State-owned Indian Renewable Energy Development Agency's (Ireda's) chairman and managing director Pradip Kumar Das has announced that the company has requested the government to allow it to carry out a follow-on public offer (FPO) as it will need further equity infusion to maintain the pace of growth. The FPO would aim to raise between Rs 4,000 crore and Rs 5,000 crore. Ireda, which provides funding assistance and other services to renewable energy and energy efficiency/conservation projects and is 75 per cent owned by the government of India, has requested the Union Finance Ministry to be included under Section 54EC of the Income Tax Act, which will help reduce borrowing costs.
When Gensol Engineering made its public market debut through a small and medium enterprises (SME) initial public offering (IPO) in September 2019, its promoters held a commanding 96 per cent stake. Now, that figure has shrunk to a "negligible" fraction.
Delhi-based electric vehicle (EV) ride-hailing firm Evera Cabs, which grabbed headlines after acquiring 500 cars from the now-defunct cab service BluSmart, is stepping up its presence in the EV cab segment. The company is aiming for revenue of Rs 100 crore in the ongoing financial year (2025-26), up from Rs 18 crore in 2024-25.
Electric cab-hailing platform BluSmart remained non-operational on Thursday across Delhi-NCR, Bengaluru, and Mumbai, as the market regulator cracked down on its co-founder over alleged misuse of funds at an affiliated company. BluSmart app, that offered more than 8,000 taxis in the three metros, stopped taking bookings on Wednesday evening and remained unoperational on Thursday as well.
Gensol Engineering's promoters treated the listed company as a proprietary firm, diverting corporate funds to buy a high-end apartment in The Camellias, DLF Gurgaon, splurging on a luxury golf set, paying off credit cards, and transferring money to close relatives, Sebi revealed in its interim order.
Gensol Engineering, the beleaguered firm that came under market regulator Sebi's lens for fund diversions and governance lapses, said that its independent director Arun Menon has resigned with immediate effect.
'This is not just the IREDA's IPO. It is the success of the ministry of new and renewable energy and of the renewable energy industry.'
As per the Interim Budget 2024-25 document tabled in the Lok Sabha, the government is not expected to receive any money from monetisation of public assets in the current fiscal.
Eighty per cent, or 60 of the 75 companies that made their debut on the mainboard this financial year, ended their listing day with gains.
The Centre could further moderate its divestment target for 2024-25 (FY25), as it does not expect large receipts from asset sales - except some ongoing strategic ones, including IDBI Bank, which could spill over into next financial year. Also, it may drastically reduce its FY24 divestment target of Rs 51,000 crore. "We are still evaluating the Budget estimates for FY25. "New big-ticket asset sales are unlikely.
Centre mulls strategy to ensure powers given to the agencies are not misused.
With the Congress party baying for his blood, Union Minister Nitin Gadkari on Monday broke his silence on the CAG report on irregularities in loan extended to his family-linked Purti Group.
The clean energy sector in India will be one of the first sectors that would benefit during Prime Minister Narendra Modi's US trip. The sector awaits investments worth about $1 billion from US companies.
The House witnessed three adjournments in the pre-lunch session as proceedings continued to be disrupted by a slogan- shouting opposition members, particularly, the Congress
As the euphoria around US President Barack Obama's visit ebbs, the fine print of the investment announcements reveal a financial boost for American solar energy companies to increase their exports to India.
After witnessing cloudy skies this year, the country's renewable energy sector is expected to boom with a likely investment of over $15 billion in 2022 as the government focuses on electric vehicles, green hydrogen, manufacturing of solar equipment as well as achieving the ambitious 175 GW renewable capacity target. India, which has an installed renewable energy generation capacity of a little over 150 GW, aims to reach 175 GW in 2022. Out of the total mix, 100 GW would be from solar, 60 GW from wind, 10 GW from bio-power and 5 GW from small hydro power projects.
To mobilise private capital in the clean energy sector, the US has agreed to place a field investment officer in India apart from hosting a series of events to overcome strategic barriers in accelerating institutional and private financing.
The Union Budget 2016-17 has cheered the NBFC sector
Finance Minister Arun Jaitley on Monday presented the Union Budget for 2016-17.
The public-private partnership model is a compulsion, says the minister.
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