Chennai: Wind turbine major Siemens Gamesa Monday said it has secured an order for construction of a 150MW wind farm in Gujarat from ReNew Power. In a statement issued here, Siemens Gamesa said the order is to set up the wind farm in Kutch district of the state. “As part of the turnkey contract, Siemens Gamesa will provide the infrastructure needed to install and operate the facility including supply, erection and commissioning of 75 units of SG 2.0-114MW wind turbines in Bhuvad, Gujarat,” the statement said. ReNew Power is India’s largest renewable energy independent power producer (IPP) with a capacity of more than 5,800 MW of operational and under-construction clean energy assets. “We are happy to announce this deal with ReNew, one of the most reputed players in the renewable energy space in the country. Having already commissioned over 800 MW for ReNew Power under feed-in-tariff regime, this new order marks our first with ReNew Power under the auction regime and clearly signifies our competitiveness in the market,” Ramesh Kymal, CEO, Siemens Gamesa India said in the statement. Present in India since 2009, the accumulated base installed by Siemens Gamesa recently topped the 5GW mark.
Grasim’s Jaya Shree Textiles shuts down
Kolkata: Grasim Industries said its Jaya Shree Textiles Division at West Bengal’s Rishra area in Hooghly district declared a lockout from June 25 and it would continue till further notice. The unit has been facing “labour disturbances” and workers had called a flash strike June 4 from second shifts onwards on account of “disciplinary action taken by the management against few workmen”, the company earlier said in a regulatory filing. “… we wish to inform you that the company’s Jaya Shree Textiles Division at Rishra has issued a notice to all its employees declaring a lockout at the said division with effect from June 25, 2018 and shall continue till further notice,” it said in a regulatory filing Monday. The lock-out, however, will not have any material impact on the overall business of the company, it further said.
US to limit Chinese funding in native cos
Washington: The US Treasury Department is crafting rules that would block firms with at least 25 per cent Chinese ownership from buying US companies involved in “industrially significant technology,” the ‘Wall Street Journal’ reported Sunday. Citing people familiar with the matter, the newspaper said the plans were not finalized and industry would have a chance to comment before they went into effect. It also said the U.S. National Security Council and Commerce Department were devising plans for “enhanced” export controls to keep such industrially significant technologies from being shipped to China. The White House, Treasury Department and Commerce Department did not immediately reply to requests for comment.
OIL strikes gas in Andhra Pradesh
New Delhi: Oil India Ltd, the nation’s second biggest oil explorer, Monday said it has made a second natural gas discovery in an onland block in Andhra Pradesh. The discovery was made in Krishna Godvari basin block KG-ONN-2004/1, which OIL had won in sixth round of auction under New Exploration Licensing Policy, the company said in a statement. The discovery made at well Thanelanka-l is the second find in the block, it said. “Earlier, a gas discovery was made at well Dangeru-l in Andhra Pradesh in the block.” The well Thanelanka-1 is the first high pressure-high temperature (HP-HT) well drilled by OIL and has encountered hydrocarbon bearing sands, the statement said, adding that on testing the HP-HT zone produced 1300 standard cubic meters per day of gas. “Currently, the well is under further testing,” the company said without giving an estimate.
ADNOC joins Aramco for refinery stake
New Delhi: Abu Dhabi National Oil Company (ADNOC) Monday signed an initial pact to take a stake in the planned $44-billion refinery in Maharashtra, joining Saudi Aramco which is looking at the project as a vehicle to enter India’s entire energy “value chain” including fuel retailing. Aramco and ADNOC will together hold 50 per cent stake in the 60 million-tonne-a-year refinery and adjacent 18 million-tonne-petrochemical complex while the remaining half will be split between state-owned Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL). For both Saudi Arabia and UAE, “strategic business investment with the world’s fastest growing oil consumer has reached an irresistible tipping point,” said Amin H Nasser, CEO and President of Saudi Aramco. Aramco, which had at the time of signing the original agreement to a 50 per cent stake in the planned project in April stated that it will bring a partner at a later date, is looking at not just refining its oil in the refinery but also selling downstream products in the market. “Saudi Aramco is determined to go a step further. We will support our investment with a large fully-integrated oil business in India that will cover the entire value chain in partnership with local companies who know their markets best,” he told reporters after signing of the agreement. Asked how much stake would ADNOC and Aramco hold in the project, he said, “Between us it is 50 per cent and terms of how much percentage for each is being discussed between the two partners.”
