Coal India to withdraw from ICVLmetalworld.co.in/Newsletter/2015/March15/PDF/8.pdf · oal India Ltd...
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March 2015 08 oal India Ltd (CIL) recently said C its board has directed the public sector undertaking (PSU) to withdraw from International Coal Ventures Ltd (ICVL). ICVL is a PSU consortium formed to acquire coal mines overseas. The company also said that its board gave approval for the first year expenditure of Rs.1,019 crore to start the work for setting up CIL arm Mahanadi Coalfields Ltd's (MCL) 2x800 mw coal- based super critical thermal power plant in Odisha. “The CIL (Coal India) board, in its meeting held on 13 February, directed that Coal India should withdraw from International Coal Ventures Private Ltd,” the company said in a filing to BSE. CIL had earlier felt that continuing with ICVL involved financial burden without commensurate advantage. Besides CIL, ICVL's promoters include PSUs like Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL). ICVL was created in 2009 to ensure long-term security of the supply of critical raw material for domestic steel industry. In a separate filing to BSE, CIL said, “The board reviewed its decision and accorded its approval for the first year expenditure of Rs.1,019 crore to start the work to set up 2x800 mw coal-based super critical thermal power plant (in Odisha)”. The board also advised that as soon as Coal India has a full board, the proposal will be placed for its consideration for the approval of the Project Report, CIL said. “We have intimated stock exchanges...dated 28 November 2014 about the approval of the project report by CIL board to set up..super-critical thermal power plant (STPP)...with a total investment of Rs.11,368.18 crore,” CIL said. In the meantime, in order to achieve its annual production and sales targets Coal India will have to produce 70 million tonnes of coal in March and sell about 78 million tonnes. The company's production target for the current year is 507 million tonnes and sales target is 520 million tonnes. Going by the coal monopoly's performance in February, it is likely to miss them by at least 10 million tonnes and about 20 million tonnes, respectively. Figures released for February suggest that the company managed to produce about 48 million tonnes and sold 43 million tonnes during the month. CIL has clocked a nearly 7% growth in production for the period April 2014 to February 2015, while sales growth has dwindled at 3.5%, mainly on account of congestions in railway infrastructure and shortage of rakes, which are necessary for coal transportation. It is likely that the company will see its coal stocks rise, as production may outstrip sales during the year. News Makers Coal India to withdraw from ICVL ccording to a filing on Bombay A Stock Exchange, natural resources major Sesa Sterlite sought shareholder approval to change its name to . Vedanta Ltd Sesa Sterlite is a subsidiary of London-listed Vedanta Resources. "In order to have a better alignment with the brand "Vedanta" as part of the Vedanta Group, the name of the company is now proposed to be changed from 'Sesa Sterlite Limited' to 'Vedanta Limited'," the company said in a letter to shareholders seeking their nod through postal ballot. The name change strategy comes a Sesa Sterlite to be renamed as Vedanta year after Vedanta Resources merged its Indian subsidiaries Sesa Goa, Sterlite Industries, Madras Aluminium Co, Sterlite Energy and Vedanta Aluminium into one entity during last financial year into a new company called Sesa Sterlite. Vedanta also transferred ownership of Cairn India to the merged entity. The mining conglomerate is one of the largest in the world. It is involved in exploring, extracting and processing minerals and oil & gas. It produces and processes oil and gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has business across India, , , South Africa Namibia Ireland, Australia, Liberia and Sri Lanka.
Transcript of Coal India to withdraw from ICVLmetalworld.co.in/Newsletter/2015/March15/PDF/8.pdf · oal India Ltd...
March 201508
oal India Ltd (CIL) recently said Cits board has directed the public sector undertaking (PSU) to
withdraw from International Coal Ventures Ltd (ICVL). ICVL is a PSU consortium formed to acquire coal mines overseas. The company also said that its board gave approval for the first year expenditure of Rs.1,019 crore to start the work for setting up CIL arm Mahanadi Coalfields Ltd's (MCL) 2x800 mw coal-based super critical thermal power plant in Odisha.
“The CIL (Coal India) board, in its meeting held on 13 February, directed that Coal India should withdraw from International Coal Ventures Private Ltd,”
the company said in a filing to BSE. CIL had earlier felt that continuing with ICVL involved financial burden without commensurate advantage. Besides CIL, ICVL's promoters include PSUs like Steel Authority of India Ltd (SAIL) and Rashtriya Ispat Nigam Ltd (RINL). ICVL was created in 2009 to ensure long-term security of the supply of critical raw material for domestic steel industry.
In a separate filing to BSE, CIL said, “The board reviewed its decision and accorded its approval for the first year expenditure of Rs.1,019 crore to start the work to set up 2x800 mw coal-based super critical thermal power plant (in Odisha)”. The board also advised that as soon as
Coal India has a full board, the proposal will be placed for its consideration for the approval of the Project Report, CIL said. “ W e h a v e i n t i m a t e d s t o c k exchanges...dated 28 November 2014 about the approval of the project report by CIL board to set up..super-critical thermal power plant (STPP)...with a total investment of Rs.11,368.18 crore,” CIL said.
In the meantime, in order to achieve its annual production and sales targets Coal India will have to produce 70 million tonnes of coal in March and sell about 78 million tonnes. The company's production target for the current year is 507 million tonnes and sales target is 520 million tonnes. Going by the coal monopoly's performance in February, it is likely to miss them by at least 10 million tonnes and about 20 million tonnes, respectively. Figures released for February suggest that the company managed to produce about 48 million tonnes and sold 43 million tonnes during the month.
CIL has clocked a nearly 7% growth in production for the period April 2014 to February 2015, while sales growth has dwindled at 3.5%, mainly on account of congestions in railway infrastructure and shortage of rakes, which are necessary for coal transportation.
It is likely that the company will see its coal stocks rise, as production may outstrip sales during the year.
News Makers
Coal India to withdraw from ICVL
ccording to a filing on Bombay AStock Exchange , na tu r a l resources major Sesa Sterlite
sought shareholder approval to change its name to .Vedanta Ltd
Sesa Sterlite is a subsidiary of London-listed Vedanta Resources. "In order to have a better alignment with the brand "Vedanta" as part of the Vedanta Group, the name of the company is now proposed to be changed from 'Sesa Sterlite Limited' to 'Vedanta Limited'," the company said in a letter to shareholders seeking their nod through postal ballot.
The name change strategy comes a
Sesa Sterlite to be renamed as Vedanta year after Vedanta Resources merged its Indian subsidiaries Sesa Goa, Sterlite Industries, Madras Aluminium Co, Sterlite Energy and Vedanta Aluminium into one entity during last financial year into a new company called Sesa Sterlite. Vedanta also transferred ownership of Cairn India to the merged entity.
The mining conglomerate is one of the largest in the world. It is involved in exploring, extracting and processing minerals and oil & gas. It produces and processes oil and gas, zinc, lead, silver, copper, iron ore, aluminium and commercial power and has business across India, , , South Africa NamibiaIreland, Australia, Liberia and Sri Lanka.
