by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Investing, Large Enterprise, Medium Enterprise
Visakhapatnam : Green energy firm ReNew Power will invest Rs 13,000 crore over five years to develop renewable energy capacity in Andhra Pradesh as per an MoU signed with the state government on Sunday, a company statement said here.
The agreement was signed at the ongoing three-day CII Partnership Summit here, ReNew Power said.
“The Memorandum of Understanding (MoU) envisages the development of 1,000 MW of installed capacity for solar power and another 1,000 MW of wind over the next five years by ReNew Power,” it said.
“The projects, put together, have the potential to create direct employment for 4,000 people and indirect employment for 6,000 people, while providing access to clean energy in the state,” it said.
ReNew Power Chief Executive Sumant Sinha said: “We already have more than 300 MW of installed green energy capacity in Andhra Pradesh. With this proposed investment, we want to further enhance our support to the state in meeting its energy requirements in a more sustainable way and also create thousands of jobs.”
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate finance, Emerging Businesses, Investing
New Delhi : Essel Infraprojects Ltd (EIL), the infrastructure arm of Essel Group on Thursday, announced its foray into the electronic vehicle (EV) segment by committing investments worth Rs 4,250 crore for the sector in Uttar Pradesh.
“EIL inked a memorandum of understanding (MoU) to this effect at the UP Investors Summit in Lucknow on Wednesday,” the company said in a statement, adding it has committed to an investment of Rs 3,000 crore for bringing out 1,000 E-buses from intrastate UP to the National Capital Region.
The company said that it will invest Rs 500 crore for development of e-rickshaws with battery charging and swapping stations.
It will put in another Rs 750 crore for development of bus terminals in the state, the statement said.
The proposed investments will generate over 54,000 employment activities in the state, said Essel Group Chairman Subhash Chandra.
—IANS
by admin | May 25, 2021 | Business, Corporate, Corporate Buzz, Emerging Businesses, Investing
Mukesh Ambani
Lucknow : Reliance Jio will invest another Rs 10,000 crore in Uttar Pradesh over the next three years, Reliance Industries Limited Chairman Mukesh Ambani said here on Wednesday.
“Today I am happy to inform this audience that Jio is one of the largest investors in Uttar Pradesh with investments of over Rs 20,000 crore. Jio is providing the highest quality data at the lowest price in the world to over 2 crore citizens of Uttar Pradesh,” Ambani said while addressing the Uttar Pradesh Investors’ Summit 2018.
“I have come to Lucknow to assure the Prime Minister and the Chief Minister that Jio’s Digital Revolution is here to make the maximum contribution to UP’s development revolution,” he added.
While talking about affordable handsets, JioPhone, Ambani said: “Jio will make available over two crore JioPhones in UP within the next two months on a priority basis.”
He mentioned that Jio has already created over 40,000 direct and indirect jobs in the state.
“Jio will establish a Centre for the Fourth Industrial Revolution within the campus of a reputed university in Uttar Pradesh,” Ambani added.
—IANS
by admin | May 25, 2021 | Investing, Property, Venture Capital, World
Beijing : China has restricted the investments its companies can make overseas in several sectors including property, hotels and equity investment funds while easing curbs in sectors like electricity and telecoms, it was reported on Monday.
The National Development and Reform Commission has updated its list of “sensitive sectors” in which investment in other countries will be restricted. The new list will be effective from March 1, the People’s Daily reported.
Under the new regulation, Chinese companies wanting to invest overseas in projects concerning telecom, large-scale land development, electric mains and power grids will only need to complete record filings with the authorities like other common sectors without the need for special official approval.
These sectors have been removed from the “sensitive sectors” list for the first time since 2014.
Among the sectors added to the list by the Commission were the arms industry, investment in property, hotels, cinemas, entertainment, sports clubs and equity investment funds, Efe news cited the daily as saying.
Cross-border water resource development and news media were retained on the list. The decision was part of the government’s desire to reduce “irrational investment” overseas.
China’s non-financial outbound direct investment in 2017 fell 29.4 per cent year-on-year to $120.08 billion.
—IANS
by admin | May 25, 2021 | Business, Emerging Businesses, Investing, SMEs
Muscat : Indian Prime Minister Narendra Modi on Monday invited Omani businesses to invest in the country as he showcased the government’s initiatives to further ease doing of business in the “New India”.
Addressing around 50 Omani chief executives at the Oman-India Business Meet here, Modi said that the reforms were aimed at preparing India for the 21st century and make it a global manufacturing hub.
He said India was ushering in a knowledge-based technologically driven society which presents many opportunities for Omani businesses.
“Four countries in four-days strengthening our footprint in Gulf and West Asia! PM @narendramodi begins Day 4 with business – Oman-India Business Meet in Muscat. Pitching India as an attractive destination,” Indian External Affairs Ministry spokesperson Raveesh Kumar tweeted.
Listing some of the major reforms by the government in the last over three years, Modi noted that India had climbed to the third position in the global Start-up Index.
On Sunday during his meeting with Sultan of Oman Qaboos Bin Said Al Said, Modi voiced his appreciation of the Indian expatriates for their contributions to Oman’s development.
Oman is home to over 800,000 expatriate Indians and Modi, in a community gathering earlier on Monday, praised their role in the Gulf country’s development.
Following the meeting between Modi and Sultan Qaboos, eight agreements were signed between India and Oman.
These include three memorandums of understanding on cooperation in the fields of health, outer space, diplomacy and defence studies and analyses.
The India-Oman defence cooperation has emerged as a key pillar of the strategic partnership between the two countries.
Oman is a strategic partner of India in the Gulf and an important interlocutor at the Gulf Cooperation Council (GCC), Arab League and Indian Ocean Rim Association (IORA).
Modi arrived here on Sunday evening on the third and final leg of his visit to West Asia and the Gulf that also took him to Palestine and the United Arab Emirates.
—IANS
