New Delhi: “State-run power trader PTC India has identified coal assets for purchase in Indonesia and Australia,” its chairman T.N. Thakur said.
“We have not yet acquired any coal assets outside, but we have been looking at that prosepct for the last couple of years,” he said.
Thakur said: “Coal market was quite bad, now that the market is more favourable, we are looking seriously for coal assets.”
PTC is looking to supply the coal from its overseas assets to producers who supply power to the company.
“The New Delhi-based firm plans to set up $500 million fund by the year-end to finance power projects, and may raise Rs5 billion debt for the same purpose,” Thakur said.
He said: “The company expects power trade volumes for FY10 to be higher than FY09, which was at 13.8 billion units, which itself was a 40% increase from FY08.”
At 3:30pm, the shares in the company were trading down 6.3% at 85.25 in a weak Mumbai market.