light manufacturing, construction, shipbuilding and energy industries. It ran into trouble following a drop in the price of steel.

"The new company formed by the consortium will securely position New Algoma with a capital structure to sustain all phases of the steel cycle," said Kalyan Ghosh, president and chief executive of ESA.

ESA said that the consortium's bid was made up of cash, credit equivalent to a loan provided by the lenders when it was granted creditor protection last November, and the assumption of liabilities by the buyer.

Tata Power to Buy Welspun’s Renewable Energy Assets

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Tata power to acquire Welspun's renewable assets, to become largest renewal energy company in India.

Tata Power has gained 1,140 MW of renewable vitality resources from Welspun Renewable Energy. The cost of the exchange is evaluated to be in the district of Rs 7000 crore to Rs 9000 crore, sources near the arrangement said.

In an announcement, Tata Power said that its auxiliary Tata Power Renewable Energy Ltd. (TPREL) procured the advantages from Welspun Renewable Energy Pvt. Ltd. (WREPL), a backup of Welspun Energy.

This exchange, conceivably the greatest in the renewable space in the nation, makes TPREL the biggest renewable vitality organization in India with limit surpassing 2300 MW.

Solar Limit

The announcement said that out of WREPL's 1,140 MW of renewables, about 1,000 MW of limit is operational and the equalization is under 'cutting edge phases of execution.' Of the aggregate, 990 MW constitutes sun based force while wind power made up 150 MW.

"This obtaining will empower the organization to convey huge quality for all partners as most resources are income creating," said Anil Sardana, CEO and Managing Director, Tata Power. "Tata Power can upgrade the estimation of these advantages with its operational experience and money related improvement," as indicated by him.

TPREL as of now works 294 MW of renewable force limits and 500 MW of renewable resources are being cut out of Tata Power into TPREL through a court procedure. Also, around 400 MW of sunlight based and wind power tasks are under execution.

JM Financial Institutional Securities Limited went about as elite Transaction Advisor to TPREL in the exchange. KPMG India Private Limited was the Accounting and Tax Advisor. AZB and Partners went about as the Legal Advisor for this exchange.

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All content on this web site is the copyright of Plant Bee except the third party content and link to third party web site on our website.

Plant Bee is not an expert in your intellectual property rights, and we cannot verify that the users of our online marketplace - who post various trade leads on the website - have the right to sell the goods offered. We will appreciate your assistance in identifying listings which may not appear on their face to infringe your rights but which you believe are infringing. Plant Bee is also not an arbiter or judge of disputes about intellectual property rights. By taking down a listing, as a prudential matter, Plant Bee is not endorsing a claim of infringement. Neither, in those instances in which Plant Bee declines to take down a listing, is Plant Bee determining that the listing is not infringing, nor is Plant Bee endorsing the sale of goods in such cases.

Plant Bee respects the intellectual property rights of others, and we expect our user(s) to do the same. Plant Bee believes that user(s) agree that they will not copy, download & reproduce any information, text, images, video clips, directories, files, databases or listings available on or through the web site (the "Plant Bee content") for the purpose of re-selling or re-distributing, mass mailing (via email, wireless text messages, physical mail or otherwise), operating a business competing with Plant Bee, or otherwise commercially exploiting the Plant Bee content. Systematic retrieval of Plant Bee content to create or compile, directly or indirectly, a collection, compilation, database or directory (whether through robots, spiders, automatic devices or manual processes) without written permission from Plant Bee is prohibited.

In addition, use of the content for any purpose not expressly permitted in this Agreement is prohibited and may invite legal action. As a condition of your access to and use of Plant Bee's services, you agree that you will not use the web site service to infringe the intellectual property rights of others in any way. Plant Bee reserves the right to terminate the account of a user(s) upon any infringement of the rights of others in conjunction with use of the Plant Bee service, or if Plant Bee believes that user(s) conduct is harmful to the interests of Plant Bee, its affiliates, or other users, or for any other reason in Plant Bee's sole discretion, with or without cause.

INTELLECTUAL PROPERTY RIGHTS

Plant Bee is the sole owner or lawful licensee of all the rights to the web site and its content. Web site content means its design, layout, text, images, graphics, sound, video etc. The web site content embody trade secrets and intellectual property rights protected under worldwide copyright and other laws. All title, ownership and intellectual property rights in the web site and its content shall remain with PlantBee.com, its affiliates or licensor's of PlantBee.com content, as the case may be.

All rights not otherwise claimed under this agreement or by PlantBee.com, are hereby reserved. The information contained in this web site is intended, solely to provide general information for the personal use of the reader, who accepts full responsibility for its use. Plant Bee does not represent or endorse the accuracy or reliability of any information, or advertisements (collectively, the "content") contained on, distributed through, or linked, downloaded or accessed from any of the services contained on this web site, or the quality of any products, information or other materials displayed, or obtained by you as a result of an advertisement or any other information or offer in or in connection with the service.

TERMINATION

Most content and some of the features on the web site are made available to visitors free of charge. However, the Site reserves the right to terminate access to certain areas or features of the web site (to paying or registered users) at any time for any reason, with or without notice. The site also reserves the universal right to deny access to particular users to any/all of its services/content without any prior notice/explanation in order to protect the interests of the Site and/or other visitors to the web site. The Site reserves the right to limit, deny or create different access to the web site and its features with respect to different user(s), or to change any of the features or introduce new features without prior notice.

All rights reserved.

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