Mumbai: To attract foreign funds into the bond market, the Reserve Bank of India ( RBI) on Thursday raised the ceiling for foreign institutional investors (FII)’s holdings in government securities and corporate bonds by $5 billion each. The cap on domestic debt now stands at $75 billion.
Bond dealers and treasury executives said the interest of FIIs had been robust. The additional capital flows would help tackle the high current account deficit, which stood at a record 5.4 per cent of the gross domestic product in the quarter ended September.
The three-year lock-in period for FIIs purchasing government securities (G-secs) for the first time has been done away with, RBI said.
The sub-limit of $10 billion for investment by FIIs in G-secs was enhanced by $5 billion, it added, while the cap on corporate debt other than in the infrastructure sector was raised from $20 billion to $25 billion.
With rises of $5 billion in each of the two categories, FIIs and long-term investors can now invest $25 billion in G-secs and $50 billion in corporate debt instruments, including the sub-limit of $25 billion for infra bonds.
RBI said though the residual maturity condition would not be applicable on the entire sub-limit (in G-secs) of $15 billion, such investments would not be allowed in short-term papers such as treasury bills.
The overall FII limit for domestic debt is distributed through a host of categories across government, corporate and infrastructure debt. Long-term investors include sovereign wealth funds, multilateral agencies, pension funds and foreign central banks.
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KEL to set up new transformer plant in Malappuram
Kochi: The State-owned Kerala Electrical and Allied Engineering Company (KEL) is setting up a cast-resin transformer plant near its Edarikkod unit in Malappuram.
The foundation stone for the Rs 8.5-crore plant will be laid by the State Industries Minister P.K. Kunhalikutty on January 28. The State Electricity Minister Aryadan Mohammed will unveil the prototype of a cast-resin transformer on the occasion.
K. Shamsuddin, Managing Director, KEL, said the diversification plan would help the company to produce cast-resin transformers of three lakh kVA capacity. These new generation transformers are widely used in new infrastructure projects and residential towers as they comply with the latest norms and stipulations prevailing in the industry, he said.
KEL's Edarikkod unit was commercially operational since January 2010 and had already sold more than 2,400 units of 100-kVA distribution transformers worth Rs 24 crore to KSEB.
The company acquired the know-how and permission to produce the new-generation cast-resin transformers recently, which has been a technical innovation delivering more efficiency and safety with higher capacity.
He said that with its expertise in producing distribution transformers and nation-wide marketing reach spanning over 25 years, the diversification project of KEL is expected to take the PSU to greater heights.
KEL, operational since 1964, has been in the list of companies with an annual turnover of more than Rs 100 crore for the last many years. In addition to Edarikkod, the company has three more units at Kundara, Mamala and Olavakkod.
The Mamala unit produces distribution transformers, while the structural fabrication division makes gates and shutters required by irrigation projects and railway coaches, hanging bridges and other steel fabrication products.
The State Government has already been sanctioned another diversification and renovation of Mamala unit at a cost of Rs 12.5 crore, mainly to produce power transformers up to 10 MVA capacities, he added.
The Kundara unit manufactures brushless alternators used in lighting and air-conditioning of railway coaches and special grade alternators for the Ministry of Defence while its Olavakkod unit is into fuse units, LT switch gears and HRC fuses required by SEBs.
The foundation stone for the Rs 8.5-crore plant will be laid by the State Industries Minister P.K. Kunhalikutty on January 28. The State Electricity Minister Aryadan Mohammed will unveil the prototype of a cast-resin transformer on the occasion.
K. Shamsuddin, Managing Director, KEL, said the diversification plan would help the company to produce cast-resin transformers of three lakh kVA capacity. These new generation transformers are widely used in new infrastructure projects and residential towers as they comply with the latest norms and stipulations prevailing in the industry, he said.
KEL's Edarikkod unit was commercially operational since January 2010 and had already sold more than 2,400 units of 100-kVA distribution transformers worth Rs 24 crore to KSEB.
