Saturday, 14 May 2011
ET reported that Monnet Ispat & Energy has earmarked about INR 500 crore for acquisition of overseas mines this year for its power and metals businesses.
The company is scouting for buys in Botswana, South Africa and Mozambique to secure raw materials for its steel and power businesses.
Mr Sandeep Jajodia MD of Monnet Ispat said that the company also plans to invest up to INR 5,000 crore on power projects and INR 3,000 crore on steel units over the next 2 to 3 years.
Monnet is also looking at entering the renewable energy sector by adding about 300 MW over the next 3 years through wind and hydel power based generation.
Monnet Ispat is targeting 3,000 MW of thermal power based generation by 2014-15. The company is building a 1,750 MW plant in Orissa, for which it will using captive coal reserves. It also plans to build a 1,320 MW plant based on imported coal, for which it has identified sites in Andhra Pradesh, Tamil Nadu and Gujarat.
Monnet had recently acquired an Indonesian coal company, PT Sarwa Sembada Karya Bumi for USD 24 million, in the Jambi province of Sumatra, Indonesia.
The acquisition, made through its wholly owned subsidiary, Monnet Global Limited, gives it access to thermal coal mines spread over 25,000 hectares of which 1,500 hectares have been explored. Besides, the company has been able to establish 65 million tonne of coal reserves in the mines and expects these reserves to go up substantially after exploration is completed.
(Sourced from Economic Times)
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