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TotalEnergies halts new investments in Adani Group amid corruption allegations

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French energy company TotalEnergies has suspended new financial contributions to the Adani Group following indictments of Adani Group executives by US authorities over alleged corruption linked to Adani Green Energy Limited (AGEL). The US Securities and Exchange Commission (SEC) has accused Adani Group officials, including Gautam Adani and his nephew, of bribery in connection with a $750 million bond offering.  The allegations claim the company falsely promoted compliance with anti-bribery principles while engaging in illegal…

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Rajesh Power Services IPO launched at Rs 1.61 billion valuation

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Rajesh Power Services Limited has launched its initial public offering (IPO), open for subscription until November 27, 2024.  The IPO is valued at Rs 1.61 billion, with a price band of Rs 319 to Rs 335 per equity share, each with a face value of Rs 10.  The issue includes a fresh offering of 2.79 million equity shares and an offer-for-sale of 2 million shares via the book-building route. The company has raised Rs 447.6…

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PGCIL secures LoI for Rajasthan IV 4A power transmission scheme

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Power Grid Corporation of India Ltd (PGCIL) has received the letter of intent (LoI) for developing the ISTS-TBCB scheme under “Rajasthan IV 4A Power Transmission Ltd.”  The LoI, issued on November 25, 2024, pertains to the “Transmission system for evacuation of power from Rajasthan REZ Ph-IV (Part 4: 3.5 GW): Part A,” with REC Power Development & Consultancy Ltd (RECPDCL) acting as the bid process coordinator. The scheme, estimated to cost Rs 58.46 billion, is…

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CCEA approves Rs 36.89 billion for two hydropower projects in Arunachal Pradesh

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The Cabinet Committee on Economic Affairs (CCEA) has approved an investment of Rs 36.89 billion for two hydropower projects in Arunachal Pradesh to enhance the region’s power supply and support the national grid.  The 186 MW Tato-I Hydro Electric Project and the 240 MW Heo Hydro Electric Project will be developed through joint ventures between the North Eastern Electric Power Corporation (NEEPCO) and the Arunachal Pradesh government. The Tato-I project will receive Rs 17.5 billion,…

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BHEL awards contract for Kodayar Power House renovation

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Bharat Heavy Electricals Limited (BHEL) has awarded a Rs 52.28 million contract to  PK Unique Projects Pvt. Ltd., Chennai, for civil, structural, and architectural works, including supply, as part of the renovation, modernization, and uprating of Kodayar Power House I in Tamil Nadu. The project, under the Tirunelveli Generation Circle, will enhance the plant’s capacity from 1×60 MW to 1×70 MW. The contract was finalized through an open tender process and is scheduled for completion…

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Sterlite Power secures Rs 545 million OPGW contract from PGCIL

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Sterlite Power Transmission Ltd has been awarded a contract valued at Rs 545 million by Power Grid Corporation of India Limited (PGCIL) for the supply and installation of Optical Ground Wire (OPGW) under the 9th and 11th National Communication Trunk (NCT) projects.  The scope includes installing OPGW on existing main lines that are looped in and out (LILOed) under various transmission schemes in the Northern and Western Regions.  PGCIL invited bids for this project in…

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BHEL-Hitachi Energy consortium wins Khavda-Nagpur HVDC project

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A consortium of Bharat Heavy Electricals (BHEL) and Hitachi Energy India has secured a contract from Power Grid Corporation of India (PGCIL) for the Khavda-Nagpur High Voltage Direct Current (HVDC) transmission project.  The contract involves designing and constructing 800kV, 6,000 MW HVDC terminal stations at the Khavda Pooling Station-2 in Gujarat and Nagpur in Maharashtra.  Spanning 1,200 km, the system will enable bi-directional power flow and facilitate renewable energy evacuation from Gujarat’s Khavda Renewable Energy…

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BHEL to commission 9 GW of thermal power in FY 2024

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Bharat Heavy Electricals Limited (BHEL) is set to commission nine GW of thermal power generation capacity in the current financial year.  This addition, valued at approximately Rs 650 billion, will contribute to the nation’s existing 237 GW thermal power capacity. The projects have been awarded to BHEL by power generation companies, including NTPC, Tamil Nadu, Maharashtra, and Uttar Pradesh, since 2017.  Delays due to land and environmental approvals were addressed through follow-ups by the central…

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CESC subsidiary to acquire Chandigarh electricity distribution company

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Eminent Electricity Distribution, a subsidiary of CESC under the RP-Sanjiv Goenka Group, has secured a letter of intent (LoI) to acquire 100 per cent equity in Chandigarh’s electricity distribution and retail supply company for Rs 8.71 billion.  This marks a major step in the privatisation of power distribution in the union territory, following nearly three years of delays. CESC won the tender in 2021, emerging as the highest bidder in a competitive process with Rs…