The company acquired the know-how and permission to produce the new-generation cast-resin transformers recently, which has been a technical innovation delivering more efficiency and safety with higher capacity.
He said that with its expertise in producing distribution transformers and nation-wide marketing reach spanning over 25 years, the diversification project of KEL is expected to take the PSU to greater heights.
KEL, operational since 1964, has been in the list of companies with an annual turnover of more than Rs 100 crore for the last many years. In addition to Edarikkod, the company has three more units at Kundara, Mamala and Olavakkod.
The Mamala unit produces distribution transformers, while the structural fabrication division makes gates and shutters required by irrigation projects and railway coaches, hanging bridges and other steel fabrication products.
The State Government has already been sanctioned another diversification and renovation of Mamala unit at a cost of Rs 12.5 crore, mainly to produce power transformers up to 10 MVA capacities, he added.
The Kundara unit manufactures brushless alternators used in lighting and air-conditioning of railway coaches and special grade alternators for the Ministry of Defence while its Olavakkod unit is into fuse units, LT switch gears and HRC fuses required by SEBs.
Exide to buy out partners' stake in ING Vysya Life
Bengaluru/ Kolkata: Exide Industries Ltd, India’s largest producer of automotive and industrial batteries, which holds 50 per cent of the equity capital of ING Vysya Life Insurance Co (IVL), said it would acquire the remaining stake in the insurer.
With this acquisition, ING Group will exit its insurance business in India as part of its global restructuring strategy. Prior to the exit from India, ING exited its insurance ventures in Malaysia, Thailand, Hong Kong, while it is looking at similar exits in China, Japan and South Korea.
Exide will acquire 26 per cent from ING Group, 16.32 per cent from the Hemendra Kothari group and 7.68 per cent from the Enam Group for an aggregate consideration of about Rs 550 crore, subject to regulatory approvals. Exide has been a shareholder of IVL since 2005. After the buyout, Exide will identify and induct a new international player in the life insurance genre to infuse fresh equity into IVL, subject to regulatory approvals for IVL’s expansion plans, the company said in a statement to the Bombay Stock Exchange. ING Group has given rights to Exide to use the ING brand for one year post approval of the deal, which is expected within the next two quarters.
According to an Exide official, the funding for the acquisition will be done through internal accruals. “For the insurance business, we will soon initiate the process to rope in some international player.” According to senior officials of IVL, the operations of the company will not change whatsoever going forward. “Exide was a 50 per cent shareholder already and they will control 100 per cent, going forward. It was just a matter of time that this step had to happen as ING had made its intentions clear to exit the insurance business in some of the global markets,” a senior official said.
Said ING Group: “ING’s exit from the Indian life insurance joint venture is part of the previously announced intended divestment of ING’s Asian insurance and investment management businesses. The process for the remaining businesses is ongoing. Any further announcements will be made if and when appropriate.”
The transaction is not expected to have a material impact on ING Group results. The deal is expected to close in the first half of 2013. Today’s agreement does not impact ING Vysya Bank, a publicly listed bank in India in which ING has a 44 per cent stake, nor ING’s fund management business in the country, it said.
The life insurer saw a growth of 13.1 per cent in new business premiums from April to November 2012, compared with the corresponding period in 2011. On the other hand, private life insurers saw a fall of 3.7 per cent in new premium during the same period. The company is hoping for a 10 per cent growth this year.
IVL has 1.3 per cent share in the Indian life insurance market and among the private sector insurers, it has around four per cent market share. In terms of individual premium collection, it ranked ninth among private life insurers, till October 2012.
IVL has over a decade of experience and is serving more than one million customers in 200 cities in India. The company distributes its products through more than 30,000 IVL advisers, bancassurance partner ING Vysya Bank, referral partners, corporate agents and brokers. It employs 6,000 on its rolls.
