Essar Power, which had recently bid for setting up a coal-fired power plant in Indonesia, said on Tuesday it is eyeing more coal and gas-based plants in the south east Asian country.
Within a month of the Comptroller and Auditor General of India (CAG) tabling the coal block allocation report in Parliament in August last year, the Central Bureau of Investigation (CBI) filed a First Information Report (FIR) against Hyderabad-based Navabharat Power Private Ltd for the coal block allotted to it in Odisha in January 2008.
Adani Power on Wednesday said that it has got National Company Law Tribunal (NCLT) approval to acquire Essar Power's 1,200 MW thermal power project in Mahan, Madhya Pradesh. NCLT, Principal Bench at New Delhi, in its order dated November 01, 2021, approved the resolution plan submitted by Adani Power Ltd for acquisition of EPMPL (Essar Power M P Ltd), a company undergoing insolvency resolution under the Insolvency and Bankruptcy Code, Adani Power stated in a BSE filing. EPMPL owns a 1,200 MW thermal power plant in Singrauli District, Madhya Pradesh.
To invest Rs 5,000 crore in the projects, to be completed in four years.
Blue Energy Motors, a Mumbai-based outfit, is set to disrupt the market for two million heavy-duty trucks running on diesel and petrol in the case of routes under 500 km by transforming them into electric.
Essar Group co-founder Shashi Ruia has died after a prolonged illness. He was 80.
Essar Power and GMR are among the global bidders for a 450-Mw dual fuel power project planned by the Bangladesh government at Sirajgonj, about 140 km from Dhaka.
Power Grid Corp of India Ltd is set to form joint ventures with five more companies, including Oil and Natural Gas Corporation and Essar, for setting up transmission lines in the country entailing a total investment of Rs 5,000 crore (Rs 50 billion).
Four companies, including India's largest private sector electricity generator Tata Power and infrastructure major Larsen & Toubro Ltd, chose not to bid for the Rs 16,000-crore ultra mega power project (UMPP) in Tilaiya in Jharkhand even as Reliance Power, Lanco Infratech and NTPC Ltd, the country's largest power producer, submitted their technical bids.
You have to grow, and grow fast - that's the DNA of the JSW group, chairman Sajjan Jindal said as JSW Cement made its debut on the stock market mid-August. The remark captured not just the moment but also the momentum of JSW's growth story.
Adani Power, part of the Adani group, plans to add close to 6 gigawatts (Gw) of new power assets in the next five years, according to an investor presentation by the company. That is clearly meant to ride on India's burgeoning power demand. But there is another side to it: All of this new capacity is expected to be thermal power, or power produced from coal.
Bookstore owners were cautioned against keeping or distributing the books. Police personnel briefed the bookstore owners about the legal consequences of violating the ban.
After Tatas and Reliance, yet another corporate giant - the Rs 20,000 crore (Rs 200 billion) Essar Group is entering the inter-state power trading business.
Essar Power would invest Rs 4,000 crore (Rs 40 billion) for setting up a 1,000 MW coal-fired power plant in Chhattisgarh, a senior Essar group official said in Raipur on Tuesday.
'It can position itself as a China Plus One solution, fulfilling the demands of developed economies.'
State-run NTPC, Essar Power and Torrent are among the firms identified by the Union power ministry for buying natural gas from Reliance Industries' eastern offshore D6 block.
Mahan Coal claims it is being targeted at the behest of 'foreign masters' of the Western world.
The earlier resolution allowing these developers to charge higher power tariffs, now stands cancelled.
Essar group on Friday announced the signing of a USD 2.4 billion (Rs 19,000 crore) deal to sell certain ports and power infrastructure to ArcelorMittal Nippon Steel in one of the largest post-pandemic merger and acquisition deals in India. In a statement, the Ruia-run firm said the deal also envisages a 50-50 joint venture between Essar and ArcelorMittal for building a 4 million tonnes a year LNG import terminal at Hazira in Gujarat. Without giving details, it only identified certain ports and power infrastructure that are primarily captive to operations of the Hazira steel plant, which was acquired by ArcelorMittal Nippon Steel (AM/NS) in 2018-19, as part of the deal.
With power trading thrown open for competition, Reliance Industries and Essar Energy are among the six applicants who have applied for licence to venture into power trading.
The agreement came in after the Ruias agreed to clear most of the Rs 26,000-crore dues to the lenders on completion of the transaction.
Reliance Industries has inked deals to supply gas from its eastern offshore KG-D6 fields to most power sector consumers, including Essar Power and an Anil Ambani Group firm.
Musk said on Friday that he believes India-US ties are "trending positive" and that he favours an enhanced trade partnership between the two nations.
Indian family-run business houses have in recent years seen ugly public spats between owners over control. But metals-to-ports conglomerate Essar's Ruia family seems to be an exception. Three generations of the Ruia family - founder brother Shashi and Ravi Ruia, their children and grandchildren - continue to live under one roof and jointly run the business empire.
Last June, the group had delisted Essar Energy from the London Stock Exchange as well.
Official is accused of taking a bribe of Rs 2 cr to issue order in an appeal favouring Balaji Trust
Essar Global Fund, the Ruia company that invested $1.3 billion in telecommunications, towers and business process outsourcing over the years, made $6.5 billion, a five-fold return, when it flipped these businesses, according to discussions the group has had with merchant bankers.
Finance Minister Nirmala Sitharaman on Thursday said Pradhanmantri Suryodaya Yojana will enable one crore families to get up to 300 units of free electricity monthly and help them save up to Rs 18,000 annually. "There is provision of Rs 10,000 crore for rooftop solar (scheme) in the Budget," said finance secretary T V Somanathan in press conference on Budget later in the day. Earlier in the day Sitharaman in her interim Budget speech said through rooftop solarisation, one crore households will be enabled to obtain up to 300 units of free electricity each month.
P Sampath, the current CFO, moves to a new role as the President of Business Optimisation and Improvement for Essar Energy plc, the company said in a press statement.
The committee said the move 'clearly undervalued the company and its long-term growth prospects'.
At $12-bn valuation, this will be India's largest FDI; deal to be announced on Saturday, says Dev Chatterjee.
The sale of Essar Oil was India's biggest deleveraging exercise undertaken by any debt-heavy group
The report said that out of them, six are generation companies, 11 distribution firms and one transmission entity. The process of privatisation is being handled by Nigeria's Bureau of Public Enterprises (BPE).
The Central Bureau of Investigation on Monday filed its first charge-sheet in a Delhi court in the coal blocks allocation case against Navabharat Power Pvt Ltd for allegedly misrepresenting facts and making "fraudulent" claims to "embellish" its applications to get allotments between 2006 and 2009.
Analysts say the Essar Group has been following a policy of delisting just when its businesses begin to record substantial upside, denying shareholders their share of decent returns.
Essar Group has bid $150 million for taking over an Australian coal firm, Rocklands Richfields Ltd, bettering an earlier offer from Jindal Steel and Power Ltd.
Essar Group is a major player in the port sector in Gujarat.
Essar group is in talks with international bankers to raise about $5 billion (over Rs 20,000 crore) by leveraging its 33 per cent stake in Hutch-Essar, the country's fourth-largest mobile player in which UK's Vodafone recently acquired majority stake
Essar Energy CEO Naresh Nayyar tells Business Standard that in 2013, the company would focus on optimising the operations of the commissioned units and generating cash flows.
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