OPG Power Ventures plc Coal Supply Update (3562R)
September 11 2014 - 2:00AM
UK Regulatory
TIDMOPG
RNS Number : 3562R
OPG Power Ventures plc
11 September 2014
11(th) September 2014
OPG Power Ventures plc
("OPG" or the "Company")
Indian nationwide coal blocks allocation judgement announced is
not applicable to OPG's coal supply
OPG (AIM: OPG), the developer and operator of power generation
plants in India, notes the reference in the Indian press of a
judgement issued by the Supreme Court of India, the country's apex
court, to render as illegal and arbitrary the process by which the
allocation of various coal blocks has occurred since July 1993.
These 218 coal blocks, many of which are not operational, have been
allocated to private and public sector companies by the Government
of India ("GoI").
OPG is not affected by these developments as no coal blocks have
been allocated to OPG and, as such, the Company does not own or
operate any domestic coal blocks. Rather, OPG procures its
domestically sourced coal for both locations (Chennai and
prospectively Gujarat) from operating mines being run by Coal India
Limited, a GoI controlled company. Guided by the GoI's New Coal
Distribution Policy (2007), OPG's domestic coal quantities are
sourced under a linkage awarded to OPG by the Coal Ministry and
coal supplies typically commence shortly after project
commissioning.
Around one third of OPG's coal currently comes from domestic
sources and OPG continues to receive the agreed upon quantities of
domestic coal from Coal India Limited. Accordingly, the Board does
not anticipate anyimpact upon OPG's operations as a result of these
recently reported developments.
About OPG
OPG is operating and developing power projects in India under
the group captive model with 270 MW in operation and a further 480
MW under development. In the year ended 31 March 2014, the
Company's revenues were GBP99 million, EBITDA GBP31 million and EPS
4.1 pence.
For further information, please visit www.opgpower.com or
contact:
+91 (0) 44 429 11
OPG Power Ventures PLC 211
Arvind Gupta
V Narayan Swami
Ajay Paliwal
Cenkos Securities (Nominated Adviser
& Broker)
Stephen Keys / Mark Connelly / Callum
Davidson +44 (0) 20 7397 8900
Tavistock Communications
Simon Hudson / James Collins +44 (0) 20 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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