With this acquisition, ING Group will exit its insurance business in India as part of its global restructuring strategy. Prior to the exit from India, ING exited its insurance ventures in Malaysia, Thailand, Hong Kong, while it is looking at similar exits in China, Japan and South Korea.
Exide will acquire 26 per cent from ING Group, 16.32 per cent from the Hemendra Kothari group and 7.68 per cent from the Enam Group for an aggregate consideration of about Rs 550 crore, subject to regulatory approvals. Exide has been a shareholder of IVL since 2005. After the buyout, Exide will identify and induct a new international player in the life insurance genre to infuse fresh equity into IVL, subject to regulatory approvals for IVL’s expansion plans, the company said in a statement to the Bombay Stock Exchange. ING Group has given rights to Exide to use the ING brand for one year post approval of the deal, which is expected within the next two quarters.
According to an Exide official, the funding for the acquisition will be done through internal accruals. “For the insurance business, we will soon initiate the process to rope in some international player.” According to senior officials of IVL, the operations of the company will not change whatsoever going forward. “Exide was a 50 per cent shareholder already and they will control 100 per cent, going forward. It was just a matter of time that this step had to happen as ING had made its intentions clear to exit the insurance business in some of the global markets,” a senior official said.
Said ING Group: “ING’s exit from the Indian life insurance joint venture is part of the previously announced intended divestment of ING’s Asian insurance and investment management businesses. The process for the remaining businesses is ongoing. Any further announcements will be made if and when appropriate.”
The transaction is not expected to have a material impact on ING Group results. The deal is expected to close in the first half of 2013. Today’s agreement does not impact ING Vysya Bank, a publicly listed bank in India in which ING has a 44 per cent stake, nor ING’s fund management business in the country, it said.
The life insurer saw a growth of 13.1 per cent in new business premiums from April to November 2012, compared with the corresponding period in 2011. On the other hand, private life insurers saw a fall of 3.7 per cent in new premium during the same period. The company is hoping for a 10 per cent growth this year.
IVL has 1.3 per cent share in the Indian life insurance market and among the private sector insurers, it has around four per cent market share. In terms of individual premium collection, it ranked ninth among private life insurers, till October 2012.
IVL has over a decade of experience and is serving more than one million customers in 200 cities in India. The company distributes its products through more than 30,000 IVL advisers, bancassurance partner ING Vysya Bank, referral partners, corporate agents and brokers. It employs 6,000 on its rolls.
Simba Toys plans joint ventures with Indian manufacturers
Mumbai: Germany-based Simba Dickie Group, through its subsidiary Simba Toys, plans to forge joint ventures with Indian manufacturers for making board games and plush toys.
Instead of setting up a green field manufacturing facility as proposed earlier, the toymaker has decided to pick up stake in local companies. With the intention of bringing down prices for price-sensitive markets including India, the European toymaker expects India to become the sourcing hub for ‘emerging’ countries such as Brazil, Russia, Poland and West Asia.
“We are in talks with Indian companies for manufacturing plush toys and board games. The investments would be made by the parent company in Germany for buying a stake in Indian companies. We would like to treat India as a sourcing base, since labour costs in China have risen,” said Shree Narayan Sabharwal, Business Head for Simba Toys.
Local manufacturing would also lead to lower prices for price-sensitive markets. “Today, all our toys are being imported and the fluctuating dollar is not exactly helping us. But we have managed to subsidise prices for some of our brands in India by almost 30 per cent, by saving on marketing costs. The organised toy market in India is still small and fragmented, but it is growing between 18 and 20 per cent,” said Sabharwal.
“We have to cater to emerging markets such as India, Russia and West Asia where there is potential, but these are price-sensitive nations unlike the European countries. India would now be serving as the sourcing hub for certain categories such as plush and plastic toys and board games, but not electronic toys,” he added.
Having got on board a master franchise in India, Exelixi Management Company, Simba Toys entered retail through its own stores last year in cities such as Mumbai, Bangalore and Delhi. It is also launching stores in tier 2 cities such as Indore and Udaipur.
