PTC India, the country's biggest electricity trading company, is planning to import coal and buy stakes in overseas coal mines to diversify its business amid increased competition from new power exchanges. It is using part of the Rs. 1,200 crore it raised through the IPO, to invest in power projects and energy assets.
The company is looking at supplying coal to power generators in exchange for assured supply of electricity for its customers, and has signed agreements to supply 1.5 million tonnes of coal to power generators by December 2009. The company can source up to 15 million tonnes of the fuel in the long run.
Coal imports are expected to double by 2012, partly driven by state and private utilities plan to almost double the country's generation capacity to 250 GW by 2017.
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