Coal will be made available for coal gasification projects at subsidised rates, almost the same as it is made available to the power sector, said Coal Secretary Amrit Lal Meena at an industry interaction meeting organised by the Ministry of Coal in Hyderabad on Friday on ways to promote coal, and lignite gasification projects across the country. “If you don’t own a coal mine, Coal India and SCCL have assured that they will provide a long-term coal linkage to you for your entire gasification requirement… 10 years, 15 years, 20 years. And this coal will be available almost at the same rate at which it is being made available to the power sector, which means subsidised coal. Otherwise, for other sectors of the economy, like cement, steel, coal is made available at a premium,” said Meena. 

He added that for those potential investors who own a coal mine, the government has already provided incentives in the form of a rebate of 50 percent in revenue-sharing. Even though the government announced its intention to achieve 100 MT of coal gasification by 2030 at least three years ago, projects had not taken off on the ground for the lack of coal availability and technological challenges in gasification of high-ash coal that is widely available in India. However, with increased coal production, coal can now be made available for gasification.

Indian state-run company coal India will begin operations at five new coal mines and expand the capacity of at least 16 existing mines to help meet the growing demand for the fossil fuel, the company’s chairman, P.M. Prasad, told reporters on Wednesday.

Anticipated record output from the company is set to boost coal inventories at power plants across the country by 16.1% year-on-year, hitting 40 million tonnes (mt) by the end of March, Prasad told. The miner plans to start operations at five new mines, which will have a combined annual capacity of 14.3mt, in the next fiscal year, Prasad said.

Marking a significant milestone in India's green energy chronicle was the launch of the National Green Hydrogen Mission. The government's resolve in augmenting renewable energy was further underscored by its plan to infuse 50 GW of renewable energy capacity annually till FY28.

As the curtains draw on 2023, India's energy sector emerges as a vibrant tapestry, intricately woven with ambitious renewable initiatives, groundbreaking policy shifts, and strategic global partnerships, all painting a promising picture for a sustainable 2024. This year was a watershed moment for India's green energy ambitions, marked by significant strides towards reshaping its energy narrative and setting a global benchmark in the transition to renewable sources.

Marking a significant milestone in India's green energy chronicle was the launch of the National Green Hydrogen Mission. Allocated with a budget of Rs 19,744 crore, the mission aims to spearhead India into becoming a global hub for green hydrogen production, targeting an annual output of 5 million metric tonnes by 2030. Central to this endeavor is the Rs 17,490 crore earmarked under the Strategic Interventions for Green Hydrogen Transition (SIGHT) Programmes, promoting the production of green hydrogen and the development of electrolyzers.

SAIL-Bhilai Steel Plant has recorded best ever hot metal, crude steel and saleable steel production for the April to January ten month period in any fiscal year so far.

The plant’s blast furnaces recorded highest ever hot metal production of 4.91 million tonnes in April 23 to Jan 24 period of current fiscal year, surpassing previous best of 4.77 MT in corresponding period of fiscal year 2010-11. This included highest ever production of 2.20 MT by the plant’s largest blast furnace, BF 8 surpassing previous best of 2.11 MT recorded in corresponding period of 2021-22.

Highest ever crude steel production of 4.65 MT by Steel Melting Shop 2 (SMS 2) and SMS 3 was recorded in April 23 to Jan 24 period of current fiscal year, surpassing previous best of 4.45 MT in corresponding period of fiscal year 2010-11. Modex unit, SMS 3 recorded best ever total cast steel production at 2.82 MT and best ever cast billet production of 1.92 MT as against previous best of 2.48 MT and 1.51 MT, respectively in corresponding April to Jan period of previous fiscal year 2022-23.

Days after the government extended the ‘public utility’ label for aluminium industries and bauxite mining, the Centre on Thursday also classified iron and steel as ‘public utility’ for the next six months.

A public utility service refers to an industry or service considered essential for the community’s well-being and functioning. These services are deemed so critical that disruptions or stoppages can extensively impact public life and cause hardship.

The Ministry of Labour & Employment issued a notification on Thursday invoking the Industrial Disputes Act, 1947, citing “public interest” and the need to maintain uninterrupted services in these “essential” sectors.

“The central government hereby declares the services engaged in the iron and steel industry to be a public utility service for the purposes of the said Act for a further period of six months with effect from February 17, 2024,” the notification said.

Vedanta Ltd promoter is in talks to sell a partial stake in the mining major to Rajiv Jain-led GQG Partners in a deal worth $1 billion, ETNow news channel reported, quoting sources.

The final talks for a potential stake sale have already taken place, and the transaction may take place in a few days in the form of a block deal, the news channel reported.

As of December-end, promoter and group entities cumulatively held a 63.71% stake in Vedanta Ltd. On Wednesday, shares of Vedanta ended nearly 5% higher on the National Stock Exchange at Rs 282.55.

