Operational creditors (OCs) to Bhushan Power and Steel (BPSL) on Tuesday raised objections over the committee of creditors (CoC)-approved plan before the National Company Law Tribunal (NCLT), terming it as “discriminatory”. The CoC had in August last year approved JSW Steel’s `19,700-crore plan for BPSL. Counsel appearing on behalf of the OCs before the principal […]
Category: Power
Power
Eye on EV market: Hyundai, Kia add $300 m to Ola money
South Korean automobile major Hyundai Motor on Tuesday said it is investing $300 million in ride-hailing service provider Ola, identifying India as the centrepiece in its strategy to gain leadership in global mobility market. The investment will be jointly made by group firms — Hyundai Motor Company and Kia Motors Corporation — and under a […]
Bolivia to join India led International Solar Alliance
Close on the heels of South American nation Paraguay’s decision to join the International Solar Alliance (ISA) soon, an initiative by India and France, aimed at combating the threats of climate change and global warming, another country of the region Bolivia will be joining too. Sources have confirmed to Financial Express Online that, “When President […]
Lok Sabha Elections 2019: States to spend more to avoid power cuts during polls
In the wake of the upcoming general elections to be held in April and May, states have started making arrangements to tie up power supply agreements on a short-term basis for these two months at prices much higher than they normally pay. While the average all-India price at which states procured non-renewable power in FY18 […]
Tata Power-DDL ties with Schneider, Enedis; here’s how Delhi may benefit from new smart grid project
Tata Power-DDL Friday joined hands with European firms Enedis, Schneider Electric, Odit-e and VaasaETT to implement a 1-megawatt smart grid demonstration project in the national capital, which would be insulated from any blackout in the main grid. This microgrid will cater to a specific area which could be connected to main grid or can be […]
PWC invites resolution plans for Essar Power MP on behalf of ICICI Bank
PwC on Thursday invited resolution plans from prospective bidders for Essar Power MP on behalf of its lead lender, ICICI Bank. The power asset owes its consortium of lenders around Rs 5,300 crore. “The consortium of lenders to Essar Power MP Limited plan to identify a resolution applicant for sale of company by effecting change […]
Lok Sabha polls and rising mercury to hit finances of Kerala Electricity Board
Rising mercury and Lok Sabha elections are threatening to hit finances of the Kerala State Electricity Board (KSEB) hard. The KSEB, which suffered `850-crore damages during floods of 2018, is staring at a yawning revenue gap of Rs 1,100 crore in the current fiscal. The board’s predicament is that it can sell power that it […]
New electricity transmission lines require Rs 2.7 lakh crore by FY22
About Rs 2.7 lakh crore would be required till FY22 to build the additional electricity transmission system in the country, the National Electricity Plan (NEP) on transmission published by the Central Electricity Authority (CEA) said. The money would be spent on the 1.1 lakh circuit kilometres of transmission lines and 3.8 lakh mega volt amp […]
This PSU bank has put assets of Videocon Group’s Unity Appliances on sale; know why
State-owned Bank of Maharashtra (BoM) has put on sale movable and immovable properties of Unity Appliances, a unit of debt-ridden Videocon Group, to recover Rs 153.77 crore loan. The outstanding dues of the Unity Appliances Ltd are over Rs 153.77 crore, plus interest, from January 5, 2018. The company situated at SIPCOT Industrial Complex Sivagangai […]
Shadow casts over Modi govt’s ambitious solar target as capacity addition slows down, says report
Capacity addition in solar energy sector has slowed down on account of lack of clarity on several policy issues and arbitrary bid cancellations, casting shadow over developer’s sentiment, a report said. In wake of delayed capacity additions, development of the solar energy sector has constrained, CRISIL Research said in a report. “There were frequent bid […]
IFCI sells stakes in 2 power projects for Rs 1,174 crore
The country’s oldest financial institution IFCI said Monday it has sold stake in two thermal power projects for Rs 1,174 crore. The exit from thermal power projects is part of the exercise to monetise unquoted equity investments and reduce non-performing asset (NPA) levels, IFCI said in a regulatory filing. The company, however, did not disclose […]
Encouraging neighbours to buy electricity from India: CERC eases power trading norms
The Central Electricity Regulatory Commission (CERC) has come up with revised regulations to encourage neighbouring countries to buy more power from India’s spot markets. The development comes after the power ministry issued fresh guidelines for cross-border trade of electricity in December 2018, where it had removed certain restrictive riders and paved the way for electricity […]