With six stores in malls, Simba Toys now plans to position itself as a ‘neighbourhood’ toy store in upmarket residential areas in the metros in smaller formats measuring between 800 and 1,500 sq ft.
It is also planning an ad campaign with Viacom 18-owned Nickelodeon channel for its brands such as Steffi doll and Squap games. “There would be series of commercials on the Nickelodeon channel and we would be associating with some of their shows and on-ground events for our brands,” Sabharwal said.
Apart from its own stores, Simba also distributes its brands across toy retailers such as Hamleys and Landmark. Almost 90 per cent of Simba’s turnover comes from distribution revenues, while the rest is through its stores.
Instead of setting up a green field manufacturing facility as proposed earlier, the toymaker has decided to pick up stake in local companies. With the intention of bringing down prices for price-sensitive markets including India, the European toymaker expects India to become the sourcing hub for ‘emerging’ countries such as Brazil, Russia, Poland and West Asia.
“We are in talks with Indian companies for manufacturing plush toys and board games. The investments would be made by the parent company in Germany for buying a stake in Indian companies. We would like to treat India as a sourcing base, since labour costs in China have risen,” said Shree Narayan Sabharwal, Business Head for Simba Toys.
Local manufacturing would also lead to lower prices for price-sensitive markets. “Today, all our toys are being imported and the fluctuating dollar is not exactly helping us. But we have managed to subsidise prices for some of our brands in India by almost 30 per cent, by saving on marketing costs. The organised toy market in India is still small and fragmented, but it is growing between 18 and 20 per cent,” said Sabharwal.
“We have to cater to emerging markets such as India, Russia and West Asia where there is potential, but these are price-sensitive nations unlike the European countries. India would now be serving as the sourcing hub for certain categories such as plush and plastic toys and board games, but not electronic toys,” he added.
Having got on board a master franchise in India, Exelixi Management Company, Simba Toys entered retail through its own stores last year in cities such as Mumbai, Bangalore and Delhi. It is also launching stores in tier 2 cities such as Indore and Udaipur.
With six stores in malls, Simba Toys now plans to position itself as a ‘neighbourhood’ toy store in upmarket residential areas in the metros in smaller formats measuring between 800 and 1,500 sq ft.
It is also planning an ad campaign with Viacom 18-owned Nickelodeon channel for its brands such as Steffi doll and Squap games. “There would be series of commercials on the Nickelodeon channel and we would be associating with some of their shows and on-ground events for our brands,” Sabharwal said.
Apart from its own stores, Simba also distributes its brands across toy retailers such as Hamleys and Landmark. Almost 90 per cent of Simba’s turnover comes from distribution revenues, while the rest is through its stores.
Akhilesh Yadav govt gives Rs 2,858 cr contract to supply 15 lakh laptops to HP India
Lucknow: The contract to supply 15 lakh laptops to the Uttar Pradesh government has been awarded by the state authorities to Hewlett Packard India.
One of the biggest such contracts ever, the state cabinet at a meeting on Wednesday awarded the Rs 2858.70 crore contract to supply 15 lakh units of laptops, to HP India, which quoted the lowest price at Rs 19,058 per laptop inclusive of taxes and duty.
The UP Electronics Corporation, MD, Prabhat Mittal who managed the bidding process said that while HP India quoted the lowest rates, HCL with its bid of Rs 21,883 was the second lowest.
The winning company has been mandated to supply 5 per cent of the total order within 60 days of signing the agreement, with an increased quantity being supplied every subsequent month. The company would complete the supply of 15 lakh laptops in seven months after the date of agreement.
Mittal said that the laptops would be delivered at the Tehsil block level in each district by the company and they were working towards starting distribution of laptops to students in a months time.
It was the Samajwadi Party's poll manifesto promise to give free laptops and tablets to all class 12 and class 10 pass outs respectively which was seen as the game changer in the Uttar Pradesh assembly polls in March last year.