A year back, GQG Partners rose to fame on Dalal Street, after the global investment firm made a contra bet on Adani Group and bought stocks of four companies for Rs 15,000 crore, following a massive rout triggered by US-based Hindenburg Research’s explosive report against the group

Adani Green Energy (AGEL), the renewable energy arm of Adani Group, has operationalized a 551 MW solar capacity in Khavda, Gujarat, by supplying power to the national grid.

AGEL plans to develop 30 GW of renewable energy capacity from this park, which, when completed, will be the largest renewable energy installation in the world. Energy from the Khavda RE park can power 16.1 million homes each year.

The planned capacity is expected to be commissioned in the next five years, the company said in a statement.

State owned BHEL on Wednesday said it has bagged an order to set up an 800 MW ultra-supercritical thermal power plant at Yamunanagar in Haryana. The 800 MW Deenbandhu Chhotu Ram Thermal Power Plant (DCRTPP) will be Haryana's first ultra-supercritical technology-based power project, Bharat Heavy Electricals Limited (BHEL) said in a statement.

"Under International Competitive Bidding (ICB), BHEL has won an order for setting up an 800 MW Ultra-supercritical thermal power plant on an engineering, procurement, and construction (EPC) basis, at Yamunanagar, Haryana, from HPGCL (Haryana Power GenerationCorporation Ltd.)," the company said.

Kochi airport is all set to be the first in the country to set up a green hydrogen plant. Cochin International Airport Limited (Cial) in association with BPCL Kochi Refinery is going to set up a 1000-kilowatt green hydrogen plant on the airport premises. The fuel generated from the plant will be used for operating vehicles owned by Cial.
Cial has entered into a memorandum of understanding with BPCL for the project.

"As pioneers in sustainable aviation, Cial is happy to start a groundbreaking journey with BPCL towards establishing the country's first green hydrogen plant in an airport at Cial," said Cial managing director, S Suhas. He also said the strategic collaboration underscores Cial's commitment to green energy and propels closer towards a zero-carbon future in the aviation landscape.

Steel producers in India are most at risk from Europe’s new carbon tax on imports due to their high sales to the region and mills’ elevated emissions intensity, according to Goldman Sachs Group Inc.

There is a potential for an additional $102 to $190 a ton of tax charges on flows of Indian steel to the bloc over the next decade, analysts led by Emma Jones said in a report. That range — which assumes a carbon price of $70 — is 15% to 28% of current hot-rolled coil prices, they said.

The manufacturing sector has identified several major obstacles going forward, including the availability of raw materials and their rising prices, uncertainty in global demand, a shortage of skilled labor, market volatility, increased power costs, underutilized capacities, and high bank interest rates. The Federation of Indian Chambers of Commerce & Industry (Ficci) released its most recent quarterly survey on manufacturing for Q4 FY24 and projected future investment outlook as steady.
According to the poll, 85% of participants in the fourth quarter of the fiscal year 2023–24 anticipate more orders than they did in the previous quarter (73%). It is anticipated that the employment situation will stay unchanged, as over 40% of participants intend to add more employees within the next three months.
According to the Ficci study, the FAME subsidy for electric vehicles should be extended for a minimum of five years until the supply chain and ecosystem have matured. "The current digital FAME process takes a long time—usually five to six months—as does the processing of FAME subsidy requests. Original equipment manufacturers (OEMs) would gain from streamlining this process, the report stated.

More than 400 manufacturing facilities from big and small and medium-sized company (SME) segments have responded to the survey, with a total yearly revenue exceeding Rs 3.4 trillion.

The Insolvency and Bankruptcy Board of India (IBBI) has released a circular directing resolution professionals (RPs) to distribute copies of their findings to creditors and debtors involved in bankruptcy cases in order to maintain fairness in these proceedings. The circular identifies situations in which RPs did not grant both participants equal access to information, resulting in a mismatch in comprehension.
The notice said, "It has been observed that in certain cases, the RPs have not shared a copy of the report with both debtor and creditor, leading to a lack of equal information access among them." stating, "Therefore, it is hereby advised that the RP shall provide a copy of the report to both debtor and creditor in all cases."

After receiving applications from creditors or debtors, RPs are mandated under the Insolvency and Bankruptcy Code (IBC) guidelines to submit reports to the adjudicating body. These reports include assessments and suggestions regarding whether to accept or reject the application. The IBBI seeks to guarantee "transparency and informed decision-making" by making these reports available to both creditors and debtors.

This is a part of the IBBI's continuous efforts to improve the effectiveness and smoothness of the insolvency case processing. According to IBBI data, a considerable proportion of resolves remain unresolved for more than 270 days, exceeding the 180-day term that is specified from the date of application admission. This emphasizes the necessity of taking action to improve efficiency and hasten the settlement process.
In an effort to improve coordination and harmonization between the two procedures, the IBBI also removed limits earlier this month, allowing the same insolvency specialist to conduct the resolution process for both a company and its personal guarantor. Furthermore, modifications have been made to the need that Committee of Creditors sessions in cases of insolvency including personal guarantors be held.

