Coal news and updates

EIL diversifying into power and mining sectors

February 7: Engineers India Ltd (EIL), the state-owned engineering consultancy company, is diversifying into new sectors such as power and mining, among others, Company Director (Projects) D Moudgil said on February 7.

"We are diversifying into nuclear and solar power, strategic crude storage, non-ferrous metallurgy and mining sectors. Also, we are planning to focus more on overseas ventures," he said, while speaking at a roadshow on the company's follow-on public offer which hit the market on February 6.

Some of the key mining and metallurgy projects for which EIL has provided consultancy include the JSW alumina refinery project at Vizag, bauxite mining project of NALCO in Odisha and Mahan aluminium smelter project of HINDALCO in Madhya Pradesh, among others.

"We are also providing a variety of services in nuclear, thermal and solar power sectors. We have provided services for captive power plants for various refineries, petrochemicals and other major projects executed by us," Moudgil said.

As of September 30, 2013, he said, the order book position for the company was around Rs 3,232 crore.

In its follow-on offer, he said, EIL has offered 33,693,660 equity shares (500,000 equity shares reserved for subscription by eligible employees) in the price band of Rs 145-150 per share of face value Rs 5 each. Post-issue, the government's share in the company would come down to 70.4% from the current 80.4%.