Financial Daily from THE HINDU group of publications
Tuesday, Jun 15, 2004
Financial Daily from THE HINDU group of publications Tuesday, Jun 15, 2004 |
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Corporate
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Mergers & Acquisitions Energy Trading acquires 3 Wellman Incandescent units Our Bureau
Kolkata , June 14 ENERGY Trading Company Pvt Ltd, the Indian arm of the Singapore-based Natural Resources Pte Ltd, has acquired three units of Wellman Incandescent Ltd through the company's official liquidators for a consideration of Rs 13.25 crore. According to Dr B. Chatterjee, Managing Director of Natural Resources Pte Ltd and Director of Energy Trading Company, the acquisitions include two coke oven plants at Kharagpur in West Bengal and Nergundi in Orissa and one engineering unit at Baltikuri, Howrah. Dr Chatterjee told newspersons that Rs 12 crore would be pumped in to revamp and restart operations in the units. A further Rs 50 crore required as working capital would be generated from internal accruals and loans from financial institutions. After starting commercial production, the units are expected to generate a turnover of Rs 200 crore annually. The one-and-a-half year old Energy Trading Company is engaged in trading of raw material for the steel industry. It imports coking coal from Australia, China and Indonesia through its Singapore parent and supplies to steel makers in the east coast of India. The company clocked a turnover of Rs 60 crore during the year ended March 31, 2004. Dr Chatterjee said Energy Trading Company had already acquired Nilachal Carbo Metallics Pvt Ltd, which has a metallurgical coke manufacturing plant at Jajpur, Orissa. The acquired Wellman Incandescent units will be consumers of the imported coking coal. The coke oven plants will add value to the imported coking coal before supplying the coke to steel makers. With all plants operational, the group's coke manufacturing capacity will touch 200,000 tonnes per annum next year. Plans for the long term include export of coke to neighbouring countries as well, according to Dr Chatterjee.
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