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India’s auto component sector targets USD 100 billion in exports by 2030: Piyush Goyal

India, News

Union Minister Piyush Goyal expressed confidence that India’s auto component sector will hit its $100 billion export target by 2030. At the 64th Annual ACMA Session in New Delhi, he urged the industry to focus on organic growth, global outreach, and technological advancements, leveraging India’s status as the third-largest auto market. He emphasized the need for strong R&D and encouraged using the Rs 1 trillion Anusandhan National Research Foundation (ANRF) fund for public-private-academic partnerships. Goyal…

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Australia, South Korea sign MOU for critical mineral collaboration

Global, News

Western Australia (WA) and South Korea have signed a memorandum of understanding (MOU) to enhance cooperation in renewable energy and critical mineral supply chains. The MOU is building on a 2023 letter of intent aimed at fostering clean energy development and processing between the WA Government and Korea’s Ministry of Trade, Industry and Energy (MOTIE). WA’s rich reserves of critical minerals and potential for clean hydrogen and ammonia production were highlighted as key areas for…

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AM Green Ammonia achieves final investment decision for Kakinada green ammonia project

India, News

AM Green Ammonia B.V. has reached a Final Investment Decision (FID) for its inaugural million-ton green ammonia project in Kakinada, Andhra Pradesh, India. The company aims to achieve a production capacity of 5 million tons per annum (MTPA) of green ammonia by 2030, equivalent to about 1 MTPA of green hydrogen. Alongside its founders, AM Green Ammonia counts Gentari and GIC as its shareholders. The project, which involves a green hydrogen generation unit and its…

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India-GCC trade hits $162 billion, growing ties in energy, defence, and tech

India, News

India’s trade with the Gulf Cooperation Council (GCC) reached USD 162 billion last year, accounting for 15% of India’s total trade. This milestone, highlighted by Aseem R Mahajan, Joint Secretary – Gulf, Ministry of External Affairs, was announced during the ‘India MENA Business Dialogue: Bridging Economics, Fostering Growth’ event organised by FICCI. The event emphasised the expanding partnership between India and the Gulf, covering crucial sectors such as energy, defence, security, and health. Despite fluctuations…

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Ukraine enforces power cuts due to generation shortfall amid Russian attacks and heatwave

Global, News

Ukraine’s energy ministry and power grid operator Ukrenergo announced power cuts on 19 August due to a power generation shortfall caused by Russian attacks on the country’s energy infrastructure and increased consumption driven by record hot weather. Russian air strikes have caused blackouts in seven regions this year, forcing Kyiv to begin importing electricity from the European Union (EU). The situation has been exacerbated by ongoing heatwaves exceeding 30°C and repairs to key nuclear power…

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Amara Raja reports 26% rise in Q1 net profit to Rs 2.49 billion

India, News

Amara Raja Energy & Mobility (ARE&M) announced a consolidated net profit of Rs 2.49 billion for the first quarter of FY25, marking a 26% increase from the Rs 1.98 billion reported in the same period of the previous fiscal year. Revenue from operations rose to Rs 32.63 billion from Rs 27.96 billion year-over-year. The revenue growth was driven by strong year-on-year volumes in the automotive aftermarket, original equipment manufacturers (OEMs), and export markets. “In the…