BluPine Energy ties up Rs 511 crore green loan for Gujarat solar project
New Delhi: Renewable energy services firm BluPine Energy has tied up a Rs 511 crore green loan for its 120 MW solar project in Gujarat. The green loan financing for the project has been secured through leading global banking institution Standard Chartered, a company statement said.

Essar to invest $6.6 billion in power, port projects in Gujarat
New Delhi: Indian conglomerate Essar said on Thursday it will invest $6.6 billion in the energy transition, power and port sectors in the western state of Gujarat, as it renews strategic investments after clearing a huge debt.

New India-UK partnership to develop sustainable materials for steel industry
London: A new GBP 10-million design and manufacturing centre has been created in partnership between Imperial College London and Indian multinational Tata Steel as part of efforts to develop innovative new processes to help decarbonise steel production. The Centre for Innovation in Sustainable Design and Manufacturing is expected to enable the development of high performing and sustainable products in the automotive and clean energy industries through new types of steel and other new materials, and steel combined with other materials.

Adani Group companies form new subsidiaries
Adani Green Energy Limited has incorporated two step-down subsidiaries, the company said on Thursday.

Adani Group to invest Rs. 8,700 crore in Bihar, to create 10K jobs in state
 

Steel Ministry goes all out to improve time-to-market for speciality products cleared under PLI scheme
New Delhi: Be it grievance redressal or fast-tracking clearances, to facilitating visas and having one-on-one discussions with PLI-approved companies, India’s Steel Ministry is pulling out all the stops as it looks to speed up “time-to-market” for speciality products cleared under the flagship manufacturing scheme.

JSW Steel’s SEED Program acknowledged at COP28, shares up
JSW Steel Ltd announced that its SEED (Sustainable Energy Environment and Decarbonisation) program has been recognised as an Energy Transition Changemaker in the ‘Heavy Emitting Sectors’ category during the COP28 Energy Transition Change Makers event.  Jayant Acharya, Joint Managing Director and CEO, JSW Steel , said, “The SEED program focuses on an organisational mindset change to improve efficiency in each level to drive improvement not only in carbon performance but overall productivity improvement. We strive to continually keep raising the bar on our ambitions and actions in order to truly be Better Everyday for a sustainable world.”

Gautam Adani’s copper plant to boost India’s metal production by 80%, may also increase strain on global ore supply
Billionaire Gautam Adani’s upcoming copper plant in India, set to begin operations in March 2024, is poised to significantly escalate the nation’s metal production, aiming for an 80 percent increase, as per a Bloomberg report. The Kutch Copper Ltd. facility, initially designed to handle 500,000 tons annually, is expected to fortify India’s potential in metal production.

MCX gold jumps Rs 1,200 on Fed’s dovish narrative

Gold futures surged on Thursday amid a slip in the dollar index (DXY) and bond yields following a dovish commentary by US Federal Reserve Chair Jerome Powell.

Oil demand growth in India to taper in 2024 after bumper years
Oil demand growth in the key Asian market of India is set to slow next year as the spurt in consumption that followed the pandemic fades, echoing a slowdown in China and presenting a fresh headwind for prices.

ONGC launches Shared Finance Services to centralize vendor payments
New Delhi: State-run Oil and Natural Gas Corp. Ltd (ONGC) on Thursday announced the launch of ONGC Shared Finance Services (SFS) in collaboration with IBM Consulting to centralize and standardize all vendor payments of ONGC.

India's Russian oil imports hit 4-month high in November, up 3% on month
India's Russian oil imports in November rose to a 4-month high of 1.6 million barrels per day (bpd), up 3.1% from October, making up about 36% of the nation's overall imports last month, data obtained from trade sources showed.

S&P Global Ratings downgrades Vedanta Resources amid bond maturity extension
S&P Global Ratings on Thursday downgraded the rating of Vedanta Resources, parent of Indian miner Vedanta Ltd, citing concerns about extension of maturities of some of its bonds.

Vedanta Resources outlines terms for bond restructuring

Vedanta Resources bonds saw some selling by private banks and wealth clients after the restructuring announcement. The bond maturing in January fell 2-3 points to 90/91, said a trader. The management provided detailed insights into its proposed bond restructuring plan, following the recent announcement of a successful $1.25 billion financing.

Exploration companies can now bid for mineral block after rules tweak

The centre has approved the modified scheme to engage Notified Private Exploration Agencies (NPEA) for critical and strategic mineral exploration, allowing them to bid for the blocks they explore. This is expected to boost exploration of minerals like lithium, gold, cobalt, and silver, among others.

Average power purchase cost rises 71 paise/unit in FY22-23
New Delhi, Average power purchase cost increased by 71 paise per unit during FY22-23 due to a rise in various overheads like transmission and distribution rates, Parliament was informed on Thursday. On the rise in power cost due to increased use of imported coal, Union Power Minister RK Singh, in a written reply to the Lok Sabha, said, "Average power purchase cost increased by 71 paise only between FY22 and FY23. This is because of increase in various costs - including an increase in transmission and distribution costs".

Adani Energy Solutions incorporates Sunrays Infra Space Two Ltd
New Delhi, Adani Energy Solutions on Thursday announced the incorporation of a wholly-owned subsidiary Sunrays Infra Space Two Limited on December 13, 2023. "Company has incorporated a wholly-owned subsidiary company in the name of Sunrays Infra Space Two Ltd (SISTL) on 13th December 2023," a BSE filing said.

₹3 trillion power distribution scheme may get extension
New Delhi : The government may extend a scheme aimed at strengthening India’s power distribution infrastructure beyond its intended five-year duration as it seeks to connect more households, especially in rural areas, to the electricity grid.

Coal-based power to reduce to 23% by 2030: Minister
Even after the country adds 80 GW of thermal capacity by 2030, the share of coal-based power in installed capacity will come down to 23% by then from 68% in 2014, the Union Power Minister, R K Singh said on Thursday, while talking about the final deal adopted at the recently concluded COP28 summit.

Lanco lenders to vote on Adani Power's ₹4,100-crore offer

Lenders of Lanco Amarkantak Power will soon vote on a proposal to consider Adani Power's ₹4100 crore unsolicited offer, said people aware of the matter. If over 66% of lenders vote in favour of this proposal, the resolution professional will apply to the National Company Law Tribunal (NCLT) seeking directions on the sale process, the people said.