Mines Ministry objections to demerger to be taken up in board meeting: Hindustan Zinc
New Delhi: It could be back to the drawing board for Vedanta Group firm, Hindustan Zinc, with the Union Mines Ministry – a minority share-holder in company – rejecting the initially proposed demerger plans of the zinc-miner. The current proposal includes creating three separate legal entities – one for zinc and lead, another for silver, and ultimately a third for recycling business - to unlock shareholder value.

India's NMDC exploring lithium assets in Africa and Australia, source says
Indian iron ore miner NMDC Ltd is exploring lithium assets in Africa and Australia and is currently in negotiations, a source with direct knowledge of the matter said on Friday.

India looking at Africa for critical minerals, says mines secretary
India is looking at Africa for minerals, including cobalt, and other critical minerals, Mines Secretary V L Kantha Rao said on Friday. The country is still engaging with Australia for lithium blocks, he said.

Naveen Jindal group firm takes control of Venezuelan iron-ore unit
Visco Orinoco, an entity related to industrialist Naveen Jindal, has taken control of Venezuela’s largest iron-ore facility owned by CVG Ferrominera Orinoco.

Arfin announces strategic partnership with JFE Shoji India
Ahmedabad: Arfin India Limited announced a strategic partnership for the global distribution of aluminium products with JFE Shoji India Pvt Ltd, an affiliate of JFE Shoji Corporation in Japan, in an official release. The company also announced a preferential issue of equity shares to JFE Shoji India Private Limited, on a private placement basis. 

Chart Beat: Aluminium prices may take a while to shine
Aluminium prices on the London Metal Exchange have been confined to a range of $2,100-2,400 per tonne for months now, and will likely remain there for a while due to a slower-than-expected increase in demand.

Gold tumbles Rs 875; silver plunges Rs 760
 

Hindustan Zinc gets ₹91 crore GST demand, Company plans legal challenge, HZL stocks in green
Hindustan Zinc Limited (HZL), a subsidiary of Vedanta Ltd, disclosed that it has received an order from the Additional Commissioner, Central Excise and CGST Commissionerate, Udaipur, demanding payment under the Central Goods and Services Tax Act, 2017, as per a regulatory filing. The company has been directed to pay ₹91,90,16,104 as GST, along with an equivalent amount of penalty and applicable interest.

Hindustan Zinc may put off demerger
Govt rejects Hindustan Zinc's plans to split company into different units

India stops taking Russian oil delivered on Sovcomflot tankers
All of India’s refiners are now refusing to take Russian crude carried on PJSC Sovcomflot tankers due to US sanctions, further complicating the trade that has flourished since the invasion of Ukraine two years ago.

MRPL hikes stake in Mangalore SEZ Ltd
 

After Australia, NMDC to tap African nations for lithium mining
New Delhi: The country’s largest iron-ore miner NMDC is looking to tap Africa for lithium and other critical minerals. The company is also negotiating for more lithium blocks in Australia, sources aware of the discussions told businessline.

Vedanta plans a demerger; banks are thinking of debt
Mumbai: Lenders to Vedanta Ltd are concerned about the lack of clarity on how their debt will be split among the various business units following the mining behemoth’s proposed demerger, said two bankers aware of the discussions. The lenders’ consortium, whose clearance is required for the merger to go through, is yet to schedule a meeting to decide on the matter.

Decentralized renewable energy can accelerate India's path to Net Zero by 2050
Decentralized renewable energy (DRE) can ignite a wave of opportunity for MSMEs as well as households in rural and peri-urban areas, and accelerate the GDP growth in rural India, which in turn may further boost the GDP growth of India beyond 8% per year. In fact, DRE has a market potential exceeding US $50 billion (INR 4 lakh crores), according to the Council On Energy, Environment And Water report (CEEW). A key enabler for DRE is a supportive regulation that creates a framework to democratize the energy sector, making it easier to produce and consume solar electricity. India is currently dealing with the last-mile agriculture value chain, which accounts for around 30% of its energy consumption. Furthermore, India's energy today is mostly generated by fossil fuels such as coal and diesel, hence it is crucial to recognize DRE as the solution for the last mile agriculture value chain.

Gensol Engineering stock surges over 3% on securing ₹520 crore solar PV project
Bengaluru: Gensol Engineering Ltd has secured an EPC order from a power generation utility in the State of Maharashtra. According to the company’s stock exchange filing, the project involves the development of a 100 MWAC/135 MWp ground-mount solar PV power project across 500 acres in Maharashtra with a total order value of ₹520 crore. 

JSW Energy unit to acquire Reliance Power's wind project for Rs 132 crore
JSW Energy arm signs pact with Reliance Power to acquire 45 MW wind project for Rs 132 crore

Reliance Power to sell wind power project to JSW Energy for ₹132 cr

Reliance Power will be using the proceeds of the sale to retire its debt, sources said, adding that it was aiming to be debt-free by the end of the current financial year. It had a total debt of ₹700 crore as on March 31, 2023. The company, part of the Anil Dhirubhai Ambani Group, has been settling its debt with its lenders. In the last three months, it has settled its dues to three banks, DBS Bank, ICICI Bank, and Axis Bank.