The promise helped the Samajwadi Party ride to power on popular support by youths and Akhilesh Yadav become the Chief Minister on 15 March 2012.
Since then the large size of the order had forced the government to keep shifting the biding dates as IT companies expressed problems in supplying laptops in such large numbers.
The bidding process for supplying tablets to the UP government is still underway and government officials say that they were hopeful of finalising the contract by February end.
One of the biggest such contracts ever, the state cabinet at a meeting on Wednesday awarded the Rs 2858.70 crore contract to supply 15 lakh units of laptops, to HP India, which quoted the lowest price at Rs 19,058 per laptop inclusive of taxes and duty.
The UP Electronics Corporation, MD, Prabhat Mittal who managed the bidding process said that while HP India quoted the lowest rates, HCL with its bid of Rs 21,883 was the second lowest.
The winning company has been mandated to supply 5 per cent of the total order within 60 days of signing the agreement, with an increased quantity being supplied every subsequent month. The company would complete the supply of 15 lakh laptops in seven months after the date of agreement.
Mittal said that the laptops would be delivered at the Tehsil block level in each district by the company and they were working towards starting distribution of laptops to students in a months time.
It was the Samajwadi Party's poll manifesto promise to give free laptops and tablets to all class 12 and class 10 pass outs respectively which was seen as the game changer in the Uttar Pradesh assembly polls in March last year.
The promise helped the Samajwadi Party ride to power on popular support by youths and Akhilesh Yadav become the Chief Minister on 15 March 2012.
Since then the large size of the order had forced the government to keep shifting the biding dates as IT companies expressed problems in supplying laptops in such large numbers.
The bidding process for supplying tablets to the UP government is still underway and government officials say that they were hopeful of finalising the contract by February end.
Bilateral Co-Operation Understanding in Water Resources Development and Management with Government of Rwanda
New Delhi: India and Rawanda have singed a Memorandum of Understanding (MoU) on bilateral co-operation in Water Resources Development and Management. From Indian side it was Union Water resources Minister Shri Harish Rawat while from Government of Rawanda it was Dr. (Mrs.), Agnes M. KALIBATA, Minister of Agriculture and Animal Resources who were the signatories in a function held here in New Delhi yesterday.
The MoU specifies various areas of co-operation with focus on planning, design and implementation of marshland and hillside irrigation, watershed management, water governance, and training and capacity building of farmers and functionaries in the water sector.
It is also proposed to promote Joint Ventures between the private entrepreneurs of the two countries through mutual facilitation of investment procedures and for working out mechanisms and modalities for funding and technical assistance. The MoU provides for setting up a Joint Commission which would follow up the implementation of this MoU.
The objective of this co-operation is to realize the goal of achieving food security in Rwanda and thereby to promote further the already existing friendly relations between the two countries.
The MoU specifies various areas of co-operation with focus on planning, design and implementation of marshland and hillside irrigation, watershed management, water governance, and training and capacity building of farmers and functionaries in the water sector.
It is also proposed to promote Joint Ventures between the private entrepreneurs of the two countries through mutual facilitation of investment procedures and for working out mechanisms and modalities for funding and technical assistance. The MoU provides for setting up a Joint Commission which would follow up the implementation of this MoU.
The objective of this co-operation is to realize the goal of achieving food security in Rwanda and thereby to promote further the already existing friendly relations between the two countries.
Multi Screen Media launches video-on-demand service
New Delhi: To cater to the fast growing online consumer base, Multi Screen Media (MSM) launched its video-on-demand service Sony LIV on Tuesday.
Apart from enabling the audience to view current shows, Sony LIV also gives them a chance to watch the previous episodes of their favourite shows. It also offers shows from its archives. “In addition to episodes of all-time favourites such as Jassi Jaisi Koi Nahin, Kkusum, Heena, Boogie Woogie, Movers & Shakers, Office Office, LIV will go back 17 years and also showcase a large archive of movies and special events such as Stardust and Filmfare Awards,” it said in a statement.
