Coal news and updates

NMPT bets on Adani Power for revenue growth

August 26: New Mangalore Port is betting big on Adani Power to make up the revenue loss which the port faced due to problems at Udupi Power Corporation Limited (UPCL), an imported coal-based power station, a senior official from the port told ICMW.

Adani Power, on August 13, acquired 100% stake in UPCL from Lanco Infratech Limited for Rs 6,000 crore.  

“With this acquisition, we are hopeful that coal imports through New Mangalore Port will be back to normal. Previously, we have lost almost 0.80 million tons (mt) of coal cargo so far due to problems at UPCL which impacted the port’s revenues,” the official said.

In 2013-14, the port handled around 3 mt coal for UPCL out of a total coal handling of 5.12 during 2013-14, the official added.