Category: Corporate

Reliance New Energy Solar has signed definitive agreements to acquire 100% shareholding in Faradion Limited (“Faradion”) for an enterprise value of GBP 100 Mn. In addition, RNESL will also invest GBP 25 Mn as growth capital to accelerate commercial roll out. Based out of Sheffield and Oxford in UK and with its patented sodium-ion battery technology, Faradion is one of the leading global battery technology companies. It has a competitively superior, strategic, wide-reaching and extensive IP portfolio covering several aspects of sodium-ion technology. Faradion’s sodium-ion technology provides significant advantages compared…

State-owned power producer SJVN will be investing Rs 60,000 crore to harness 5,097 megawatts (Mw) of hydropower in Arunachal Pradesh. SJVN Chairman and Managing Director Nand Lal Sharma met with Arunachal Pradesh Deputy Chief Minister Chowna Mein in New Delhi on Wednesday to discuss a roadmap to develop hydroelectric projects, according to a statement. “SJVN Ltd will invest Rs 0,000 crore to harness 5,097 Mw of hydropower in Arunachal Pradesh,” the company said in the statement. The Chairman said that as a result of the efforts of Union Power Minister R K Singh, the Arunachal…

After SEBI chairman Ajay Tyagi had said that Sahara is yet to fully deposit the money ordered by the Supreme Court in August 2012, the group said on Wednesday that it is unreasonable to ask it to deposit more money as funds worth Rs 24,000 crore are lying unutilised with markets regulator for the last nine years. Sahara Group has so far given only around ₹ 15,000 crore while the total amount due to be deposited is ₹ 25,781 crore. According to SEBI’s 2020-21 annual report, the regulator had paid back only ₹ 129 crore to bondholders and…

Prime Minister Shri Narendra Modi inaugurated Kanpur Metro Rail Project today. He inspected the Kanpur Metro Rail Project and undertook a metro ride from the IIT metro station to Geeta Nagar. He also inaugurated the Bina-Panki Multiproduct Pipeline Project. The pipeline extends from the Bina refinery in Madhya Pradesh to Panki in Kanpur and will help the region access petroleum products from the Bina refinery. Chief Minister of Uttar Pradesh, Shri Yogi Adityanath, Union Minister Shri Hardeep Puri were among those present on the occasion. The Prime Minister congratulated the…

REC Limited has entered into an agreement with KfW Development Bank for availing ODA term loan of USD 169.5 million under Indo-German Bilateral Partnership in accordance with the approval granted by Department of Economic Affairs, Ministry of Finance, Govt. of India. Proceeds of ODA loan will be deployed for part financing of innovative Solar PV Technology based generation Projects in India at competitive interest rates. This is the fifth credit line signed between REC Limited and KfW for financing of Power Sector Projects and third credit line for financing of…

Union Minister for Finance & Corporate Affairs Smt. Nirmala Sitharaman chaired the pre-budget consultation meetings for Budget 2022-23 held in virtual mode from 15th to 22nd December, 2021. More than 120 invitees representing 7 stakeholder groups participated in 8 meetings scheduled during this period. The stakeholder groups include representatives and experts from Agriculture and Agro Processing Industry; Industry, Infrastructure and Climate Change; Financial Sector and Capital Markets; Services and Trade; Social Sector; Trade Union & Labour Organization and Economists. Union Ministers of State for Finance Shri Pankaj Chaudhary and Dr.…

In a violation case of the Supreme Court’s pollution norms Delhi Environment Minister Gopal Rai on Friday ordered the sealing of a NBCC India construction site for operating in the night. The minister has also ordered the imposition of Rs 1 crore fine on NBCC for violating construction ban in the city. The order comes after Gopal Rai called an emergency meeting of top officials over the alleged violation of the SC’s pollution norms. The meeting was attended by officials from the Delhi Traffic Police department, environment department, transport department, Delhi…

The Government has undertaken the following major reforms/measures to boost manufacturing sector in the country and to make India a favoured manufacturing and investment destination: Production-Linked Incentive (PLI) Scheme in 14 key sectors, under the aegis of Aatma Nirbhar Bharat for enhancing India’s manufacturing capabilities and exports; PM Gati Shakti- National Master Plan (NMP) was launched by Hon’ble Prime Minister on 13th October, 2021.It is an integrated GIS based plan depicting the economic zones and the multimodal connectivity infrastructure with an objective to holistically integrate the interventions of various Ministries…

Union Minister for Ports, Shipping, Waterways and Ayush Shri Sarbananda Sonowal has said that India is aiming to increase the supply chain efficiency and lowering logistics costs which will facilitate India to achieve its well-defined goal of being a $5 trillion economy by 2025. He said, India has one of the largest supply chain and logistics sectors in the world growing at a fast pace. An efficient logistics ecosystem is thought to be a catalyst for improving the competitiveness of all sectors of the economy. Addressing the virtual CII Partnership Summit 2021…

NTPC has awarded a project of “Standalone Fuel-Cell based Micro-grid with hydrogen production using electrolyser in NTPC Guest House at Simhadri (near Visakhapatnam)”. It is India’s first Green Hydrogen based Energy Storage Project. It would be a precursor to large scale hydrogen energy storage projects and would be useful for studying and deploying multiple microgrids in various off grid and strategic locations of the country.  The hydrogen would be produced using the advanced 240 kW Solid Oxide Electrolyser by taking input power from the nearby Floating Solar project. The hydrogen…