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| NTPC to appoint merchant banker for S Africa coal mine |
| Press Trust of India / New Delhi Nov 05, 2009, 15:01 IST |
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State-run power producer NTPC, which is eyeing coal mines in South Africa to meet the gap in domestic fuel supply, will appoint a merchant banker next month to do the due diligence of those properties.
The Navratna PSU plans to buy at least one overseas coal mine in the current financial year (2009-10) as some of its projects are facing acute coal shortages. And as the firm plans to add more than 20,000 MW capacity by 2012, it is exploring ways to secure a stable source of energy.
"In all likelihood the the merchant banker would be finalised in December and then the company would see whether it is feasible to buy or pick up equity stake in the coal blocks there," a company official said.
The country's largest power generation utility is also scouting for coal blocks in Australia and Mozambique. It is looking at blocks that can give up to 20 million tonne of dry fuel per year.
NTPC has already appointed Australian firm Macquarie as consultant to do the due diligence for acquiring coal mines in Indonesia. NTPC would buy a minority stake in the Kalimantau coal mines in Indonesia to achieve fuel security.
NTPC requires 150 million tonnes of coal in the current fiscal to fire its 25,000 MW thermal power plants in the country. It would also import 12.5 million tonnes of the dry fuel to bridge the shortfall.
The present installed power generation capacity of the company stands at 30,644 MW from all sources of energy and it plans to augment this capacity to 50,000 MW by the end of the XIth Five Year Plan (2007-12).
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