Key Developments: Coal India Ltd (COAL.BO)
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Latest Key Developments (Source: Significant Developments)
Coal India Ltd In Talks To Acquire 2 Australian Assets For $4 Billion-Reuters
Reuters reported that according to The Economic Times Coal India Ltd (CIL) is seriously considering acquisition of two Australian companies for over $4 billion (about INR23,000 crore), a move that will enable it to import 28 million tonnes high quality thermal coal a year. CIL has sent the proposals to pick majority stakes for $2 billion each in the two companies, with annual output of 12 million tonnes and 16 million tonnes, respectively, to the Company's foreign acquisition committee. Full Article
Government To Go Ahead With Coal India Ltd Disinvestment-Business Standard
Business Standard reported that the government will go ahead with the 10% stake sale of Coal India, which may fetch INR200 billion to the exchequer, and the Coal Ministry will talk to the Trade Unions to sort out issues. Full Article
Aditya Birla Group, Coal India To Eye Bids For Rio Tinto Plc's Coal Assets-Business Standard
Business Standard reported that according to people familiar with the matter told Reuters that Aditya Birla Group, Coal India Ltd and China's state owned Shenhua Group Corp Ltd are among companies considering bids for some of Rio Tinto Ltd's Australian coal assets, valued at an estimated $3.2 billion. Rio Tinto , led by new chief executive Sam Walsh, is offloading a string of assets to help cut its $26 billion in debt and protect its single-A credit rating. It is also looking to cut its exposure to the coal industry, which has been squeezed by surging costs and a 30% slump in prices since early 2012. This has given potential suitors the opportunity to bulk up on good quality coal assets and secure supply agreements. Rio Tinto is selling a 29% stake in its Coal & Allied business and its majority stake in the Clermont mine in Queensland state, with preliminary bids due this week, one person with direct knowledge of the matter said. Full Article
Coal India Ltd Sets $1 Billion For Overseas Acquisition-DJ
Dow Jones reported that Coal India Ltd has kept aside about $1 billion for foreign acquisitions in the current fiscal year, a senior executive said, as the state-run company looks to increase supplies of the fuel in the local market. Coal India, the coal company by output, is looking for overseas assets to meet increasing demand from consumers such as power producers in India. Its plan to increase local production is hit by delays in getting clearance, especially from the environment ministry, for new mining projects. Full Article
Coal India Ltd's FPO Not On Agenda Right Now-Business Standard
Business Standard reported that the proposed Coal India Ltd's stake sale plan is not on the agenda right now, Coal Minister Sriprakash Jaiswal said on Jun 5, 2013. At the same time, he also did not rule out its possibility within this fiscal. Full Article
Coal India Ltd's Board Recommends Final Dividend
Coal India Ltd announced that the Board of Directors of the Company at its meeting held on May 20, 2013, inter alia, have recommended final dividend at the rate of INR4.30 per share, subject to the approval of the shareholders in the ensuing Annual General Meeting, for the financial year 2012-13. This is in addition to the interim dividend of INR9.70 per share paid in March 13. Full Article
Coal India Ltd Declares Interim Dividend
Coal India Ltd announced that the Board of Directors of the Company at its meeting on March 14, 2013 have approved payment of Interim Dividend for the financial year 2012-13 at INR9.70 per share of the face value of INR10 as recommended by the Audit Committee of the Company in its meeting held on March 14, 2013. Full Article
Coal India Ltd To Set Up Power Plant In Odisha-Business Standard
Business Standard reported that Coal India Ltd plans to take a proposal to set up INR9,000 crore (INR90 billion) 2x800 megawatt (MW) power plant in Odisha to its board for approval in the next couple of months. Full Article
Indiabulls Power Ltd Announces Fuel Supply Agreement With Coal India Ltd's Subsidiary
Indiabulls Power Ltd announced that the Fuel Supply Agreement for Amravati Phase I project has been signed with Coal India Ltd subsidiary Company. Full Article
Slippage Likely In Production In October-December Of Coal India Ltd-Business Standard
Business Standard reported that Coal India indicated its production during October-December period may see some slippage as Nilam cyclone and festivals impacted the mining activity in November. Full Article
INDIA PRESS-Coal India in talks to buy Australian assets for $4 bln - Economic Times
Note: Reuters has not verified these stories and does not vouch for their accuracy. (Writing by Ranjit Gangadharan in Mumbai)
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