Leading power sector non-banking financial company (NBFC) REC Limited said it has clocked the highest ever loan sanctions in its history at Rs 3.55 trillion during the last financial year 2023-24. It said the loan disbursement was also a record high at Rs 1.61 trillion during the same period. The NBFC, which has widened its […]
Category: Power
Power
State-owned REC Ltd sanctioned record Rs 3.59 trillion loan in FY24
State-owned REC has made record loan sanctions worth Rs 3.59 trillion during 2023-24, posting a year-on-year rise of 33.66 per cent. It had sanctioned Rs 2.68 trillion as loan during the preceding 2022-23 fiscal, the company said in an exchange filing. Of the total Rs 3.59 trillion, Rs 1.36 trillion were “renewable energy sanctions”, higher […]
India must keep e-scooter subsidies to boost adoption, says Ather CEO
India will need to keep subsidies for electric scooters for another few years to boost the switch from polluting motorbikes, the CEO of e-scooter maker Ather Energy told Reuters on Saturday. Industry experts believe subsidies such as cash incentives are crucial to India hitting its goal of electrifying 70% of its two-wheeler fleet by 2030, […]
Hyundai, Kia partner with Exide Energy for EV battery localisation in India
South Korean auto majors Hyundai Motor Company and Kia Corporation on Monday announced a partnership with homegrown battery maker Exide Energy Solutions Ltd for electric vehicle battery localisation in India. Hyundai Motor Company and group firm Kia Corporation have signed a Memorandum of Understanding (MOU) with Exide Energy Solutions Ltd, a leading Indian battery company, […]
Our EV firms do not rely on subsidies to gain competitive advantage: China
China’s electric vehicle companies do not rely on subsidies to gain a competitive advantage and accusations by the US and Europe of “overcapacity” are groundless, Commerce Minister Wang Wentao said on Sunday in Paris. Wang made the remarks at a roundtable meeting of Chinese firms in Paris, where he is set to discuss China’s exports […]
Russian corp Rosatom says 3 hurt in Ukrainian attack on Zaporizhzhia plant
Russia’s nuclear power corporation, Rosatom, accused the Ukrainian military on Sunday of launching an unprecedented series of attacks on the Russian-held Zaporizhzhia nuclear power station and said three staff members were hurt, one seriously. In a statement on its website, Rosatom said radiation levels at the plant, Europe’s largest facility with six reactors, were normal […]
Adani to invest Rs 2.3 trillion in renewable energy, manufacturing capacity
Adani Group will invest about Rs 2.3 trillion through 2030 in India’s most ambitious renewable energy expansion and solar and wind manufacturing capacity addition ever as it shrugs off a short-seller attack to pursue its trademark rapid growth plans. Adani Green Energy Ltd, India’s largest renewable energy company, will invest about Rs 1.5 trillion in […]
Singh warns of debt trap for using borrowed money to give free electricity
Power Minister RK Singh has warned of a debt trap for states like Punjab using borrowed money to provide free electricity, saying such populist schemes are fine only if a state has finances. Electricity, like any other commodity, involves the cost of generating it, and if a state is to provide it for free to […]
Fire breaks out at NTPC’s Kanhia power plant, fire doused, no injuries
A fire broke out at NTPC’s Kaniha plant in Odisha’s Angul district on Saturday, fire service officials said. The fire broke out at 8.10 am in the coal transporting conveyor belt of the plant in the Talcher area of the district, they said. There was no report of any injury in the fire, they said. […]
JSW Energy announces completing Rs 5,000 cr QIP to fund growth plans
JSW Energy has raised Rs 5,000 crore through the Qualified Institutions Placement (QIP) route, said the power company late Friday. “The proceeds from the QIP will bolster an already strong capital structure even further, significantly enhance our financial flexibility, and enable us to accelerate our ambitious growth plans,” said Pritesh Vinay, director (finance) and chief […]
JSW Energy raises Rs 5K cr by selling shares to investors, including ADIA
JSW Energy Limited has raised Rs 5,000 crore by selling shares to institutional investors, including Abu Dhabi Investment Authority (ADIA), to accelerate its growth plans. In a regulatory filing on Friday, the company informed that it has successfully completed its Rs 5,000-crore Qualified Institutions Placement (QIP). JSW Energy said, the proceeds from the QIP will […]
JSW Energy raises Rs 5K cr by selling shares to investors, including ADIA
JSW Energy Limited has raised Rs 5,000 crore by selling shares to institutional investors, including Abu Dhabi Investment Authority (ADIA), to accelerate its growth plans. In a regulatory filing on Friday, the company informed that it has successfully completed its Rs 5,000-crore Qualified Institutions Placement (QIP). JSW Energy said, the proceeds from the QIP will […]