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Madhya Pradesh seeks to quash Goldman-backed solar project
Posted on 9th September 2017
New Delhi: Madhya Pradesh, India’s second largest state, has appealed to the country’s top court to quash a Goldman Sachs-backed solar project, highlighting the challenges faced by solar companies looking to expand in Asia’s third largest economy.

Madhya Pradesh’s attempts to scrap the agreement with ReNew Power over the 51 megawatts (MW) project, citing land acquisition delays, were thrown out by a state court.

Also watch Photo Gallery of Top 10 Solar Power Plants.

But the central Indian state’s distribution company (discom) has now appealed to the country’s highest court, potentially setting up a prolonged legal battle.

The move comes after Madhya Pradesh cancelled three solar power purchase deals with Canada-based Sky Power Global, also due to issues related to land acquisitions. Sky Power challenged the cancellations in the state high court, but lost the case.

India is targeting a 30-fold increase in solar power generation capacity to 100 gigawatts (GW) by 2022.

But the plan risks running into trouble as debt-laden states try to renegotiate deals with solar investors.

Six state governments have pushed developers to lower tariffs on projects worth $7.5 billion in the last two months, prompting India to bar state authorities from unilaterally cancelling or modifying solar power purchase agreements.

Solar tariffs fell to a record low of Rs2.44 per unit earlier this year, leading several state discoms to try to renegotiate contracts, saying the prices they were paying to purchase power were too high.

ReNew Power, which has invested Rs2,000 crore ($314 million) in Madhya Pradesh, alleges the state discom is not commissioning its plant, despite it being ready a week ago.

“The plant is ready since 30 August, while the specified date of commissioning was 7 September,” said ReNew’s chief operating officer Parag Sharma.

ReNew has written to the discom seeking compensation if the project agreement is terminated, Sharma told Reuters.


Other Latest News
Bank of Baroda signs MoU with ten companies to loan Rs 500 cr
Posted on 21st July 2018
State-run Bank of Baroda signed a Memorandum of Understanding with ten companies including Uber, Oyo, Lava and Flipkart to provide loans to members in their supply chain like drivers and retailers in its efforts to raise its exposure to small enterprises.

“We want to target around 5,000 micro-entrepreneurs and spend at least Rs.500 crores in 2018-19,” said P S Jeyakumar, CEO of Bank of Baroda.


IRCTC to charge portals a fee on each ticket’s sale
Posted on 21st July 2018
MUMBAI: In a move that will make purchase of railway tickets from portals such as MakeMyTrip, Yatra, Paytm and Cleartrip more expensive, the Indian Railway Catering and Tourism Corporation (IRCTC) has said it will charge a fee of Rs 12 plus taxes on every ticket booked from service providers.

Sensex snaps two week winning streak, slips 45 points
Posted on 21st July 2018
The benchmark Sensex snapped its two week winning streaks to register small losses by 45.26 points to conclude at 36,496.37, while the broader Nifty managed to maintain the key 11,000-level to close at 11,010.20, losing a marginal 8.70 points.

Caution ruled roost during the week trade, weighed down by economic woes set-off by the surging June Wholesale price (WPI) inflation which shot-up to a four-year high to 5.77 per cent increased the chances of RBI hiking rates in its August meet.


New Rs 100 note poses fresh headaches for ATM operators
Posted on 21st July 2018
The Reserve Bank of India’s (RBI) announcement launching a new series of 100-rupee denomination notes has been greeted with trepidation by the major companies engaged in the manufacture and supply of Automatic Teller Machines (ATMs) in the country.

Like the new post-demonetisation Rs 2,000, Rs 500, Rs 200 and the new Rs 50 notes and Rs 10 notes, even the new lavender-coloured Rs 100 is a tad smaller in size compared to the blue-coloured Rs 100 notes currently in circulation.


Facebook suspends US-based analytics firm over data concerns
Posted on 21st July 2018
After the Cambridge Analytica data scandal, Facebook has now suspended Boston-based data analytics company Crimson Hexagon over concerns that it harvested users’ data.

According to a report in The Wall Street Journal late on Friday, the social media giant was investigating whether the analytics firm’s “contracts with the US government, a Russian non-profit organisation tied to the Kremlin and the Turkish government violate the platform’s policies”.


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