Union Minister of State for Steel Visits Vizag Steel
Faggan Singh Kulaste, Union Minister of State for Steel visited Vizag Steel Plant recently. RINL management led by PK Rath, CMD, along with KC Das, Director (Personnel), VV Venugopal Rao, Director (Finance), DK Mohanty, Director (Commercial) and senior officials extended a warm welcome to the visiting dignitary on his arrival at Hill Top Guest House.
The Union Steel Minister inaugurated a most modern Blood Component Separator Equipment at Blood Bank in Visakha Steel General Hospital. (The advantage of the equipment is that one bag of whole blood can be given to four different recipients for different requirements of components of blood like packed cells, platelets, FFT and cryoprecipitate etc.)
He also visited Plant’s Model Room & Awards Gallery, Coke Oven Battery, Blast Furnace-3, Steel Melt Shop-2 and Wire Rod Mill-2 during his plant visit. Shri Rath, CMD explained about the latest know-how and the facilities incorporated in the plant operations. The Minister was highly impressed with the green and clean environment prevailed inside the plant and termed Vizag Steel as ‘Most eco-friendly Steel Plant in the country’.
SAIL Iron-ore mines clock over 15 per-cent production growth
The iron ore mines of Raw Materials Division (RMD) of Steel Authority of India Limited (SAIL) produced and despatched 18.27 lakh Tonne and 18.86 Lakh Tonne of iron ore respectively clocking the growth of 15.2% and 11.7% over CPLY in July. In the month RMD mines hit a set of records. Individually RMD’s Bolani, Kiriburu and Meghahatuburu mines crossed the July production target.
Bolani, Kalta and RMD Mines in total achieved best ever July in overall and lump production and despatch since inception. Improved operational efficiency coupled with rake availability influenced the growth. In Flux production, Kuteshwar Mines achieved best ever July producing 1. 16 Lakh T of Limestone.
Fulfilling 100% iron ore requirement of SAIL’s eastern sector Steel Plants RMD also supplemented the need of Bhilai Steel Plant to certain extent from time to time.
NCLT approves NHPC’s bid for Lanco Teesta Hydro Power Ltd. (LTHPL)
National Company Law Tribunal (NCLT), Hyderabad bench on 26.07.2019 approved state run hydropower major NHPC’s bid for the debt-ridden Lanco Teesta Hydro Power Ltd (LTHPL) for an amount of Rs. 897.50 Crores under Corporate Insolvency Resolution Process. NHPC Limited is a mini-ratna company under Ministry of Power and this is the first time that a state run company has bagged a project under IBC. The Original bid of Rs. 907 crore was initially approved by the Committee of Creditors (CoC) of Lanco Teesta Hydro Power with 100% vote and the present bid amount of Rs. 897.50 crores takes into consideration the theft occurring at site was approved by 97.34% vote. As per the approved resolution plan, NHPC would pay Rs. 877.74 crore to the financial creditors and Rs. 11.12 crore would go to the operational creditors of Lanco Teesta Hydro Power. NHPC will fund the project through a debt-equity ratio of 70:30.
The project will be implemented at an estimated cost of Rs. 5,748.04 crore (at July 2018 price level), which includes a bid amount of Rs. 907 crore for acquisition and estimated cost of balance work of Rs. 3,863.95 crore, which includes interest during construction (IDC) and FC of Rs. 977.09 crore. Earlier in March 2019, the Cabinet Committee on Economic Affairs had approved the proposal for NHPC to take over Lanco’s 500 MW Teesta Hydroelectric Power Project in Sikkim.
Besides NHPC, another PSU viz. Satluj Jal Vidyut Nigam Ltd. (SJVNL) had also bid for the debt-ridden company. The NCLT had started insolvency proceedings against M/s. Lanco Teesta Hydro Power Ltd., after admitting a plea by its lead lender ICICI Bank on March 16, 2018 and a resolution professional was appointed on April 24, 2018.
NALCO, HCL & MECL Sign the Joint Venture Agreement to form Khanij Bidesh India Limited
The long-awaited dream to acquire strategic mineral assets abroad is all set to turn into reality as National Aluminium Company Ltd (NALCO), Hindustan Copper Ltd (HCL) and Mineral Exploration Corporation Ltd (MECL), the three CPSEs under Ministry of Mines, Government of India, signed the Joint Venture Agreement to form Khanij Bidesh India Limited (KABIL), which has mandate for acquisition, exploration & processing of strategic minerals abroad for commercial use and for supplying to meet the domestic requirements.
The Joint Venture Agreement amongst the three stakeholders was signed by Dr. Tapan Kumar Chand, CMD, NALCO, Shri Santosh Sharma, CMD, HCL and Dr. Ranjit Rath, CMD, MECL in the presence of Shri Prahallad Joshi, Union Minister for Mines, Coal & Parliamentary Affairs. Minister Shri Prahallad Joshi appreciated the efforts of NALCO and the other two PSUs and said that KABIL will ensure mineral security of the nation, and will help in realizing the overall objective of import substitution.
NTPC Organised ‘Fuel Management Meet 2019’
NTPC Limited held its ‘Fuel Management Meet 2019’ at Shillong on 26th July, 2019. Prakash Tiwari, Director (Operations), NTPC, inagurated the meet, Senior officials from Indian Railways, CIMFR and eminent consultants were present on the occasion.
The contemporary issues and future challenges were deliberated by the participants. This platform also provided an opportunity for knowledge sharing regarding the new initiatives and best practices in Fuel management being followed at NTPC stations.
With an installed capacity of 55,786 MW (incl. JV/subsidiaries), NTPC is the largest coal consumer in the country with around 193 MT of coal consumed in FY 2018-19. Thus, Fuel Management plays a very important role to meet the increasing demand of power generation in India. Considering large power needs of the country in commensurate with the economic growth, Coal is likely to continue as main stay fuel for power generation at least for next one and half decade. Though the share of coal would gradually come down, the focus of Coal stations is to operate the efficiently and in compliance to the environmental norms.
ONGC, MRPL sign Crude Oil Sale Agreement; take relation to greater heights
Crude Oil Sales Agreement (COSA) was renewed between energy major Oil and Natural Gas Corporation (ONGC) and Mangalore Refinery and Petrochemical Limited (MRPL) on 3 August at Mangaluru. This renewal will further strengthen the relation of the parent company and its subsidiary.
The genesis of this COSA was earlier the first ever COSA that was signed on 31 July 2013, for sale of nomination fields crude oil. It was effective from 1 April 2010 for five years till 31 March 2015, which was extended on same terms and conditions till 31 March 2018.
New COSA will be effective from 1 April 2018 for 5 years till 31 March2023 with a provision of extension of further three years on mutual agreement. It was possible to achieve this landmark due to team work of Corporate Marketing, Corporate Commercial and Corporate Legal.
The COSA was signed by ONGC’s CGM (P)-Chief Marketing Mr Sanjay Kumar and GGM (ITD) Mr Vijay Bhatnagar from MRPL’s side. CMD, ONGC Mr Shashi Shankar, MD- MRPL Mr M Venkatesh, Director (Offshore) Mr Rajesh Kakkar, Director (Finance) Mr Subhash Kumar, Director (Refinery)-MRPL Mr M Vinay Kumar and other senior officers from MRPL and ONGC were present during the COSA signing. CMD congratulated team of officers from both the companies for the occasion.