(LiveMint) India on Tuesday announced an ambitious aim to set up 500 gigawatts (GW) of renewable energy capacity by 2030 in what could potentially help the country reshape the global energy market dynamics. The plans were revealed by ministry of new and renewable energy secretary Anand Kumar on Tuesday at the 17th meeting of the International Renewable Energy Agency (IRENA) council in Abu Dhabi. The announcement comes against the backdrop of the National Democratic Alliance (NDA) government running the world’s largest renewable energy programme and plans to achieve 175GW of renewable energy capacity by 2022 as part of its climate commitments. India…
Author: Aruna Sharma
(PTI) Adani Power Tuesday said it will acquire GMR Chhattisgarh Energy Ltd (GCEL) as the consortium of lenders has approved its resolution plan. The consortium of lenders, led by Axis Bank, to GMR Chhattisgarh Energy Ltd (GCEL), has issued a Letter of Intent dated June 24, 2019, approving Adani Power’s (APL) resolution plan to acquire controlling equity stake and restructure debt in GCEL, Adani Power said in a regulatory filing. “Post the transaction, Adani Power Limited shall hold 100% equity stake in GCEL. Of this, 52.38% stake is to be acquired from the lenders, and the balance 47.62% is to be…
(FE) State-run aluminium maker National Aluminium Company (Nalco) has lined up Rs 17,000 crore investments to enhance capacity, foray into new areas, and increase coal production. Nearly half of the proposed investment will be made in association with joint venture partners. On its own, it will invest Rs 6,000 crore for setting up downstream projects at Kamakhyanagar in Dhenkanal district of Odisha. The company has already identified the land for the project and hope to commission the project within three years of receipt of all statutory clearances. With an investment of Rs 5,540 crore, which will also be funded by…
(ET) Demand for petrol and diesel jumped while that for bitumen slowed during April-May when an intense election campaign boosted sales of transportation fuel but slowed road construction work. Oil demand shrank 0.3% in the first two months of the current fiscal year on lower consumption of polluting pet coke, fuel oil, kerosene and bitumen. India consumed 36.3 million metric tonnes (mmt) of petroleum products in April-May, compared to 36.4 mmt in the year-ago period. The country produced 43 mmt of petroleum products in April-May, 1.3% higher than a year ago. Sale of petrol and diesel jumped 10.7% and 2.7%, respectively, on…
(LiveMint) Narendra Modi, delivering the first parliamentary speech of his second term as Prime Minister, on Tuesday pledged to continue working for financially and socially weaker sections, saying his government “did not divert” from the development path. Outlining the focus of the second term of the government, Modi listed innovation in agriculture and provision of drinking water to all homes as key priorities, along with combating terrorism and fighting corruption. Days ahead of the first Union budget of this government, Modi also reiterated his resolve to see India scaled up to a $5 trillion economy. “We did not divert from our development path, we did not…
(PTI) The government will come out with a national e-commerce policy within 12 months to facilitate achieving holistic growth of the sector, an official said. This was informed by Commerce and Industry Minister Piyush Goyal in his second marathon meeting with stakeholders, including e-commerce companies, on Monday. “We will put in place an institutional framework to bring out a national policy on e-commerce within next 12 months,” the official said. The government in February released the draft national e-commerce policy proposing setting up a legal and technological framework for restrictions on cross-border data flow and also laid out conditions for businesses…
(AU) केंद्रीय गृह मंत्री अमित शाह बुधवार को दो दिन के रियासत के दौरे पर आएंगे। श्रीनगर पहुंचकर वे अमरनाथ यात्रा की सुरक्षा तथा रियासत के सुरक्षा हालात की समीक्षा करेंगे। सूत्रों का कहना है कि गृह मंत्री सेना तथा अन्य सुरक्षा एजेंसियों व प्रशासन के साथ उच्च स्तरीय बैठक कर रियासत के सुरक्षा हालात की समीक्षा करेंगे। आतंकवाद के मोर्चे पर की गई कार्रवाइयों तथा इस संबंध में उठाए जाने वाले कदमों की जानकारी हासिल करेंगे। इसके साथ ही सीमा पार से दुश्मनों के नापाक हरकतों तथा घुसपैठ रोकने के लिए उठाए जाने वाले कदमों के बारे में भी…
(TH) NTPC, which participated in the UPNEDA’s tender for 500-MW solar capacity, on Tuesday won bids for 40-MW of solar capacity. The company had bid for two 20-MW each at Auraiya and Rihand. The reverse auction was carried out on Tuesday and NTPC won the entire 40-MW of solar capacity bid at a levelised tariff of ₹3.02/kWh applicable for 25 years. These projects would be set up by NTPC under the EPC mode. Shareholders will closely monitor the execution by NTPC.
(FE) The ministry of petroleum and natural gas has written to the finance ministry, seeking an additional Rs 33,000 crore over and above the Rs 24,833-crore petroleum subsidy allocated as revised estimate for 2018-19. The extra demand is primarily because the government did not clear subsidy payments worth Rs33,900 crore for liquefied petroleum gas (LPG) and kerosene in 2018-19, which affected the net profits of oil marketing companies and increased their debt. “The additional amount has been asked to meet the outstanding from the previous year,” a source said. In the Interim Budget, Rs37,478 crore has been allocated as petroleum subsidy for…
(ET) State-owned LIC has sold over 5.25 crore shares, representing about 2 per cent stake, of Axis Bank through open market transaction. With the sale of these shares, stake of LIC (Life Insurance Corporation of India) in the private sector bank has now come down to 10.2 per cent from 12.21 per cent earlier, as per the BSE filing by Axis Bank. LIC sold 5,25,06,202 shares through open market, the filing said without disclosing the sale value. The total sale value could not be ascertained as the the insurer sold the shares over a period of time.