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Ticker Tape September 2024

International Ticker September 2024

SAIL Aims to Double Capacity at Mozambique Coal Mines

PSU steel major SAIL (Steel Authority of India Ltd) is set to more than double the capacity at its Benga coking coal mines in Mozambique, aiming to increase production to 4.5 million tonnes per annum (mtpa).

This move is part of SAIL’s broader strategy to enhance coking coal supplies, a key raw material in steelmaking, and reduce exposure to price fluctuations in the global market.

The planned investment in the expansion is estimated at $150-200 million over the next three to four years, according to sources. SAIL has traditionally relied on imported coking coal from countries such as Russia, in addition to domestic supplies from Coal India.

International Coal Ventures Ltd (ICVL), the joint venture that oversees the Mozambique mines, has already floated global tenders to bring in mine development operators. ICVL is owned by a consortium of Indian PSUs, with SAIL holding a 47% stake.

In FY24, Benga produced around 1.24 million tonnes, as reported by NMDC, another PSU involved in the venture. The mine’s current capacity is 2 mtpa, but the proposed expansion is expected to boost production significantly over the next few years, with most of the output earmarked for SAIL’s internal use.

“We are looking to double production at Benga as part of our strategy to secure coking coal resources,” said Amarendu Prakash, Chairman of SAIL and ICVL board member, during the Indian Steel Association’s annual conclave. “The expansion should be completed within three to four years.”

The tender specifies that the mine operator will be responsible for extracting 375,000 tonnes of coal per month, which equates to an annual output of around 4.5 million tonnes. Additional tasks will include topsoil removal and coal loading.

SAIL is also seeking shareholder approval at its Annual General Meeting (AGM) for a long-term supply agreement with Minas de Benga Limitada (MBL), a joint venture company in Mozambique that produces coking coal. The deal is expected to be worth up to Rs.6,000 crore by FY26, ensuring a steady supply of high-quality coking coal for SAIL’s steel manufacturing operations.

In addition to Benga, ICVL has two other coal mines in Mozambique—Zambeze and Tete East—though these remain in the development phase.

SAIL’s move comes as the company faces rising costs for imported coking coal, with average prices reaching Rs.24,500 per tonne in the April-June quarter, compared to Rs.13,500 per tonne for domestic coal.

Looking ahead, SAIL also expressed interest in participating in India’s Critical Mineral Mission, which aims to secure supply chains for essential minerals like lithium, cobalt, and copper. While SAIL’s focus has traditionally been on minerals used in steelmaking, Prakash indicated that the company may explore opportunities as the mission’s scope expands.


GE T&D India Ltd Wins Rs.55 Million Order

GE T&D India Limited has been awarded a significant contract by GRID SOLUTIONS Middle East FZE, Dubai, for the supply and supervision of high voltage products. The order, valued at Rs.55 million, is set to be executed over a period of five years. This deal underscores GE T&D India’s strong position in the high voltage sector and expands its footprint in the Middle East market.


Ion Exchange Secures Rs.168 Crore Order

Ion Exchange secured a Rs.168 crore order from Italy-based Technimont SpA, the contract is for the Hail & Ghasha Development Project of the Abu Dhabi National Oil Company (ADNOC) in the UAE. The project is expected to be completed within 61 weeks from the award date, according to the company’s filing with the exchange. Ion Exchange (India) Ltd, a leader in water treatment, provides a comprehensive range of solutions for industries, homes, and communities. The company offers technologies and services for water and wastewater treatment, including water process systems, filtration, disinfection, membrane technologies, and ion exchange resins. It is one of the few companies worldwide with a full spectrum of water and wastewater treatment technologies.


Adani Enterprises Launches Subsidiary to Develop Nairobi Airport in Kenya

Adani Enterprises, the flagship company of the Adani Group, has established a wholly-owned subsidiary in Kenya, named Airports Infrastructure PLC (AIP), to advance its plans to acquire and develop Jomo Kenyatta International Airport in Nairobi.

According to a statement filed with the stock exchanges, AIP is set up to manage a range of airport-related activities including operation, maintenance, development, design, construction, and modernization. The subsidiary is a part of Global Airports Operator LLC, based in Abu Dhabi. Industry sources indicate that Adani Enterprises is in negotiations with Kenyan government officials regarding the investment. Although the exact investment amount has not been disclosed, reports suggest that the Indian company could invest up to $810 million, pending successful due diligence.

This move marks Adani Group’s first international venture into the airport sector. The group, which currently operates airports in Mumbai, Ahmedabad, Lucknow, Mangaluru, Jaipur, Guwahati, and Thiruvananthapuram, has ambitious plans for further expansion. In June, the company announced a $100 billion investment plan for the next decade, with $21 billion allocated to the airport sector.

Additionally, Adani Enterprises is set to commission a greenfield airport in Navi Mumbai by the end of the year. To support its growth, the company plans to raise approximately Rs.16,700 crore through a share sale to institutional investors. The group aims to exceed a combined EBITDA of Rs.1 trillion in the current financial year, up from Rs.82,917 crore reported in 2023.


Japan’s Sumitomo Partners with Ampin Energy to Invest Rs.6,000 Crore in Renewable Energy Production

Japan’s Sumitomo Corporation has formed a joint venture with India’s Ampin Energy Transition to establish a new holding company that will invest 100 billion yen (approximately Rs.6,000 crore) in developing renewable energy sources. The venture, named Ampin C&I Power, will focus on supplying power through power purchase agreements (PPAs) to corporate clients.

This collaboration marks Sumitomo’s entry into India’s corporate PPA market, with plans for future expansion. Sumitomo will hold a 49% stake in the joint venture, while Ampin will retain the majority ownership. The new venture will provide renewable energy from sources such as solar and wind, aiming to deliver 1 GW (gigawatt) of power to industrial customers in the coming years. The focus will be on acquiring new clients, particularly Japanese-affiliated commercial and industrial companies operating in India.

Delhi-based Ampin Energy, a major player in renewable energy development with a portfolio of 4 GW and plans to expand to 10 GW by 2030, will bring its local expertise to the partnership. Sumitomo’s investment will support its strategy of developing a green power platform in India, integrating renewable energy generation with direct supply to client companies.

This joint venture represents Sumitomo’s first initiative to supply renewable energy to Indian companies, addressing the country’s increasing energy needs driven by rapid population and economic growth.


DCX Systems Wins $22.3 Million International Contract.

DCX Systems Limited, an Indian aerospace and defense firm, has secured a significant international contract valued at $22.3 million (approximately Rs.187.29 crore). The order, awarded by an overseas customer, involves supplying electronic kits and is set to be completed within the next 12 months. The contract is a major milestone for DCX Systems’ international business, as it will leverage the company’s Aerospace SEZ Sector facility in Bengaluru for manufacturing the electronic kits. This achievement underscores the growing strength of India’s aerospace and defense manufacturing sector. It highlights DCX Systems’ competitive edge in the global market and its capability to deliver sophisticated electronic systems for defense applications.

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