Man Jit Singh, CEO, MSM, said LIV was aimed at providing entertainment on the go for young India. With the launch of this user-friendly and interactive application, LIV aims to change the way this nation consumes entertainment, he said, and claimed the platform was great for brands to enhance their engagement and interaction with young consumers. The Sony LIV application is available globally for free, online on sonyLIV.com and for download on major App stores – iTunes and Google Play.
Apart from enabling the audience to view current shows, Sony LIV also gives them a chance to watch the previous episodes of their favourite shows. It also offers shows from its archives. “In addition to episodes of all-time favourites such as Jassi Jaisi Koi Nahin, Kkusum, Heena, Boogie Woogie, Movers & Shakers, Office Office, LIV will go back 17 years and also showcase a large archive of movies and special events such as Stardust and Filmfare Awards,” it said in a statement.
Man Jit Singh, CEO, MSM, said LIV was aimed at providing entertainment on the go for young India. With the launch of this user-friendly and interactive application, LIV aims to change the way this nation consumes entertainment, he said, and claimed the platform was great for brands to enhance their engagement and interaction with young consumers. The Sony LIV application is available globally for free, online on sonyLIV.com and for download on major App stores – iTunes and Google Play.
Texas Instruments centre in Delhi
New Delhi: Texas Instruments (TI) has launched a Centre of Excellence at Netaji Subash Institute of Technology (NSIT), Delhi. This is the first centre for embedded product development that TI is setting up in any educational institution in India.
It will promote design of embedded products based on TI’s semiconductors. It will also promote design of educational solutions for teaching subjects on embedded systems.
The centre will conduct educational activities such as seminars and train-the-trainer workshops that will be open to teachers from other engineering colleges as well.
Dr. C P Ravikumar, Technical Director - University Relations, Texas Instruments India, said, “The centre will design products that are relevant to the Indian electronics industry and nurture talent in the area of embedded product design.”
It will promote design of embedded products based on TI’s semiconductors. It will also promote design of educational solutions for teaching subjects on embedded systems.
The centre will conduct educational activities such as seminars and train-the-trainer workshops that will be open to teachers from other engineering colleges as well.
Dr. C P Ravikumar, Technical Director - University Relations, Texas Instruments India, said, “The centre will design products that are relevant to the Indian electronics industry and nurture talent in the area of embedded product design.”
Lupin gets US nod for 7th oral contraceptive
Mumbai: Drug maker Lupin received final US approval for its oral contraceptive Levonorgestrel and Ethinyl Estradiol, the seventh in the category, the Indian company said in a statement on Tuesday. The drug is a generic version of Watson Laboratories' Lutera.
Lupin has 32 more products filed for approval with the US Food and Drug Administration department in the oral contraceptive segment. "We plan a full cross section of products in the segment," said the company spokesman Shamsher Gorawara.
This is Lupin's first year of offerings in the segment, but it expects to clock over $100 million (Rs 538 crore) in the next financial year that begins in April, a company executive had said. Gorawara said the company does not give out segment wise revenue breakup.
The generic market for oral contraceptives is estimated at $1.2 billion (Rs 6,457 crore). Lutera had annual U.S sales of approximately $103.6 million (Rs 557 crore).
In the quarter that ended on September 30 Lupin reported consolidated revenue of Rs 2301 crore with net profit of Rs 290 crore.
Lupin has 32 more products filed for approval with the US Food and Drug Administration department in the oral contraceptive segment. "We plan a full cross section of products in the segment," said the company spokesman Shamsher Gorawara.
This is Lupin's first year of offerings in the segment, but it expects to clock over $100 million (Rs 538 crore) in the next financial year that begins in April, a company executive had said. Gorawara said the company does not give out segment wise revenue breakup.
