22 JUL, 2012, PTI
MUMBAI: Faced with an acute shortage of domestic coal, JSW Energy, a subsidiary of the JSW Group, is evaluating opportunities to acquire coal assets overseas.
"We aim to increase fuel security to cover our entire requirement. We have been continuously exploring and evaluating various opportunities in the overseas market," JSW Energy Chairman Sajjan Jindal said.
Currently, the company is importing coal from overseas market to meet its fuel requirements as it does not have any captive mines in the country.
"We are also continuously identifying and developing relationship with coal miners in some large coal exporting countries to ensure procurement of quality thermal coal at competitive rates and longer-term contracts," he said.
JSW Energy is scouting for mines in South Africa, Indonesia, Mozambique and Australia, a source, who did not wish to be named, said.
However, the source maintained the company has not received any proposal for the same nor it has entered into any deal for acquiring stake.
Currently, the company owns a majority stake (93.27 per cent) in South African Coal Mining Holding.
The current generation of the company stands at 2,600 mw and it would commission another 540 mw by December-end.
According to the company's annual report, JSW Energy has been alloted a share of the Utkal coal block in Odisha, where it has completed public hearing and is currently in the process of land acquisition.
Also, the work on projects in West Bengal (1,320 mw), Karnataka (660 mw) and Jharkhand (1,620 mw) are "at present not being pursued aggressively" as it is awaiting clarity on many issues related to the power sector, it said.
The company saw its Q1 net plunging 97 per cent to Rs 3.41 crore due to forex losses of Rs 232 crore. It had posted a net profit of Rs 136.31 crore in the year-ago period.
Revenues grew 71.95 per cent to Rs 2,191.54 crore in the June quarter compared to Rs 1,274.48 crore in the year-ago period, mainly due to higher generation, it said.
MUMBAI: Faced with an acute shortage of domestic coal, JSW Energy, a subsidiary of the JSW Group, is evaluating opportunities to acquire coal assets overseas.
"We aim to increase fuel security to cover our entire requirement. We have been continuously exploring and evaluating various opportunities in the overseas market," JSW Energy Chairman Sajjan Jindal said.
Currently, the company is importing coal from overseas market to meet its fuel requirements as it does not have any captive mines in the country.
"We are also continuously identifying and developing relationship with coal miners in some large coal exporting countries to ensure procurement of quality thermal coal at competitive rates and longer-term contracts," he said.
JSW Energy is scouting for mines in South Africa, Indonesia, Mozambique and Australia, a source, who did not wish to be named, said.
However, the source maintained the company has not received any proposal for the same nor it has entered into any deal for acquiring stake.
Currently, the company owns a majority stake (93.27 per cent) in South African Coal Mining Holding.
The current generation of the company stands at 2,600 mw and it would commission another 540 mw by December-end.
According to the company's annual report, JSW Energy has been alloted a share of the Utkal coal block in Odisha, where it has completed public hearing and is currently in the process of land acquisition.
Also, the work on projects in West Bengal (1,320 mw), Karnataka (660 mw) and Jharkhand (1,620 mw) are "at present not being pursued aggressively" as it is awaiting clarity on many issues related to the power sector, it said.
The company saw its Q1 net plunging 97 per cent to Rs 3.41 crore due to forex losses of Rs 232 crore. It had posted a net profit of Rs 136.31 crore in the year-ago period.
Revenues grew 71.95 per cent to Rs 2,191.54 crore in the June quarter compared to Rs 1,274.48 crore in the year-ago period, mainly due to higher generation, it said.
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