Govt extends ban on China milk products
New Delhi: The government has further extended the ban on import of milk and its products, including chocolates, from China for six months till December 23. “Prohibition on import of milk, milk products (including chocolates, chocolate products, candies, confectionary food preparations with milk or milk solids as an ingredient) from China is extended for a further period of six months, that is, till December 23, 2018 or until further orders,” DGFT said in a notification. The ban was first imposed in September 2008 and later extended from time to time. The last ban imposed by Directorate General of Foreign Trade (DGFT) ended on June 23. The ban was imposed on apprehensions of presence of melamine in some some milk consignments from China. Melamine is a toxic chemical used for making plastics and fertilisers. Although India does not import milk, milk products from China, it has imposed the ban as a preventive measure. India is the world’s largest producer and consumer of milk. It produces around 150 million tonne milk annually. Uttar Pradesh is the leading state in milk production followed by Rajasthan and Gujarat.
IDCO receives SKOCH Silver Award
Bhubaneswar: Odisha Industrial Infrastructure Development Corporation (IDCO) received the SKOCH Silver Award, 2018, under the theme State of Governance for its project Automated Post Allotment Application (APAA). The Award was handed over June 21 at Constitution Club of India, New Delhi, at the 52nd SKOCH Summit. Manas Mohanty, Manager (MIS) and Saswat Pattnaik, Expert (PMU) received the award on behalf of the Chairman-cum-Managing Director, IDCO. IDCO had launched APAA January 27, 2016. It aims to facilitate “ease of doing business”. The application deals with end-to-end process handling of post allotment activities of IDCO such as generation of demand notice, online payment, application tracking and processing activities. This application enables industrial units to process all post allotment related issues in the online system removing all physical interfaces between the units and IDCO, thus reducing the burden on the both. Earlier, APAA was also chosen for the Golden Peacock Innovative Product / Service Award for 2018, conferred on IDCO in a function at Dubai in April.
Jio signs $1 bn loan to finance goods
Mumbai: Reliance Jio Infocomm (RJIL) has signed a $1 billion equivalent term loan facility covered by Korea Trade Insurance Corporation (K-SURE) June 22, a company statement said here Monday. It will be used to finance goods and services procured primarily from Samsung Electronics and Ace Technologies Corp. It has “door to door tenor of 10.75 years”, the statement said. “The facility is K-SURE’s largest deal in India as well as the largest deal supported by K-SURE in the telecom sector globally,” it said, and added, “This transaction marks the fourth K-SURE covered facility for Reliance group in last 5 years and the second K-SURE covered facility for RJIL in the last 3 years.” The facility was arranged by Australia and New Zealand Banking Group Limited and The Hong Kong and Shanghai Banking Corporation Limited, the statement said.
P Mohanty takes charge as OPGC dir
Bhubaneswar: Pravakar Mohanty, currently Director (Finance) Odisha Hydropower Corporation Ltd, has been 
assigned additional charge of Director (Finance), Odisha Power Generation Corporation Ltd. Mohanty assumed additional charge June 21. He replaces HP Nayak, who completed service as Director (Finance), OPGC June 14. Mohanty, a member of the Institute of Cost Accountants of India, is widely known in the professional and state circles as the past Chairman of ICAI. After a long stint at IDC in Finance and Corporate Planning, he was posted as the Director (Finance), Neelachal Ispat Nigam Ltd from 2014 to 2016 before appointment as Director (Finance), OHPC.
