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HAREDA awards contracts for 17,458 solar pumps under PM KUSUM

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The Haryana Renewable Energy Development Agency (HAREDA) has awarded contracts for the supply, installation, and commissioning of 17,458 solar water pumping systems under Component B of the PM KUSUM programme.  Leading recipients include Shakti Pumps with 3,174 units, AVI Appliances with 2,811, and Oswal Pumps with 2,539. Other notable companies, such as Ethos Power, Rotomag Motors, Ecozen Solutions, and Alpex Solar, received contracts for over 1,000 pumps each. An additional 19 companies collectively received contracts…

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Mahanagar Gas to invest Rs 2.3 billion in battery gigafactory with IBC India

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Mahanagar Gas Limited (MGL) has announced an investment of Rs 2.3 billion in International Battery Company (IBC) India to develop a gigafactory in Bengaluru, focused on producing prismatic NMC Li-ion cells for mobility and battery storage applications. This partnership aims to meet India’s demand for locally manufactured battery cells, which are currently imported. MGL has entered a share subscription and shareholding agreement with IBC US, forming a joint venture through IBC India with a 44:56…

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BPDB issues $173 million letter of credit to Adani Power

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The Bangladesh Power Development Board (BPDB) has issued a $173 million letter of credit (LC) to Adani Power Limited to maintain the electricity supply.  This LC follows Adani Power’s reduction of electricity deliveries by half due to unpaid dues totalling $843 million.  Issued by Bangladesh’s Krishi Bank, with ICICI Bank in India as the counterpart, this is BPDB’s third LC to address payment issues with Adani Power.

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Ministry of Coal launches mine opening permission module on SWCS portal

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The Ministry of Coal has introduced a Mine Opening Permission module on the Single Window Clearance System (SWCS) portal to streamline and expedite the approval process for initiating coal mining operations. This digital initiative enhances transparency and efficiency by enabling online applications and real-time tracking, thereby reducing reliance on manual paperwork and minimizing delays.  The module is designed to encourage a more investment-friendly environment in the coal sector.

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Sterlite Power secures Rs 12 billion in new orders in Q2FY25

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Sterlite Power announced new orders worth Rs 12 billion across its Global Products and Services (GPS) business in Q2FY25, bringing cumulative orders to Rs 27 billion for H1FY25. The GPS division focuses on high-performance, sustainable products and specialized EPC services. This quarter’s highlights included India’s first order for a 144-fiber count Optical Ground Wire (OPGW) cable from a state utility. In Q2FY25, Sterlite Power’s key order segments included: High-Performance Conductors & OPGW: New orders worth…

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GE Vernova T&D India quadruples order inflows in Q2 FY25

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GE Vernova T&D India Ltd reported a significant rise in order inflows for Q2 FY25, reaching Rs 46.82 billion, over four times the Rs 10.82 billion recorded in Q2 FY24.  For the first half of FY25 (April-September), orders grew by 173 per cent to Rs 57.11 billion from Rs 20.88 billion in H1 FY24, with domestic orders accounting for 53 per cent. As of September 30, 2024, GE Vernova’s order book stood at Rs 98.36…

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PFCCL transfers transmission subsidiaries to Powergrid

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PFC Consulting Limited (PFCCL), a subsidiary of Power Finance Corporation Limited, has transferred two wholly owned subsidiaries, Khavda PSI and 3 Transmission Limited and Barmer I Transmission Limited, to Power Grid Corporation of India Limited (Powergrid) for a total of Rs 268.2 million.  Khavda PSI and 3 Transmission Limited was transferred for Rs 79.2 million, and Barmer I Transmission Limited for Rs 189 million.  Barmer I Transmission Limited focuses on establishing a new 765/400/220 kV…

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PFC posts Rs 72.15 billion profit in Q2 2024-25

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Power Finance Corporation Limited (PFC) reported a net profit of Rs 72.15 billion for the quarter ending September 2024, an 8.86 per cent increase from Rs 66.28 billion in the same quarter last year.  The company’s total income also rose by 15.04 per cent, reaching Rs 257.55 billion compared to Rs 223.87 billion in the previous year’s corresponding period.

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Saatvik Solar to supply 200 MW of high-efficiency PV modules to G2H Solar

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Saatvik Solar has entered into a contract with G2H Solar to supply 200 MW of high-efficiency solar photovoltaic (PV) modules for projects across India. The modules, featuring advanced mono PERC bifacial half-cut technology with power ratings of 540/550 Wp, will be delivered over 12 months starting in January 2025.

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AESL acquires Progressive Grid Networks in Kenya

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Adani Energy Solutions Limited (AESL) has acquired Progressive Grid Networks Limited (PGNL) in Kenya to explore power transmission opportunities across East Africa.  PGNL’s initial share capital stands at KES 1 billion, divided into 100,000 ordinary shares valued at KES 1,000 each. Through this acquisition, AESL secures full ownership by acquiring 100 per cent of the shares through cash consideration.