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Monnet Ispat & Energy is in advanced talks to acquire coal mines in Mozambique or South Africa as it looks to secure raw material supplies for its steel and power businesses. The firm plans to spend $100 million for acquiring mid-sized mineral resources mines including iron ore and manganese over the next twelve months.
There are four opportunities... one in Mozambique and three in South Africa. It is in advanced stage discussions. The firm will need coal a key raw material for steel and power generation as it expands capacity at its existing steel mill to 1.5 MT by September next year and for its ambitious power projects to be commissioned by 2013. Monnet, which formed a 49:51 JV with state-run miner NMDC to buy and develop coal blocks in India, expects to close a deal for coal “very soon. The JV company will bid for coal mines with reserves of 200-300 million tonne. With its aggressive mine acquisition plans, Monnet could also look at trading coal.
The firm is in the process of acquiring land on the coast of Gujarat for its 1,320 MW plant, helping it take its total power generation capacity to 3,000 MW by 2014/15. It is also setting up a 1,050 megawatt (MW) power plant in Orissa, which it expects to be operational by 2012. It has signed a deal with PTC India to sell 60% of the power generated while 15% will be sold to the state government. It will sell the remainder as merchant power, outlook for which looks very positive in the long-term. It will average about 2.85 (rupees) or so for the Orissa plant... which is a very good rate for 25 years. It is looking to launch an initial public offering of shares for its power unit by March 2012 to fund new projects, adding he expects profit margin of about 45% for its power business when projects are operational. It also hopes to get approvals for solar projects in Gujarat and Rajasthan in the next two to three months.
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| Company Name | CMP |
|---|---|
| JSW Steel | 889.65 |
| Tata Steel | 172.00 |
| SAIL | 146.90 |
| Jindal Stainless | 790.10 |
| Jindal Saw | 525.50 |
| View more.. | |
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MoneyWorks4Me rates and ranks mutual funds based on the following data-driven system:
Funds ranking in screeners: Performance Consistency and Quality are two parameters used for ranking funds for SIP. The ranking as follows GG, GO, GR, OG, OO, OR, RG, RO and RR.
With the same color-coded funds, the one with the higher Average 3-year rolling returns (over 5 to 10 years), the number that appears in the Performance tag, ranks higher.
Here is the summary:
The third tag Upside Potential is not relevant for SIP. It is relevant for lumpsum investments in Mutual Funds.
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