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SECI extends deadline for 3,000 MW solar tender
Posted on 23rd April 2019
The Solar Energy Corporation of India (SECI) has extended the deadline for receiving bids for the government’s manufacturing-linked solar scheme to May 14. This is the third time the SECI has extended the date – original deadline was March 18, 2019. The scheme seeks to set up 3 gigawatt (GW) of solar plants against 1.5 GW of manufacturing units.

This is the second phase of the tender launched in January 2019, after the government’s maiden call for a similar contract had to be cancelled due to tepid industry response. SECI’s initial invitation for a 10 GW of manufacturing-linked solar tender had received quotes for only 2 GW capacity put forward by Azure Power. The scheme had failed to attract developers even after the SECI had sweetened the terms for bidders multiple times.

The Solar Energy Corporation of India (SECI) has extended the deadline for receiving bids for the government’s manufacturing-linked solar scheme to May 14. This is the third time the SECI has extended the date – original deadline was March 18, 2019. The scheme seeks to set up 3 gigawatt (GW) of solar plants against 1.5 GW of manufacturing units.

The development comes with the slowing pace of adding renewable generation capacities. In FY19, as much as 8.6 GW of renewable capacity were added, down from 11.8 GW commissioned in FY18. As much as 41 GW of renewable energy projects have been tendered in the first three quarters of FY19, while nearly 17 GW of tenders have been cancelled at the same time, mostly due to muted response from project developers.

At the end of Q3FY19, nearly 18 GW of solar projects were under various stages of development. The country plans to have 175 GW of installed renewable power capacity by FY22.

The target, however, now seems achievable as 45 GW of hydro power plants would now be counted as renewable energy after a recent Cabinet decision.


Other Latest News
Infosys completes acquisition of 75 pc stake in ABN AMRO Bank subsidiary Stater
Posted on 24th May 2019
New Delhi: IT services major Infosys on Friday said it has completed the acquisition of 75 per cent shareholding in ABN AMRO Bank's wholly-owned Stater NV.

In March, the country's second largest IT services firm had said it will acquire 75 per cent stake in Stater for 127.5 million euros (about Rs 989 crore). ABN AMRO continues to hold the remaining 25 per cent.


OVL FY19 net profit jumps 71 pc on rise in oil production
Posted on 24th May 2019
New Delhi: ONGC Videsh Ltd, the overseas investment arm of state-owned Oil and Natural Gas Corp (ONGC), on Friday reported a 71 per cent jump in its 2018-19 fiscal year net profit on the back of a spike in crude oil production.

Consolidated net profit in April 2018 to March 2019 period at Rs 1,682 crore was 71.4 per cent higher than Rs 981 crore net profit in the previous financial year, the company said in a statement here.


SBI to engage with 1 lakh customers on Tuesday to resolve concerns
Posted on 24th May 2019
The country's largest lender SBI will conduct a customer outreach programme next week to address their queries and seek suggestions to improve services.

The 'Mega Customer Meet', to be held on Tuesday, is expected to engage with 1 lakh bank customers across 500 locations through 17 local head offices across the country.


Air India sale: EY back on job, EoI to be ready soon
Posted on 24th May 2019
The government has put top consultancy firm EY to work for divesting its stake in flag carrier Air India and "quickly" issue expression of interest (EoI).

"EY continues to be the transaction advisor for the sale of Air India. We have been directed to close the accounts for FY 2018-19 and provide updated data for EoI to take the disinvestment process forward," said a senior Air India official.


Ashok Leyland reports 12% decline in Q4 net profit at Rs 652.99 cr
Posted on 24th May 2019
Commercial vehicle major Ashok Leyland Friday reported 12.12 per cent decline in net profit at Rs 652.99 crore for March quarter, 2018-19.

The company posted a profit of Rs 743.12 crore for the same period of 2017-18.


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