New Delhi: Supplying 24×7 power to all, poor financial health of state electricity distribution companies (discoms), late payments and a less carbon-intensive economy are some of the issues that are likely to come up at the state power ministers conference today, according to government officials. The meeting of power and renewable energy ministers of states […]
Category: Power
Power
NTPC pays Rs2,952 crore interim dividend
NTPC: NTPC Ltd, the country’s largest electricity generator, Friday said it has paid an interim dividend of ₹2,951.88 crore for the financial year ending March 31, 2019. The dividend is 35.8 per cent of the paid-up equity share capital of the company, NTPC said in a statement. The Government of India, which owns 58.93 per […]
ICICI Bank case: CBI issues lookout notice against Chanda Kochhar
New Delhi: The Central Bureau of Investigation (CBI) has issued lookout notices against former ICICI Bank CEO Chanda Kochhar, her husband Deepak Kochhar and Videocon Group managing director Venugopal Dhoot, officials said in New Delhi Friday. The move was taken nearly a week after a case was registered against Chanda Kocchar, Deepak Kochhar and Dhoot, […]
ReNew Power raises up to $350 million in debt funding from OPIC
Mumbai: ReNew Power Ltd, one of the largest renewable energy companies in India, has secured fresh debt financing of up to $350 million from existing investor Overseas Private Investment Corp. (OPIC), the US government’s development finance institution, the company said on Thursday. In March 2016, OPIC had granted a loan of $250 million to ReNew […]
CCI clears Johnson Controls’ power solutions biz acquisition by Brookfield, CDPQ
NEW DELHI: The Competition Commission of India (CCI) Wednesday said it has approved the $13.2-billion deal to acquire global power solutions business of Johnson Controls International by Brookfield and CDPQ. The deal, which was finalised in November 2018, involves selling of automotive battery-making business of Johnson Controls to Brookfield, CDPQ Fund and CDP. The CCI […]
Reliance Power promoters move HC against Edelweiss in pledged share sale case
Mumbai: The promoters of Reliance Power Ltd on Monday moved a division bench of Bombay high court to stop the Edelweiss Group from selling its pledged shares, after a single-judge bench last week dismissed its petition on the matter. Four financial institutions had sold the pledged shares of Reliance Group companies in the first week […]
Post-merger REC to remain government entity: Power Ministry
MUMBAI: Allaying concerns of the investors over the proposed acquisition in REC by the PFC, joint secretary Ministry of Power Arun Kumar Verma said the former will continue to be a government entity and that the process of price determination for the transaction is underway. Power Finance Corporation (PFC) is likely to close the deal […]
Anil Ambani group firms surge after agreement with lenders on pledged shares
Mumbai: Anil Ambani-controlled Reliance Communications Ltd, Reliance Power and Reliance Infrastructure Ltd, Reliance Capital Ltd and Reliance Naval and Engineering Ltd on Monday surged intraday over 17.64%, 14.71%, 11.88%, 11.51% and 9.94%, respectively, after ADAG firms reached an agreement with more than 90% of lenders under which they won’t sell any shares pledged by promoters […]
Reliance Group reaches standstill pact with lenders, no sale of shares till Sept
NEW DELHI: Anil Ambani-led Reliance Group has reached a ‘standstill agreement’ with more than 90% of its lenders under which they will not sell any of the shares pledged by promoters till September. Under the pact, the group will pay the principal and interest amounts to the lenders as per the scheduled due dates, while […]
Actis drops its plan to buy Essel Infra’s solar assets
MUMBAI: Private equity investor Actis LLP has scrapped its plan to buy the solar assets of debt-laden Essel Infraprojects Ltd, two people aware of the development said. Subhash Chandra-promoted Essel Infra has now initiated talks with ACME Solar Holdings Ltd to sell the same solar energy assets, said the first of the two persons cited […]
Terrorism, energy pact on India’s agenda during Saudi prince visit
NEW DELHI: The Pulwama attack is expected to widen the contours of Saudi Arabia’s Crown Prince Mohammed bin Salman’s maiden visit to India this week. India will be looking for some “strong language” on terrorism besides announcing steps to boost counter-terrorism cooperation with Saudi Arabia in a joint statement expected to be issued at the […]
Adani Transmission profit drops 77.52% to ₹189.22 crore in Q3
NEW DELHI: Adani Transmission Wednesday reported a 77.52% drop in its consolidated net profit at ₹189.22 crore in the quarter ended on December 31, 2018, mainly due to higher base last fiscal on account of factoring in one-time income of ₹742 crore. The company’s consolidated net profit was ₹841.88 crore in the third quarter last […]