Reliance Infrastructure buys additional 17% stake in Pipavav Defence for Rs 850 crore
- Anil Ambani-led Reliance Infrastructure has acquired an additional 17 per cent stake in Pipavav Defence for an estimated Rs 850 crore through an open offer, taking its total holding to nearly 35 per cent.
- In a statement, Reliance Infrastructure today announced closing of the open offer period for the acquisition of Pipavav Defence and Offshore Engineering Co Ltd.
- According to banking sources, Reliance Infrastructure has purchased an additional 17 per cent stake in Pipavav Defence for an estimated Rs 850 crore.
- The open offer was made by Reliance Infrastructure and its wholly-owned subsidiary, Reliance Defence Systems Pvt Ltd. Now, their holding in Pipavav has increased to nearly 35 per cent.
Global solar installations may reach 64.7 GW in 2016: Mercom Capital report
- Global solar installations are expected to reach 64.7 GW next year, up from 57.8 GW forecast for 2015, clean energy communications and consulting firm Mercom Capital Group said today.
- “Mercom Capital Group forecasts another year of solar growth with installations expected to reach 64.7 GW in 2016 up from 57.8 GW forecast for 2015,” the firm said in a statement.
- The big three markets in 2016 will again be China, the United States and Japan, it said.
- “The United States is set to overtake Japan as the second largest solar market behind China. These three countries will account for about 65 per cent of installations next year,” Mercom Capital Group CEO and Co-Founder Raj Prabhu said.
- China will continue to be the largest solar market in the world, installing approximately 19.5 GW in 2016, it said.
- China has installed almost 10 GW in the first three quarters this year, well ahead of 3.79 GW installed in the same period last year.
Teesta hydro project back on track: Piyush Goyal
- Teesta hydro power project, which was stalled for seven years, is back on track as the work on the power plant in Sikkim started on October 1, Power Minister Piyush Goyal said.
- “Teesta in Sikkim, stalled for seven years, back on track. On October 1 work started after Rs 9,000 crore of investment. 93 per cent investment was done earlier,” Goyal tweeted today.
- Earlier in September this year, he had said that the government will very soon resolve the issues related to Teesta power project in Sikkim which was holding back an investment of around Rs 9,000 crore.
- The project commonly know as Teesta III is being implemented by Teesta Urja Ltd. The company is developing the 6×200 MW Teesta Stage-III Hydro Electric Power Project on Teesta River situated in North District of Sikkim.
- This project is a part of overall development of Teesta basin being undertaken by Sikkim Government. The project is run of the river designed to generate 5,214 Million kWh (units) annually in 90 per cent dependable year, as per the information provided.
- The official said that all the statutory clearances for the Project were received by November 2007 and the civil works for the project were started in January 2008.
- The first unit of the project was to be commissioned in 2013 but the project got delayed due to earthquake in 2011 and issues among promoters.
- The official said that now Sikkim Government holds 51 per cent equity in the project followed by Singapore-based Asia Genco Pte (37 per cent) and PTC India (8 per cent).
- A one-man committee has been constituted to look into acts of omission and commission and recommend compensation to ONGC whose natural gas from Bay of Bengal block had flowed to adjoining fields of Reliance Industries.
- The Justice (Retd) A P Shah panel has been constituted two weeks after US-based consultant D&M, in its final report, stated that as much as 11.122 billion cubic meters of natural gas, worth over Rs 11,000 crore, had migrated from idling Krishna Godavari fields of Oil and Natural Gas Corp (ONGC) to adjoining KG-D6 block of RIL.
- “We have constituted the committee headed by A P Shah, Chairman of Law Commission, to look into the report of the D&M and recommend action to be taken by the government- Oil minister Dharmendra Pradhan said.