New Delhi: The Adani Group has started talks with Coal India Ltd (CIL) to take on board the state-owned company as a partner for developing the Australian mines that it recently bought in a Rs12,600 crore deal, reports PTI.
"Talks have opened up between an Adani Group firm and Coal India Ltd. Adani Group is seeking to rope in CIL for development of coal assets it recently bought in Australia for Rs12,600 crore. There could be an equity partnership as well," a market source privy to the development told PTI.
Neither Adani Group nor CIL could be reached for comments.
Another industry source said that the talks are at a very initial stage and any decision could only be taken after the completion of the CIL's mega initial public offer (IPO) which is to commence on 18th October, and end on 21st October.
Of late, Adani Enterprises - the country's largest coal importer - has been very aggressive on its overseas acquisition programmes.
CIL, the world's largest coal producer, has also outlined over Rs5,000 crore for foreign acquisitions this fiscal.
In August, in one of the largest coal mine deals by an Indian group, Adani Enterprises bought the Australia-based Linc Energy's Galilee coal tenement in the Queensland for around Rs12,600 crore in a cash and royalty deal.
As part of the buyout deal, the group had paid Rs2,100 crore in cash and is to make additional payment of about Rs10,500 crore over next 20 years in royalties to Linc on the 7.8 billion tonnes coal reserves.
It had also been awarded preferred proponent status for developing the Dudgeon point terminal in Macay, Queensland, which gives the Adani Group the right to develop a coal terminal with an annual capacity of 30-60 million tonnes.
In its efforts to secure more coal deposits overseas, Adani Enterprises also entered into a $1.65 billion deal with the Indonesian government and its mining company PT Bukit Asam for setting up rail and port infrastructure in the island nation and get exclusive rights to source coal to India.
Meanwhile, taking forward its global ambitions, CIL has shortlisted US firms Massey Energy and Peabody Energy, besides Indonesian Novem/Sinarma, for a possible partnership for their respective mines in Australia, Indonesia and the United States. In another arrangement, CIL shortlisted Peabody Energy and 11 others as possible partners for sourcing coal to India.
Coal India, which has a domestic market share of over 80%, has maintained that it is sitting on a cash reserve of over Rs30,000 crore to part-fund its growth projects and the proceeds of the IPO will go to the government.
The IPO is expected to generate over Rs15,000 crore, which will be the biggest ever share sale in India so far.
DLF Pramerica Life launches four new products; Shriram Capital plans to enter home finance; Vijaya Bank signs agreement with MoneyGram to offer money transfer services; Western Union, SBI to launch mobile money transfer service; SBI Life launches Saral Maha Anand
DLF Pramerica Life launches four new products
Private sector insurer DLF Pramerica Life Insurance has launched four new insurance products, including two traditional plans. The traditional non-linked products namely DLF Pramerica Assure Money Plus and DLF Pramerica Tatkaal Suraksha Gold provides saving as well as protection. Assure Money Plus provides minimum guaranteed earnings on maturity along with the advantage of high life insurance cover. Besides, it also launched two unit linked products namely DLF Pramerica Wealth Plus Premier and DLF Pramerica Ezee Wealth Plus with simplified underwriting. DLF Pramerica Wealth Plus Premier is a good product for high net worth individuals seeking potentially high investment returns along with a well secured future for the family in case of any eventuality. DLF Pramerica Life is a joint venture between real-estate company DLF Ltd and the US-based Prudential International Insurance Holdings. The company became operational in September 2008 and currently has 30 offices across Delhi NCR, Haryana, Punjab and Gujarat.
Shriram Capital plans to enter home finance
Shriram Capital Ltd plans to enter home finance business by the next fiscal. The company is currently present in commercial vehicles, two-wheelers, personal and gold loans. The company will soon apply to National Housing Bank for starting the home finance business, which will be done through its subsidiary Shriram City Union.The company will target the lower income segment for home loans, and the ticket size could vary between Rs5 lakh and Rs15 lakh, depending on the location.The company will introduce the service in South India, where it has a majority presence.
Vijaya Bank signs agreement with MoneyGram to offer money transfer services
Bangalore-based Vijaya Bank has signed an agreement with global money transfer company MoneyGram to offer money transfer services at all branches of the Bank.Travel services company Thomas Cook and UAE Exchange will be part of the agreement to provide financial services relating to travel and money exchange.Many customers of the Bank send money from West Asia which is easily remitted to their relatives in the country. Vijaya Bank has received remittances of around Rs100 crore in the first half of the financial year. The Bank would also provide reliable money transfer services from over 190 countries.
Western Union, SBI to launch mobile money transfer service
Western Union and State Bank of India (SBI) said that SBI account-holders will soon be able to receive cross-border money transfers in their bank accounts by using just their mobile phones. In July, Western Union announced the introduction of the account-based money transfer (ABMT) service to be launched in early-2011. This service will enable SBI customers with online bank accounts to pull Western Union Money Transfer transactions directly into their accounts via the Internet. The new mobile service will provide SBI customers with an additional option to direct a Western Union Money Transfer transaction into their accounts anytime and anywhere. With this agreement with SBI, consumers will be able to send money from one of Western Union's 380,000 agent locations globally to an SBI account.
SBI Life launches Saral Maha Anand
SBI Life Insurance has launched its new unit-linked insurance plan, Saral Maha Anand. The product, with a minimum annual premium of Rs15,000, has been designed to cater investment and protection needs of the middle and low-income segments. The premium can be paid monthly, quarterly, half-yearly or annually. The product is exempted from medical examination and offers four fund options - Index, Equity, Balanced and Bond. Investors in the 18-55 age group can invest in the product.
Nokia launched its much anticipated smartphone N8 with Ovi services at Rs26,259, which comes with a 12MP camera that can record HD quality video
Mobile handset leader Nokia has launched the much-anticipated smartphone Nokia N8 with Ovi services. The N8, priced at Rs26,259 apiece, comes with the Ovi services that enable a user to create content, connect to his/her favourite social networks and enjoy on-demand online television programmes. Ovi by Nokia is the brand for the world's largest cellphone maker's Internet service that can be used by a mobile device or computer.
"The consumer is in the centre of all that we do at Nokia and we are constantly innovating to enhance user experience and address user feedback," said Nokia India vice-president and managing director D Shivakumar said at the launch in Mumbai.
The Nokia N8 introduces a 12 megapixel camera with Carl Zeiss optics, Xenon flash and a large sensor that rivals those found in compact digital cameras. People can also make HD-quality videos and edit them with an intuitive built-in editing suite.
The product also offers a true home theatre experience with HD quality film and Dolby Digital Plus surround sound. It also enables access to local and global Web TV services that deliver TV programmes, news and entertainment from channels such as CNN, National Geographic, etc.
People can also update their status, share location and photos, and view live feeds from Facebook and Twitter in a single app directly on the home screen. Calendar events from social networks can also be transferred to the device calendar.
The Nokia N8 comes with free global Ovi Maps walk and drive navigation for over 70 countries. It also has 16GB of in-built storage space, expandable up to 48GB with a Micro SD card.
Nokia N8 will be available in select markets during the third quarter of 2010.