August 18, 2012 - New Jersey based FJS Energy LLC has announced a multi-year coal sale and purchase agreement worth USD 7 billion with India's Abhijeet Group. The deal brings through access for India to American coal that will be provided by FJS Energy for the next 25 years primarily for steel production and power generation in India. The coal would be sourced from FJS Energy's affiliates, FJSE Marshall Inc., and FJSE River Coal.
Welcoming the deal and delegates from India, Kentucky's Governor Steve Beshear said, "It's no secret that the coal industry is in a state of flux in America, what with erratic market conditions, the uncertain regulatory atmosphere and the ever-changing energy picture. But international markets need coal, and this private partnership is a great example of a new market for Kentucky resources. My administration has worked hard to strengthen ties with India, and we're looking forward to a long and successful partnership with many more economic opportunities."
Pleased with the agreement, Chairman of the Board, FJS Energy Dr M P Narayanan who was also the Former Chairman of Coal India, said, "The deal with the Indian group, besides strengthening trade and business relationship between both the countries would also benefit both the companies optimally. Abhijeet Group is a marquis client for coal producers and suppliers in USA and is one of the fastest growing companies in India. The group is known for its quality and business prowess in the core sectors of Power, Roads, Mining, EPC, Ferroalloys, Steel and Cement. FJS Energy, through its focussed Mine to Market strategy and significant investments in Joint Venture with valued companies like Marshall Resources Inc part of Booth Energy, and River Trading Company Ltd stands out to be a reliable partners in supplying the needs of its growing list of satisfied clients.
Present on the occasion the Executive Director of Abhijeet Group, Mr Anand Kumar said, "I am delighted to partner with FJS Energy which is a reliable and high quality coal producer in the U.S. The import of coal will help us meet India's increasing demand for energy and steel. This partnership is an example of the strong potential between American producers and Indian customers. We see a significant growth of our mutually rewarding relationship."
"The origins of River Trading Company go back more than 100 years. As owners and operators of 5 mid-stream assets on the U.S. inland river system, we realize the significant potential to provide high quality Kentucky and West Virginia coal to India for years to come," said John Grantham, Vice President of East Division of River Trading Company. "Since the U.S. coal industry is moving from being a swing supplier to a steady provider to the international market, we look forward to India being a big part of that growth", he added.
Including company officials and other business leaders, present on the day of the announcement were, Energy and Environment Cabinet Secretary Len Peters, Cabinet for Economic Development Secretary Larry Hayes, and Rep. Keith Hall, Chair of the House Energy Subcommittee as well as representatives from FJS Energy, Abhijeet Group, Booth Energy Group and River Trading Company.
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