Tata Power To Acquire 15% In MEC Coal
Tata Power Company Limited is planning to acquire 15% stake in MEC Coal.
According to ET, MEC Coal is developing coal concessions in Indonesia, along with an integrated heavyhaul rail transportation system and ship-loading jetty in the East Kalimantan province. The coal railway project is estimated to cost about $1 bn.
According to Anil Sardana – MD of Tata Power, the company was keen on building power plants in Indonesia and Africa to grow its business, which has been capped by a shortage of coal in the country. The company currently has a capacity of 3,797 mw, and is aiming to raise it to 25,000 mw by 2015.
MEC Coal is a subsidiary of Dubai-based MEC holdings and the Ras Al-Khaimah Investment Authority, while MEC holdings is a subsidiary of Dubai-based Trimex Group, which invests in the energy and mineral sectors.
Tata Power has 30% stake in two Indonesian Coal companies - PT Kaltim Prima Coal
and PT Arutmin Indonesia.
Recently, Tata power was in news for acquiring BP Alternative Energy Holdings' 51% stake and preference shares in their JV - Tata BP Solar India.
Post acquisition, Tata Power would own 100% in the solar power company.
In December 2011, Tata Power has secured R365Cr debt funding for its 25-megawatt solar photovoltaic power project in Gujarat.
Tata Power tied up loans for Mithapur project in Gujarat, through a consortium consisting of State Bank of India and Export Import Bank of India. The company has earlier executed a 3mw solar photo-voltaic plant at Mulshi in Maharashtra and a solar power plant of 100 kw at Lonavla.
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KVEZAR VIEW
| Date | Transaction | Type | Buyer | Size ($mn) |
|---|---|---|---|---|
| 23/01/12 | MEC Coal - Tata Power | M&A | Tata Power Company Limited | - |
| Date | Type | Buyer | Target | Size ($mn) | State |
|---|---|---|---|---|---|
| 21/05/12 | IPO / Offerings | Rashtriya Ispat Nigam Limited | - | Planned | |
| 15/05/12 | M&A | Simplex Infrastructures Limited | Joy Mining Services India Private Limited | - | Completed |
| 09/05/12 | M&A | Jindal Steel And Power Limited | Apollo Minerals Limited | 0.99 | Completed |
| 03/05/12 | M&A | NMDC Limited | Mozambique Mine | - | Planned |
Company |
||||
| Name | Promoters | Office | Competitor | Website |
|---|---|---|---|---|
| Tata Power Company Limited | Tata Sons Limited | CARNAC RECEIVING STATION, 34-SANT TUKARAM ROAD, CARNAC BUNDER, MUMBAI |
Dishergarh Power Supply Company Limited Adani Power Limited KSK Energy Ventures Limited Essar Power Limited SJVN Limited (Satluj Jal Vidyut Nigam Ltd) Orient Green Power Company Limited |
www.tatapower.com |
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