Companies & Sectors
Jindal Power asked to get coal, power min nod for mine expansion

Jindal Power had approached the environment ministry seeking clearances for expanding the capacity of Gare Palma coal mine

New Delhi: An environment ministry panel has asked Jindal Power to first get approvals from coal and power ministries before seeking environmental clearances for nearly doubling coal production to 12 million tonnes per annum from a mining project in Chhattisgarh, reports PTI.

 

Jindal Power (JPL) had approached the environment ministry seeking clearances for expanding the capacity of Gare Palma coal mine from 6.25 million tonnes per annum (MTPA) to 12 MTPA allotted to it in 1998 for a power project at Tamnar in Chhattisgarh.

 

The Expert Appraisal Committee after deliberation said that “the increased production will reduce coal availability years for the original plant (4x250 MW).”

 

Consequently, it “desired that the proponent should come back with the permission from the ministry of power and ministry of coal for the proposed expansion production from the mine originally allocated to match the requirement of 4x250 MW for its full life,” sources said.

 

The mining operation for the power firm's 5.25 MTPA opencast mine—which was earlier accorded environmental clearances—started in 2006.

 

The entire coal is being supplied to the 1,000 MW thermal power plant at Tamnar, located about seven km away from the mine.

 

 JPL later applied for enhancement of capacity of mine from 5.25 MTPA to 6.25 MTPA, following which the environmental clearance was accorded for capacity expansion.

 

JPL which proposes to expand the capacity of its 1,000 MW power plant at Tamnar in Chhattisgarh to 3,400 MW and is seeking the expansion of its coal mining projects to feed the plant.

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Service Tax Dept notices Kingfisher, `impounds' all aircraft

According to the Service Tax Department notice, Kingfisher Airlines cannot fly outside the registered airport premises

Mumbai: In more trouble for beleaguered Kingfisher Airlines, Service Tax Department has issued a notice to the carrier, "impounding" all its aircraft, department sources said, reports PTI.

 

According to the notice, the airline cannot fly outside the registered airport premises.

 

The grounded airline owes around Rs190 crore to the Service Tax Department, of which Rs127 crore are under litigation.

 

The notice was issued a fortnight ago, sources said.

 

The sources also said the department has enlisted the help of the Customs Department to impound the aircraft.

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ICICI Bank raises SGD 225 million from a 7-year bond sale programme

ICICI Bank had given an initial price guidance of 4%, while the final pricing saw tightening of 0.35%. The issue was oversubscribed by over 13 times to SGD 3 billion, the lead banker to the issue StanChart said


Mumbai: ICICI Bank has raised SGD 225 million (Singapore dollars) from a seven-year bond sale programme through its Dubai branch at a coupon rate of 3.65%, reports PTI.

 

“We have successfully raised SGD 225 million through our Dubai branch at a coupon rate of 3.65%. Significantly, the seven-year bond will also yield 3.65%,” a bank spokesperson told PTI.

 

The bank had given an initial price guidance of 4%, while the final pricing saw tightening of 0.35%. The issue was oversubscribed by over 13 times to SGD 3 billion, the lead banker to the issue StanChart said.

 

This is the fifth debt raising by the private sector bank this fiscal with it earlier in the year raising USD1 billion in two instalments of USD750 million and USD250 million. The bank had also raised a 1 billion yuan bond earlier in the year apart from a 100 million Swiss franc bond.

 

StanChart, HSBC and ANZ were the lead managers to the issue.

 

This was the second issue in 2013, with Exim Bank on 8th January raising USD 750 million through a European bond sale, which was overbought by 8.5 times at a 4% coupon.

 

“ICICI's new issue has established a new benchmark for them in the Singapore-dollar-denominated bond market. It has also helped them achieve investor diversification, raise seven-year pricing tighter than the USD curve, and establish a benchmark for them in the SGD bond market,” StanChart India managing director, capital markets Jujhar Singh told PTI from London.

 

It's heartening to see an Indian issuer pricing 2013's first SGD issue so tight, he added.

 

Singh further said the issue, despite having a seven-year tenor is dearer by only 0.02% as the bank's existing dollar bond maturing by 2018 is priced at 3.63%.

 

The pricing has also been helped by the timing as it came soon after the resolution of the US fiscal cliff apart from the fact that the traders are flushed with cash after the Christmas and the New Year holidays, said Singh.

 

On the tenor extension by two years, he said, ICICI Bank wanted to diversify its investor profile. Also, generally insurers want longer tenor and the bank has quite a few insurers in its investor kitty in Singapore.

 

As much as 36% of the 102 investors were insurers, followed by 31% HNIs of private banks, 17% of fund houses and 16% constituted international banks, Singh said.

 

Majority of these investors are from Singapore (78%). 19% of the investors were from Greater China and 3% were from Europe.

 

On the rationale for the huge demand for Indian debt, Singh said since September there has been a substantial improvement in sentiment about the Indian growth as since then the sovereign downgrade threat has eased.

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