Top Stories     

Tata Power’s coal imports may increase 5-fold to 50mn tonnes by 2020

Tata Power’s coal imports may rise 5-fold to 50m tonnes by 2020 from 10mn tonnes now, reports said citing the company’s Managing Director A.K. Sardana.

The company is also looking to acquire coal assets overseas in US, Colombia and Africa to meet its increasing fuel demand, he added.

Speaking in the capital, Sardana said that Tata Power was considering a plan to set up power projects in Vietnam, Myanmar, Africa and South Asia, reports added.

Tata Power plans to start the third 800MW unit at the Mundra Ultra Mega Power Project (UMPP) in the next 15 days after commissioning the first in March this year followed by the second in July.

The Mundra UMPP is a 4,000MW project that would comprise of five units of 800MW each.

Coal India invites bids for coal import agreement: reports

Coal India has invited bids from companies for appointment as consultant who will help company to develop a pact for supply of imported coal for power firms entering into a fuel supply agreement (FSA), according to reports.

Coal India also reported that it has a legally enforceable fuel supply agreement with power generating companies.

The company is looking forward for an advisory service to develop legally-commercially enforceable agreement between all the parties concerned that is seller (coal company), the purchaser(power plant), the supplier (CIL) and the importing agency, says report.

In Focus Stories

Goa against resumption of mining in near future

There may be trouble on Goa mining industry as Manohar Parrikar government has reportedly decided not to allow mining activity until findings of the Public Accounts Committee and Justice MB Shah Commission on illegalities are dealt with in accordance with law.

Reports stated that Goa government temporarily suspended all mining activities last month.

There are reports that a high-level meeting chaired by Chief Minister Manohar Parrikar decided not to withdraw the suspension till the issues raised by the two committees are taken to their logical end.

Domestic News

Nippon Steel plans to merge with Sumitomo Metal: reports

Nippon Steel and Sumitomo Metal Industries are planning to formally merge tomorrow, according to reports.

Reports stated that the two companies had announced an agreement to integrate and reorganise their business operations on the scheduled date of April 1, 2013.

Nippon Steel & Sumikin Logistics will be wholly owned by Nippon Steel and Sumitomo Metal Corporation, says report.

Global News

Chinese PE offers to acquire Discovery Metals for US$850mn: reports

Private equity firm founded by Chinese billionaire Yu Yong and a fund backed by China Development Bank have offered to buy Australian-listed copper explorer Discovery Metals Ltd, according to reports.

Reports stated that the valuation is stood at about $850 mn.

The takeover offer for Discovery is the latest in a series of small-to-mid-sized metals and mining deals to hit Asia in the wake of sliding commodity prices, says report.

Posco shows interest in ThyssenKrupp steel mills: reports

South Korean steel maker Posco has submitted a letter of intent for the acquisition of ThyssenKrupp AG's steel mills in Brazil and the US, according to reports.

Reports stated that ThyssenKrupp spokesman merely confirmed talks with interested parties from the industry.

Credit Suisse Group AG is an advisor on the deal, reports said.

Vale to temporarily cut iron-pellet production: reports

Brazilian mining company Vale SA will temporarily reduce production of iron pellets used in steel-making blast furnaces, according to reports.

Reports stated that the company  will reduce output at the Sao Luis and Tubarao I and II plants starting Oct. 8 and Nov. 13, respectively.

The plants produced 4.9 million metric tons of iron pellets in the first half of 2012, says report.