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ADB sanctions $434.25 million loan for renewable energy development in Assam
The Asian Development Bank (ADB) has approved a $434.25 million loan to support renewable energy initiatives and enhance energy security in Assam. The project will establish a 500 MW grid-connected solar photovoltaic facility in the Karbi Anglong district, along with a grid-connected battery energy storage system to stabilize the grid and manage peak power demands. This initiative aligns with Assam’s renewable energy goals, contributing to the state’s renewable energy roadmap and increasing solar capacity to…
Tata Chemicals partners with BAIF for sustainable agriculture initiatives
Tata Chemicals Limited (TCL) has signed a memorandum of understanding (MoU) with BAIF Development Research Foundation to explore the production of Spineless Cactus and Hybrid Napier, reinforcing Tata Chemicals’ commitment to green sustainable solutions and rural development. This partnership aims to combine BAIF’s expertise in agricultural practices, agro-biodiversity conservation, climate-smart agriculture, and renewable energy with Tata Chemicals’ capabilities in nutrition biosciences, nanotechnology, agrochemistry, and rapid R&D translation for scalability. The collaboration will focus on developing…
Sunsure signs PPA to supply 21 MW solar power to Lupin
Sunsure Energy has signed a power purchase agreement (PPA) to provide 21 MW (31.5 MWp) of solar power to pharmaceutical giant Lupin. The power will be sourced from Sunsure’s 100 MW (150 MWp) solar plant in Solapur, Maharashtra, boosting renewable energy use across Lupin’s Tarapur facility. Sunsure is also developing 500 MW of solar and wind energy parks in Maharashtra, with additional PPAs signed with companies such as KSB Pumps, Dabur, and Inox Air Products.
PFC Infra Finance IFSC receives approval to operate in GIFT City
PFC Infra Finance IFSC Limited (PIFIL), a wholly owned subsidiary of Power Finance Corporation Limited (PFC), has been approved by the International Financial Services Centres Authority (IFSCA) to commence business as a finance company in IFSC GIFT City, Gujarat. PIFIL will be the first finance company in the IFSC dedicated to power and infrastructure lending, providing financing in foreign currency for both government and private entities in India and abroad. The company will focus on…
Megha Engineering to set up two hydro projects in Rs 210 billion
Megha Engineering & Infrastructures Ltd (MEIL) has committed an investment of Rs 210 billion to develop two pumped storage hydro projects in Maharashtra, with a combined capacity of 4,000 MW. The projects include the Kamod pumped storage project in Nandurbar and the Ghosla pumped storage project in Chhatrapati Sambhajinagar, both to be executed under the build-operate-maintain (BOM) model. The MoU for these projects was signed with the Water Resources Department (WRD), Maharashtra, in the presence…
Ola Electric IPO subscribed 0.35 times
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…