BUSINESS
Bangladesh securing forex to settle dues of Indian power firms: Sources
Bangladesh’s Rupali Bank has written to ICICI Bank and Indusind Bank regarding the pending payments. Five Indian power companies that supply electricity to Bangladesh are owed more than $1 billion.
BUSINESS
US Fed rate cut to spur more Indian corporates to tap offshore bond markets
Fed chairman Jerome Powell delivered the large 50 bps rate cut, driven by the increased confidence that the US' long battle with inflation had come to an end.
BUSINESS
Oil & gas firms outperformed clean energy by 8.3% in returns over last 5 years: S&P Global data
In terms of subsidies and incentives, India has allocated an average of 37% to fossil fuels and 5% to green energy over the past five years, according to the International Institute for Sustainable Development.
BUSINESS
Hindustan Zinc outlines $2.5 bn expansion plan to double output, work to begin in FY26
The company's expansion plans will include brownfield projects at existing mines and the construction of a greenfield smelter with up to 600,000 tonnes of capacity, CEO Arun Misra said.
BUSINESS
India leads in carbon emissions reporting and target setting: BCG study
The study, prepared by study by BCG and CO2 AI, highlighted that at 24 percent, Indian companies are also ahead in target setting as compared to 16 percent global average, and in reducing emissions along a 1.5ºC Paris Agreement pathway, with an average of 15 percent as compared to 11 percent globally.
BUSINESS
How transition bonds fuel decarbonisation in high-emission sectors: MC explains
Transitioning to greener operations requires substantial capital investment. Prime Minister Narendra Modi has said that India will require at least $10 trillion by 2070 to achieve its net zero target.
BUSINESS
MC Exclusive| India close to launching first-ever transition bonds; consultation paper to outline framework expected soon
The International Financial Services Centres Authority is set to release the consultation paper within the next two weeks.
BUSINESS
NMDC set to double iron ore production to 100 MnT by 2030-31
NMDC aims to increase production from 45 million tonne (MnT) in FY24 to 50 MnT in FY25, with the ultimate goal of reaching production capacity of 100 MnT by 2030-31, thereby raising its domestic iron ore market share annually 20% to 25%.
BUSINESS
India extends anti-subsidy duty on welded stainless steel pipes and tubes imported from China, Vietnam
The duty has been levied on products such as welded stainless steel pipes and tubes exported by China and Vietnam for the next five years
BUSINESS
Tata Steel reaches deal with UK govt over £500 million grant funding
Earlier this year, Tata Steel announced its plan to close its remaining two blast furnaces ahead of switching production to a new electric furnace. One of the furnaces has already closed, while the other is due to cease production later this month.
BUSINESS
Steel imports from China rose over 65 percent in the first half of 2024
To ensure a level playing field, commerce and Industry Minister Piyush Goyal has proposed implementing a border adjustment tax, and encouraged discussions with the steel industry to protect the interests of domestic manufacturers.
BUSINESS
Renewable energy firm Juniper rules out immediate IPO plans, says company 'sufficiently funded'
The company, backed by AT Capital and Vitol, has 2.5 Gigawatts (GW) of projects pipeline under construction which is expected to be competed by 2026.
BUSINESS
Cement firms look to turn to bulk buyers amid growing challenges from pricing, margins
Cement prices are expected to be lower in the next fiscal by up to 3 per cent. The correction is likely to happen, as large players continue to consolidate and expand production in a bid to secure a larger market share.
BUSINESS
What is bio-hydrogen and why is it important? MC explains
In an exchange filing on September 2, Gensol revealed that its consortium had been selected as the lowest bidder for an engineering, procurement and construction contract for a plant operated by “India’s leading power generation company".
BUSINESS
NaBFID to tap debt market to raise over $4 billion in FY25 to finance infra projects
Its inaugural bond issue in June this year received bids that were almost five times the size of the base issue, and traders anticipate a similar level of interest for future debt offerings from India's newest infrastructure lender.
BUSINESS
Malaysian clean energy co Gentari aims for 20% share in India's green hydrogen market
Gentari, formed in 2022, has been rapidly expanding in India's clean energy sector via greenfield capacities and by buying exisitng projects. It is operating at its peak capacity of 1800 MW and has 230 MW of utility based projects.
BUSINESS
Vedanta commits Rs 1 lakh crore investment in Rajasthan
The investment will include a large scale renewable power initiative as well, she added
BUSINESS
RIL AGM 2024: Mukesh Ambani predicts new energy earnings to match O2C division in 5-7 years
Since entering the field in June 2021 with the establishment of Reliance New Energy, RIL has invested $2 billion out of a planned $10 billion for the first three years.
BUSINESS
RIL AGM 2024: Electrolyser giga factory to be ready by 2026, says Mukesh Ambani
Electrolysers are critical components in green hydrogen production, using electricity to split water into hydrogen and oxygen. Along with Reliance, other major players such as Larsen and Toubro and Tata Steel have also invested in investing in electrolyser manufacturing.
BUSINESS
UltraTech Cement raises $500 mn via sustainability-linked financing
As per its FY24 sustainability report, the company's scope 1 and scope 2 combined emissions intensity stood unchanged at 618.17 kg CO2e/tonne.
BUSINESS
All that gas: Emissions reduction performance of top cement companies is a mixed bag in FY24
Most of these companies sourced 6% to 19% of their total energy from renewables in the last financial year. They are committed to achieving net zero emissions by 2050, which is 20 years ahead of India’s national target.
BUSINESS
Hindalco to invest $10 bn in major expansions across India and Novelis: KM Birla
Hindalco is considering a brownfield expansion of approximately 200,000 tonnes at its Aditya Aluminium smelter in Odisha, with a significant portion of the power requirements to be met through renewable energy sources, Birla said in his speech
BUSINESS
Aluminium makers go big on expansion plans to lower costs, boost margins
Lowering the cost of production is crucial for aluminium companies to remain competitive, profitable and resilient in a volatile global market.
BUSINESS
OMCs bet billions on petchem amid rising risk, market shifts
These investments come amid weak global demand for traditional fuels. While the petrochemical sector offers growth potential, state-run companies have underperformed in this area, adding a layer of risk.
