BUSINESS
Vedanta, Foxconn call it quits on chip JV, both looking for new partners
Both Vedanta and Foxconn have no previous experience in manufacturing semiconductors and the success of the JV was hinged on getting a technology partner
BUSINESS
Exclusive | Power ministry has not advised PSU promoters on PTC's regulatory scrutiny, says Secretary
“The power ministry will not protect anybody if someone is found doing wrong after investigations. But right now, it’s all allegations which are being investigated by the most able authorities,” Secretary Alok Kumar told Moneycontrol.
BUSINESS
PTC India CMD Mishra's appointment backed by PSU promoters despite regulatory scrutiny
On June 28, shareholders also passed resolutions relating to the appointment of Rashmi Verma, Jayant Dasgupta, and Narendra Kumar as independent directors, and Mahendra Kumar Gupta and Ravisankar Ganesan as non-executive nominee directors.
BUSINESS
All eyes on PSUs holding stake in PTC India as CMD appointment vote approaches on June 28 amid regulatory scrutiny
NTPC, PGCIL, PFC, and NHPC have nominee directors on the board of PTC. LIC also own stake in the company.
BUSINESS
ROC finds PFS, MD Pawan Singh in violation of Companies Act, penalises in three matters
PFS has been under the scanner since January 2022 when three independent directors resigned from the company citing lapses in corporate governance.
BUSINESS
Exclusive: Sebi questions process of Mishra’s appointment as PTC India CMD, say sources
This comes after the regulator issued a show-cause notice in May to Mishra, for his role in corporate governance lapses at subsidiary PFS
BUSINESS
Exclusive | PFS Chairman Mishra did not act in shareholder interest: SEBI
Amid regulatory scrutiny, Mishra’s appointment as Chairman & Managing Director of PFS parent company PTC India comes up for shareholder approval on June 28.
BUSINESS
PTC India Financial says MD Pawan Singh on leave, search for replacement on
The present MD and CEO Pawan Singh has gone on leave following a directive from RBI amid corporate governance concerns.
BUSINESS
Market Coupling | IEX may lose market share, power sector likely to gain
Aggregation of buying and selling on power exchanges may disrupt the current market hierarchy but will likely increase competition in the short-term market.
BUSINESS
Hydrocarbon order pipeline at $20 billion, energy transition opportunities strong: L&T Energy head
Subramanian Sarma, whole-time director and senior executive vice president (Energy), hopes that the company will win 15-20% of the orders it will bid for. In India, the government should give incentives for generation and demand creation when it comes to green hydrogen, he said.
BUSINESS
CreditSights 'watchful' of $4.2 billion term debt refinancing risk of Vedanta Resources
CreditSights sees low refinance risk in near-term but is being watchful of the term debt of $4.2 billion, which is scheduled to mature in FY24.
BUSINESS
With survey completed in Andamans, India may now proceed with oil exploration
The survey of the Exclusive Economic Zone, backed by the Directorate General of Hydrocarbons, has acquired over 22,000 line kilometres of two-dimensional data in the region. Separately, ONGC and Oil India have completed surveys and initiated exploratory activities for their blocks in the region.
BUSINESS
Politics Before Safety: Why epic tragedies still plague the trainwreck that is Indian Railways
The railways have focused on adding new trains that run at a higher speed, while safety has been given the short shrift. Indeed, even the funds meant for safety measures have been left underutilised.
BUSINESS
Odisha train tragedy: Derailment warning sounded out in Dec goes unheeded. Disaster returns in its worst form
CAG report said almost 7 out of 10 rail accidents between 2017-18 and 2020-21 were derailments. Track defects, engineering and maintenance issues, and operating errors were the causes of these derailments but little was done to avert similar accidents
BUSINESS
ONGC gears up for Rs 1-lakh-crore green push to reach 10 GW capacity by 2030
Chairman Arun Kumar Singh said that ONGC wants to focus on round-the-clock renewable energy projects and the company’s research centre is working on such solutions
BUSINESS
ONGC plans Rs 30,125 crore capex, sees output increasing in FY24
The oil exploration company said that in the last five years, it has spent around Rs 1,44,000 crore on capital expenditure.
BUSINESS
Want to remove pledge on shares, increase promoter holding, says Jain Irrigation vice chairperson
In March quarter, Jain Irrigation completed the deal to merge its global irrigation business with Temasek-owned Rivulis. Anil B Jain says that the merged entity may get listed in three years, as he lays out the road map for the next few years.
BUSINESS
Siemens' motors biz divestment upsets street, management says it is ‘fair deal’
At least three brokerages have downgraded the price target and lowered the rating after the company announced a deal to sell its low voltage motors and geared motors businesses to an arm of its German parent.
BUSINESS
Siemens India will continue to exit, acquire businesses to align to parent’s strategy: CEO
Siemens aims to use its existing product portfolio to enhance digital offerings.
BUSINESS
GAIL pipeline monetisation plan dropped; hunt on for long-term gas supply pact: CMD
GAIL has initiated arbitration against a former unit of Russia's Gazprom in London after the latter reneged on its contractual obligation to supply LNG, which forced it to buy expensive gas when prices were on a high.
BUSINESS
GAIL (India) has initiated arbitration against former Gazprom unit for supply disruptions: CMD
The former German arm of Gazprom, now called SEFE, has resumed LNG supply to GAIL since March. GAIL is paying for it as per contract pricing which is higher than the current spot market price.
BUSINESS
Govt ‘very serious’ about 500 GW renewable energy target by 2030, but some challenges persist: ReNew CEO
Land acquisition and availability of EPC capability are two major impediments in adding renewable energy capacity at the required rate in the country.
BUSINESS
Offshore wind may not need govt financial support beyond 2030 as project cost may decline: MNRE Joint Secretary
First offshore wind seabed lease tender likely in 4-6 weeks, tender for projects with viability gap funding too likely in FY24.
BUSINESS
India set to launch first offshore wind tender, boosting renewable energy portfolio
Industry experts said there has to be substantial order pipeline volume for original equipment manufacturers (OEM) such as the wind turbine maker to consider entering offshore wind markets in India.
