Aiming to become one of the largest stainless steel makers in the world, Jindal Stainless plans to spend Rs 6,000 crore over the next two years to expand its manufacturing capacity which would take the total capacity to 2.5 million tonne by 2012. The company has already spent Rs 2,250 crore for 0.8 million tonnes capacity in phase-I at Jajpur. With new capacity being planned in two phases of 0.8 million tonnes each in Orissa, the total capacity of the company would be 2.5 million tonnes by 2012, making Jindal one of the largest integrated stainless steel manufacturers in the world.
Jindal Stainless Ltd also plans to set up an independent power project and a foray into the logistics sector. The company is setting up a separate firm named Jindal Infrastructure & Utility Ltd, under which both the power and infrastructure divisions will function. It will also provide stainless steel designs for projects such as airport up gradation.
Additionally, Jindal Stainless also plans to invest $100 million in a wholly owned mining and metal subsidiary in Singapore for buying mineral resources. In order to strengthen raw material supplies, it would be looking for chrome, nickel, manganese, coking and thermal coalmines. The Singapore subsidiary would be the holding company for the special purpose vehicles formed for acquiring mining assets.
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Power ministry is planning to establish three more ultra mega power projects (UMPPs), with a capacity to produce 4,000 MW of electricity each, in Orissa, in addition to the nine projects already being planned. There are coal blocks in Orissa, where the projects were to come up on direct bidding. These projects could be stretched further through a special purpose vehicle to be promoted by the Power Finance Corporation.
UMPPs are projects with a capacity of 4,000 mw or more. Three UMPPs have already been awarded on the basis of competitive bidding. The contract for the Mundra UMPP in Gujarat has been awarded to Tata Power while the Sasan contract in Madhya Pradesh and Krishnapatnam contract in Andhra Pradesh have been awarded to Reliance Power. Each UMPP is estimated to cost Rs 15,000 crore. The cost of generation per unit is estimated at under Rs 2.
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Bharat Heavy Electricals Ltd (BHEL) plans to acquire Bharat Heavy Plates and Vessels Ltd (BHPVL) to augment its power-equipment manufacturing capacity. The decision is likely to be taken by the first half of next fiscal. Visakhapatnam-based BHPVL manufactures combustion systems, including industrial boilers and fired heaters, cryogenic systems, multi-player vessels, LNG import terminals and other utility systems to be used by power-generation units.
BHEL is looking for more domestic acquisitions in the engineering space. India plans to add about 78,000 MW of electricity in the 11th plan period. The country currently generates 141,000 MW of electricity annually through the use of coal, water, gas and other means. BHEL will spend Rs 4,200 crore to augment its capacity to make equipment to generate 15,000 MW of electricity by 2009, from the current 10,000 MW.
BHEL’s current order book is valued at Rs 82,000 crore, which is to be executed over the next three years. The company is also exploring international markets like West Asia and Africa for selling gas turbines and transformers.
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