Damodar Valley Corporation (DVC) will import about 3 million tonne of coal during the next financial year, to meet the rising demand in its thermal plants.
“As the state-run Coal India Ltd may not be able to meet all our demands, we were looking to import 2.5 MT of coal next year. Now, with the crisis deepening, our aim is to import about 3MT next fiscal. For importing coal, we have entrusted MMTC,” said R N Sen, chairman of DVC. While for the existing projects, it requires about 11 MT of coal, an additional 14MT would be required for the upcoming facilities and out of this atleast 2MT will be sourced from captive facilities in the next two years.
On look out for consultant
The firm is also on look out for a consultant firm to draw its future roadmap. “First, there will be a board restructuring as the number of members would now be 10, compared to the earlier six. Amendments for its restructuring is under the consideration of the Parliament. We have also invited bid for charting our growth roadmap for the next 15 years. Six global consultants are participating in it,” Sen said.
While the firm will be selected in a month, while the report will b out in next seven months.
Among those participating in the bid include McKinsey & Company, Deloitte and the Boston Consulting Group.
Meanwhile, the firm is expecting a government nod soon to raise about Rs 4400 crore by the way of bonds to finance its projects during the 11th and the 12th Five Year Plan periods. The firm last issued private placement institution bond in 2010.
During the 11th plan period, DVC is adding 5200 MW, however commercial production of some of the plants is delayed due to coal shortage. Sen said the 2x600 MW Raghunathpur plant will be fully operational by this October.
DVC has seven thermal power stations with a capacity of 8,910 MW, three hydro-electric stations of 144 MW and one gas turbine station with a capacity of 82.5 MW.