The Indian government has extended the mandate for the country’s power producers to import 6% of their coal requirements until June, despite adequate domestic availability, amid transport constraints and higher electricity demand, a power ministry note said on Tuesday. India last year had asked utilities to import 6% of their coal requirements until March due […]
Day: March 6, 2024
Govt extends mandate for power producers to import 6% of coal needs
The Indian government has extended the mandate for the country’s power producers to import 6 per cent of their coal requirements until June, despite adequate domestic availability, amid transport constraints and higher electricity demand, a power ministry note said on Tuesday. India last year had asked utilities to import 6 per cent of their coal […]
Private Indian firms look to bet big on coal-fired power after long absence
Private Indian firms have expressed interest in building at least 10 gigawatts (GW) of coal-fired power capacity over a decade, four sources familiar with the matter said, ending a six-year drought in significant private involvement in the sector. Adani Power, JSW Group and Essar Power are among the companies that have told India’s power ministry […]
Matrix Gas & Renewables raises Rs 350 crore capital in pre-IPO round
Matrix Gas and Renewables Ltd (Matrix) on Tuesday said it has raised Rs 350 crore in the pre-IPO round to accelerate expansion of its gas business, acquisitions, and funding capital expenditure plans. “The pre-IPO (Rs 350 crore) round saw participation from key investors like Gunavanth Vaid (4GCapital Venture), Sarda Group, Sunil Kumar Singhvi (Singhvi Heritage […]
Kalpataru Projects International to lay 800 kms gas pipeline for Aramco
Kalpataru Projects International on Tuesday said it has secured an order from Saudi Arabia’s energy major Aramco for laying 800 kilometres of gas pipeline. Kalpataru Projects International Ltd (KPIL) has received the letter of intent (LoI) from Aramco for carrying out engineering, procurement and construction works for three packages of the third expansion phase of […]
Crude oil steadies on Opec+ supply restraint, underwhelming China reforms
Oil steadied on Tuesday after falling in the previous session as the prospect of a tighter market due to OPEC+ supply restraint offset concern over Chinese growth and uncertainty over the pace of interest rate cuts. China set an economic growth target for 2024 of around 5%, similar to last year’s goal and in line […]
Crude oil steadies on Opec+ supply restraint, underwhelming China reforms
Oil steadied on Tuesday after falling in the previous session as the prospect of a tighter market due to OPEC+ supply restraint offset concern over Chinese growth and uncertainty over the pace of interest rate cuts. China set an economic growth target for 2024 of around 5%, similar to last year’s goal and in line […]
India remains cautious on contracted Russian oil as new US sanctions bite
India’s state-run oil refiners are shying away from contracted Russian crude supply as the once-booming trade becomes much harder under tighter enforcement of US sanctions. The biggest state-owned refiner Indian Oil Corp. will likely reduce the amount of crude received under so-called term supply, while Bharat Petroleum Corp. and Hindustan Petroleum Corp. have decided against […]
RBI urges state refiners to make payments for some oil imports in Rupees
The Reserve Bank of India has asked the country’s major state-owned refiners to press Persian Gulf suppliers to accept at least 10 per cent of oil payments in rupees in the next financial year, three executives at the processors said. The move is aimed at promoting the Indian currency in international trade and cutting dependence […]
HPCL to start Rajasthan refinery by end-December using mostly Mideast oil
Hindustan Petroleum Corp plans to start operating its new 180,000 barrels per day Barmer refinery in India’s desert state of Rajasthan by end-December using mostly Middle East oil, its head of refineries S Bharatan said. The state-run company expects the refinery to reach full capacity in about a year’s time, Bharatan told Reuters in an […]
Gensol Group’s Matrix Gas & Renewables raises Rs 350 cr in pre-IPO round
Matrix Gas & Renewables Limited has raised Rs 350 crore in a pre-initial public offering (IPO) round to raise funds, said the company on Tuesday. Matrix claims to be India’s fastest-growing green hydrogen infrastructure developer and natural gas aggregator. It is part of the Gensol Group, a BSE-listed engineering solutions provider. Key investors in the […]
Aiming to retain pole position in premium EV segment, says BYD India
Chinese car maker BYD is aiming to retain pole position in India’s electric vehicle (EV) segment priced above Rs 30 lakh, Senior Vice-President of Electric Passenger Vehicle Business, Sanjay Gopalakrishnan, told Business Standard on Tuesday. BYD India launched its electric sedan Seal, priced between Rs 41 lakh and Rs 53 lakh. When asked about the […]