MUMBAI: Top automakers have cheered the government’s recent push to localise manufacturing for hybrid and electric vehicle (xEV) under the revised norms of the Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles Scheme (FAME 2). This is in sharp contrast to the several instances over the last decade where auto industry stakeholders have clashed […]
Category: Power
Power
Adani joins race to buy Kalpataru’s power transmission assets
MUMBAI: The Adani Group is in talks with Kalpataru Power Transmission Ltd (KPTL) for the sale of the latter’s 4 transmission lines to Adani Transmission, the largest private sector power transmission company in India, two people aware of the development told Mint. “Adani is also now actively bidding for the KPTL assets,” the first person […]
SC seeks Centre’s reply on Essar Power plea to surrender coal block
NEW DELHI: The Supreme Court Wednesday sought the Centre’s response on a plea of Essar Power MP Ltd seeking to surrender the coal mines won by it in the 2015 auctions and refund of money paid to the government. A bench comprising Chief Justice Ranjan Gogoi and Justice Deepak Gupta issued notice to the Centre […]
Power ministry disputes Crisil’s concerns on discoms’ financial health
Mumbai: The power ministry has disputed a recent report from credit ratings agency CRISIL that said state electricity distribution companies (discoms) would see their external debt increase to pre-UDAY levels of ₹2.6 lakh crore by the end of this fiscal. A tweet from the ministry’s official account said CRISIL’s analysis discounts the fact that almost […]
ABB India net profit grows over 13% to ₹116 crore in Q1
NEW DELHI: Engineering and power firm ABB India on Tuesday reported over 13% jump in its net profit to ₹116.19 crore during the quarter ended March 31, 2019, helped by higher income. The company, which follows January-December financial year, had posted a net profit of ₹102.49 crore during the corresponding period a year ago. During […]
Piramal, CPPIB in tie-up for India’s 1st renewables InvIT
Mumbai: Piramal Enterprises Ltd on Tuesday said it has signed an agreement with Canada’s largest pension fund manager, Canada Pension Plan Investment Board (CPPIB), to co-sponsor India’s first renewable energy-focused infrastructure investment trust (InvIT). Mint first reported the development on 2 April. The proposed InvIT will have an initial targeted corpus of up to $600 […]
Govt tells EV makers to localize manufacturing to qualify for subsidies
Control units, chargers and AC units are among a slew of components that electric and hybrid vehicle manufacturers must build locally to qualify for subsidies under a government scheme to encourage the adoption of such vehicles. The latest draft guidelines on Faster Adoption and Manufacturing of (Hybrid &) Electric Vehicles Scheme (FAME) list components that […]
Discom debt to swing back to pre-UDAY level of ₹2.6 lakh crore in FY20: Crisil
MUMBAI: The external debt of state-owned electricity distribution companies (discoms) is set to increase to pre-UDAY levels of ₹2.6 lakh crore by the end of this fiscal, a note by credit ratings agency Crisil said today. With most states having limited fiscal headroom, continuous financial support to their discoms may be difficult, which forces these […]
Opinion | Power thieves drain India’s electric car hopes
Dirty air has finally become an issue in Indian election manifestos, along with perennial subjects such as temple-building and farmers’ incomes. That shouldn’t be a surprise: Even politicians can’t escape air pollution, which has reduced life expectancy in areas near the capital New Delhi by more than 12 years. To address the issue, the government […]
CLP may buy Morgan Stanley’s wind assets
MUMBAI: CLP India, one of the largest foreign investors in India’s power sector, is in talks to acquire Morgan Stanley Infrastructure Partners-owned wind energy platform Continuum Wind Energy, two people aware of the development said. The company, which manages over $4 billion globally, had invested $212 million in Singapore-based Continuum Wind in 2012. Continuum, which […]
Tata Power Q4 net drops 92% to ₹107.32 crore
NEW DELHI: Tata Power’s consolidated net profit for the March 2019 quarter fell 92% to ₹107.32 crore, compared to ₹1364.33 crore in the year-ago period. The March 2018 quarter had been boosted by a one-time writeback in impairment of ₹1886 crore on the troubled Mundra ultramega power plant. Revenue over the same periods remained flat […]
Power producers red flag Andhra Pradesh’s energy storage project
Mumbai: The renewable energy industry has raised concerns about how an Andhra Pradesh power distribution company is setting up India’s largest energy storage project. In a letter to the Transmission Corporation of Andhra Pradesh Ltd (APTransco), the Independent Power Producers Association of India (IPPAI) has asked why APTransco is setting up the project without completing […]