Day: August 3, 2024

Adani Energy Solutions’ $1 billion qualified institutional placement (QIP) was oversubscribed six times, drawing over Rs 500 billion in demand. Billionaire Stanley Druckenmiller’s Duquesne Family Office and two other US-based long-only funds, Driehaus Capital Management and Jennison Associates, made their maiden investment in the Adani Group’s power transmission business through this QIP. The $1 billion QIP attracted more than 120 investors interested in the power transmission, distribution, and smart metering sectors. Other top global investors…

The proposed 1600 MW coal-based ultra supercritical thermal power project in Mirzapur, Uttar Pradesh, does not involve forest land for the main site, but 8.35 hectares of forest land is needed for a water pipeline and road access, the government informed Parliament. The National Green Tribunal (NGT) recently took suo motu notice of a report indicating that the 665 hectares of land for the project site is recorded as a ‘forest’ in a 1952 gazette…

Hyundai, Kia Motors, Tata, and Mahindra are lobbying against Uttar Pradesh’s decision to offer hybrid car incentives. They argue it undermines the push for electric vehicles (EVs) and disrupts investment plans. Uttar Pradesh, which accounts for 10% of India’s car sales, recently waived registration taxes on some hybrid cars, making them 10% cheaper. This move saves up to $5,200 on a Toyota Camry hybrid. Hyundai, Kia, Tata, and Mahindra, who don’t sell hybrids in India,…

The Government of Telangana has announced a plan to provide free electricity to about 30,000 government schools. Speaking at a teachers’ convention, Reddy emphasized the crucial role of teachers in shaping the future of Telangana and urged parents to enrol their children in public schools. He highlighted the success of Delhi Chief Minister Arvind Kejriwal, who has won elections by improving government schools and providing quality education to underprivileged students. A Rs 210 billion has…

Italian electric motor component maker EuroGroup Laminations (EGLA) is set to acquire a 40% stake in India’s Kumar Precision Stampings.   Milan-based EGLA specializes in stators and rotors, key components of electric motors and generators, supplying major automotive and industrial manufacturers, including Volkswagen, Renault, Ford, GM, and a major undisclosed U.S.-based EV maker. EGLA will invest EUR 19.9 million for the stake in Kumar, which also produces stators and rotors for various industrial applications, facilitating EGLA’s…

Sri Lanka’s Supreme Court has scheduled a hearing for October 14 on five fundamental rights petitions against the Adani Group’s wind power plant in Mannar. The respondents are required to file objections by September 13. Environmental NGOs, led by the Wildlife and Nature Protection Society, argue that the project endangers biodiversity and threatens migratory birds. The petitions challenge the legality of the Cabinet’s decision to treat the Adani project as a Sri Lanka-India government-to-government venture,…

Ola Electric Mobility Ltd.’s IPO saw a muted response on the first day (August 1). Retail investors fully subscribed within three hours. Investors bid for 163.4 million shares, or 0.35 times the 465.1 million shares offered. The bidding closes on August 6. The IPO was subscribed 0.35 times overall, led by retail investors at 1.57 times. Non-institutional investors subscribed 0.20%, while qualified institutional buyers made no bids. The employee quota was subscribed 4.88 times. Ola…

The Central Electricity Authority (CEA) has approved two Hydro Pumped Storage Projects (PSPs): the 600 MW Upper Indravati in Odisha by Odisha Hydro Power Corporation (OHPC) and the 2000 MW Sharavathy in Karnataka by Karnataka Power Corporation Limited (KPCL). These approvals were supported by the Central Water Commission (CWC), Geological Survey of India (GSI), and Central Soil and Materials Research Station (CSMRS). CEA has received Hydro PSP proposals totalling around 60 GW, currently under Survey…

The Government of India met with Japanese delegation to discuss strengthening cooperation in traditional manufacturing and modern sectors such as semiconductors, electric vehicles (EVs), and green energy.  The discussions highlighted progress towards achieving 5 trillion Japanese yen in investments between India and Japan for 2022-27, with plans to further strengthen economic ties beyond 2027. Both sides emphasized enhancing cooperation in manufacturing and new technologies, with a particular focus on the Mumbai-Ahmedabad High Speed Rail project….

The Central Electricity Authority (CEA) of India has issued a draft amendment to the “Manual on Transmission Planning Criteria, 2023,” which took effect on April 1, 2023. This document outlines the planning procedures and criteria for developing India’s electricity transmission system. The amendment introduces a new chapter detailing procedures for planning electric power transmission systems and updates parameters for certain conductors. It aims to enhance the planning and development of a reliable, efficient, and economical…