Ashok Leyland's ownership of Switch Mobility Ltd.'s parent firm, Optare Plc, a UK-based commercial vehicle manufacturer, increased from 92.59% to 92.59%. This comes after the business informed the exchanges on Tuesday that it had invested Rs 536.73 crore through equity shares in Optare in the second tranche.
Ashok Leyland declared in November of last year that it will use Optare Plc to invest Rs 1,200 crore in Switch Mobility, its electric vehicle division. It had made its first tranche investment of Rs 662.5 crore in December. The business announced on Tuesday that it had finished investing the second tranche.
We would like to notify you that the Company has made a second tranche equity share investment in Optare Plc. UK for a total of GBP 50679500 (roughly Rs 536.73 crore). The business's stake in Optare Plc. has increased from 92.19% to 92.59% as a result of the allocation made by the Board of Directors of Optare Plc.," the company stated in a regulatory statement on Tuesday.
Ashok Leyland received the shares as payment for the investment on February 12.
Hinduja Automotive Ltd., the company that promotes Ashok Leyland, also owns 6.9% of Optare Plc.

According to the business, Rs 1,200 crore will be allocated towards capital investment, research and development, and fulfilling the operational needs of Switch Mobility and Optare Plc in both India and the UK.
Commercial vehicle production and sales are the activities of Optare Plc. It serves as the parent company for the business's electric vehicle projects, which include Switch Mobility Automotive Limited and Switch Mobility Limited, UK.
Ashok Leyland's stock was trading unchanged on the BSE on Tuesday morning at Rs 171.45 a share.

 

The Ministry of New and Renewable Energy (MNRE) is creating plans to incorporate green hydrogen into the energy mix in order to support a continuous supply of electricity, with the goal of encouraging the use of renewable energy sources, in particular green hydrogen.
A discussion on the use of green hydrogen in conjunction with other renewable energy sources, like solar and wind power, was presided over by Union Minister for Power and New and Renewable Energy, R K Singh, on Tuesday in New Delhi. Participants in the event included representatives from important departments, such as the Ministry of Power, NTPC, Central Electricity Commission, and Solar Energy Corporation of India.

The main topic of discussion was looking into different ways to use green hydrogen as a storage medium to meet peak demand times and continuous power needs. Furthermore, policy measures that intend to furnish governmental backing for those projects were deliberated. One of the regulatory methods that has been suggested is the Contract for Difference (CfD) approach, which aims to close the difference between market prices and a predetermined "strike price."

The draft scheme guidelines were instructed by Minister R K Singh to take into account the green hydrogen and electricity sectors' present and future market dynamics, technological breakthroughs, and economic feasibility.

In addition to leading a roundtable discussion with CEOs and experts from the global oil and gas industry, Prime Minister Narendra Modi officially opened India Energy Week 2024 in Goa. The prime minister discussed in his speech the growing contribution of the energy sector to India's economic expansion as well as the importance of the National Green Hydrogen Mission, which envisions India as a center for the production and export of hydrogen. According to him, the green energy sector in India has the ability to draw in investors and spur industrial development.
The prime minister also noted that Rs 11 trillion had been set aside in the most recent Budget 2024 session for infrastructure improvements, with the majority of that amount going toward the energy sector. According to reports, India is the third-biggest user of LPG, oil, and energy. The demand in India.

The real estate consulting company Colliers has won a sizable contract to build Infibeam Avenues' artificial intelligence (AI) and technology extension hub in Ahmedabad. The international fintech powerhouse from India plans to open an AI hub in GIFT City, Gujarat, and will use its Ahmedabad campus as an extension. The hub is expected to be operational in 18 months.

Colliers has been given the $10 million cost-plus contract to carry out this large-scale project, which will occupy 400,000 square feet.
The AI and tech cluster will use a "symbiotic framework" to encourage more ecosystem synergy. This will give tech companies access to a wide-ranging platform that encourages cooperation and creativity.

"Securing the Infibeam project is a testament to our abilities and unwavering pursuit of adding value for our customers. According to Indranil Basu, managing director of project management at Colliers India, "Our subject matter experts, rich in knowledge and market expertise, never fail to drive unmatched results and deliver exceptional projects."

"We are committed to creating Grade A spaces that are suited for long-term growth," he continued, emphasizing technology, innovation, and operational excellence. With a team of top professionals in the field and a track record of success, we are well-positioned to guarantee efficient project management and produce an exceptional result."

Infibeam Avenues, a provider of payment infrastructure, announced a profit of Rs 41.4 crore for the third quarter of the 2024 fiscal year (Q3 FY24). Compared to Rs 35.8 crore during the same period previous year, this represented a 15.7% increase. The company's profits increased sequentially from Rs 40.9 crore in Q2FY24.

The corporation also declared that AI will be added as a "horizontal business vertical supporting Platforms and Payments" in January 2024.
The company's chairman and managing director, Vishal Mehta, stated in a statement, "We believe that this will completely change the way businesses are done by us. This is a significant milestone for us."