The generic market for oral contraceptives is estimated at $1.2 billion (Rs 6,457 crore). Lutera had annual U.S sales of approximately $103.6 million (Rs 557 crore).
In the quarter that ended on September 30 Lupin reported consolidated revenue of Rs 2301 crore with net profit of Rs 290 crore.
Welspun Energy commissions 15 MW solar plant in Rajasthan
New Delhi: Welspun Energy Ltd has commissioned a 15-MW solar photovoltaic power project in Rajasthan, well ahead of time.
The $3-billion Welspun Group has been developing and operating power projects across India. In Maharashtra and Gujarat, it is operating 64 MW power plants.
The company won three projects worth 50 MW capacity at the auction under the Jawaharlal Nehru National Solar Mission, and has completed the first. The remaining two projects of 15 MW and 20 MW are close to completion, the company said, adding that the entire 50 MW capacity would be commissioned in the coming weeks, much ahead of their contractual schedule of February 26, 2013.
“During the auction, 27 bidders were awarded projects to be implemented in various parts of the country. Welspun Solar AP Pvt Ltd, a subsidiary of Welspun Energy, emerged as the only successful bidder for the 50 MW capacity, the maximum capacity allowed to a single bidder,” said an official.
The 50 MW solar projects would reduce carbon emissions to the extent of 78,000 tonnes annually. The projects are situated in Phalodi Tehsil of Jodhpur district in Rajasthan.
“The three solar projects are expected to generate total electricity of 90 million kWh in a year,” the company said in a statement.
Welspun had quoted a tariff of Rs 8.14/ unit for the first 15 MW unit. The 50 MW projects are set to produce energy enough to light up 2.5 lakh homes.
The company has also won a 130-MW solar PV project in Madhya Pradesh, which will be the largest solar project to be developed by any company in India. The project would be commissioned by end of 2013, the company said.
The company is also developing 2,000 MW thermal plant in Madhya Pradesh; 660 MW plant in Maharashtra; 200 MW solar plant in Rajasthan; 100 MW solar power plant in Gujarat and 100 MW solar power plant in Madhya Pradesh.
Over the next three years, the company expects to generate 6,000 MW of thermal power, 500 MW of solar power and 500 MW of hydro power.
The $3-billion Welspun Group has been developing and operating power projects across India. In Maharashtra and Gujarat, it is operating 64 MW power plants.
The company won three projects worth 50 MW capacity at the auction under the Jawaharlal Nehru National Solar Mission, and has completed the first. The remaining two projects of 15 MW and 20 MW are close to completion, the company said, adding that the entire 50 MW capacity would be commissioned in the coming weeks, much ahead of their contractual schedule of February 26, 2013.
“During the auction, 27 bidders were awarded projects to be implemented in various parts of the country. Welspun Solar AP Pvt Ltd, a subsidiary of Welspun Energy, emerged as the only successful bidder for the 50 MW capacity, the maximum capacity allowed to a single bidder,” said an official.
The 50 MW solar projects would reduce carbon emissions to the extent of 78,000 tonnes annually. The projects are situated in Phalodi Tehsil of Jodhpur district in Rajasthan.
“The three solar projects are expected to generate total electricity of 90 million kWh in a year,” the company said in a statement.
Welspun had quoted a tariff of Rs 8.14/ unit for the first 15 MW unit. The 50 MW projects are set to produce energy enough to light up 2.5 lakh homes.
The company has also won a 130-MW solar PV project in Madhya Pradesh, which will be the largest solar project to be developed by any company in India. The project would be commissioned by end of 2013, the company said.
The company is also developing 2,000 MW thermal plant in Madhya Pradesh; 660 MW plant in Maharashtra; 200 MW solar plant in Rajasthan; 100 MW solar power plant in Gujarat and 100 MW solar power plant in Madhya Pradesh.
Over the next three years, the company expects to generate 6,000 MW of thermal power, 500 MW of solar power and 500 MW of hydro power.
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