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New Delhi, April 23, 2016: As India gears up to meet its ambitious renewable energy targets of 175 GW of installed capacity by 2022, the country is exploring international mechanisms of funding and is evaluating new and innovative tools to finance the renewables sector.

As a step in this direction, Indian public sector giants are likely to examine rupee denominated debt instruments like Masala Bonds to create and develop a new market and identify benchmark prices for these new instruments. The issuances which would be offered by blue chip government companies are expected to help evolve new vistas of funding for the renewable energy space.

“Companies including NTPC, Neyveli Lignite Corporation, Power Finance Corporation, Power Trading Corporation and Rural Electrification Corporation are likely to launch these Masala Bonds totalling $1 billion in the next three or four months in the UK to gauge the investor appetite. The tenor of these bonds is likely to be limited to a band of five to seven years and these are going to be in smaller denominations ranging from $150-250 million. These will be subject to decisions made by the Boards of the PSU energy companies.

In addition, Energy Efficiency Services Limited could explore issuance of Green Masala Bond subject to credit rating. ,” said Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal and New and Renewable Energy, Government of India. He was speaking at a Round table, “Financing Renewables and Energy Efficiency” organized by the City of London in London today.

In 2015, IFC issued the first Masala bond listed on the London Stock Exchange. The bonds worth over Rs 1000 crore were issued in a range of tenors, including a ten-year, 10 billion rupee-denominated bond to raise funds for infrastructure projects. Masala bonds are primarily rupee denominated bonds issued to overseas buyers

Talking about the changing landscape the Minister said that several measures are being taken to address the risks in the system one among them the distribution reform UDAY. This is expected to hard stop future losses for distribution companies and is targeted to get these companies back on track. While some of these companies are likely to be revived sooner the entire distribution segment should be on track by 2019. Shri Goyal also announced that IREDA is coordinating a billion dollar equity fund perhaps the largest in the renewable space. This will be professionally managed by an independent international fund management company. Indian public sector companies gave already committed $ 315 million.
 
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New Delhi, April 24, 2016: The 100 smart cities mission launched by the government to inject our cities with the latest infrastructure and amenities is ambitious and unprecedented.

The project requires smart planning and organisation to make Prime Minister Narendra Modi’s vision a reality. Important factors include, preparing the roadmap with schedules for completion of each task; allotment of funds and resources; technical provisions to build smart cities; involvement of countries, ministries, associations, etc., and how their efforts can be leveraged to create “smart cities” in India.

To address these questions, the Exhibitions India Group is organising the 2nd edition of Smart Cities India 2016 expo at Pragati Maidan, New Delhi from 11-13 May 2016.

The expo will attract 350 exhibitors from 50 countries showcasing their capabilities over three days.

Respected names like Logipix Ltd (Hungary) will display high resolution cameras for city surveillance; Cleverciti Systems GmBH Germany), will display sensors for managing parking; Ecube Labs (Korea), will display IoT based intelligent solutions for managing waste; REC Solar ( Noway), will showcase solar solutions, including integrated manufacturing of polysilicon to wafers, cells, panels and turnkey solar solutions; Sundrax LLC (Russia), will present Intelligent street lights; while Trestor Inc. (Canada), will demonstrate solutions for building smart communities, and many other innovators will demonstrate a wide variety of products and solutions.

In addition to the exhibition, 300 leaders from around the world will converge at the conference including: Anders H. Lier (President & CEO, Enoro, Norway); Dr. Chirine Etezadzadeh (Head of Institute, SmartCity.institute Germany); Doug Haines (CEO, Haines Security Solutions, United States); Julian Marwitz (CEO, Arineos, Germany); Maria Adahl (Director, Open Arena-Urban Development, Sweden); and Ruben Dubelaar (Project Director, Dutch Sports Infrastructure (FME), Netherlands) , etc.

The forum will host concurrent conference sessions on topics including: “Evolution of connected transport ecosystems”; “Make in India”; “Solar rooftops technologies & engineering”; and “Waste management solutions”; “Debt & equity financing”; and “National and international policies and financing models”, etc.

The expo will be a platform for other nations to share case studies, insights, and technical know-how while building smart cities in their own countries. Individual country pavilions at the expo will be from the Czech Republic, Holland, Norway, Sweden, and Taiwan. One of the largest pavilions at the expo will be hosted by the Taiwan External Trade Development Council (TAITRA) and Taipei World Trade Center Liaison Office (Mumbai), with more than 100 companies displaying their technologies, products and services.

Commenting on their participation, Michael Lin, Director of Taipei World Trade Center Liaison Office, Mumbai, said: “India's economic outlook looks promising, especially with the Indian government actively launching initiatives such as Make in India, Digital India and Smart Cities. The country has demonstrated a strong potential for development. Taiwan is well known for producing advanced technology products. We are keen to take part in this initiative, and look forward to form partnerships with India in this period of growth.”

The country pavilion hosted by the Netherlands, will demonstrate the best smart cities solutions in the areas of electric mobility, smart infrastructure, traffic management, and urban planning, etc.

Fons Stoelinga, Ambassador of the Netherlands to India, said: “The Netherlands has a long-standing tradition in comprehensive integrated planning. It combines drawing up long-term agendas, working in alliances, planning based on design and research, and producing integrated visions on water, housing, infrastructure, and nature. Our experience has proven helpful in facing the challenges of our urbanizing world. Through our participation in the Smart Cities India 2016 expo, we truly hope to share this experience with India.”

Speaking about the upcoming expo, Prem Behl, Chairman, Exhibitions India Group, said: “Smart Cities are important to transform the lives and living conditions of every citizen in the country. This mission cannot be accomplished without substantial investments from the state and central institutions; international and domestic agencies; NGO’s and corporates; etc. We have received an incredible response from countries and companies to participate in the expo, clearly demonstrating international interest towards the Smart Cities mission launched by Prime Minister Narendra Modi.”

The exhibition and conference will cover many segments, including: Waste and water management; Smart environment; Urban planning; Green buildings; Smart transport; IT & communications; e-Governance; Safety & security; Smart grid; Clean energy; Education & skills to build smart cities; Smart manufacturing; Make in India; Smart health; Disaster management, etc.

The 2nd Smart Cities India 2016 expo has the support of 10 central ministries and a host of international associations.

To view the complete list, please visit: http://www.smartcitiesindia.com/supports.aspx#endorsements

Corporate Comm India (CCI Newswire)

 
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New Delhi, April 25, 2016: The international crude oil price of Indian Basket as computed/published today by Petroleum Planning and Analysis Cell (PPAC) under the Ministry of Petroleum and Natural Gas was US$ 40.33 per barrel (bbl) on 20.04.2016. This was higher than the price of US$ 40.30 per bbl on previous publishing day of 19.04.2016.

In rupee terms, the price of Indian Basket decreased to Rs. 2671.72 per bbl on 20.04.2016 as compared to Rs 2686.96 per bbl on 19.04.2016. Rupee closed at Rs 66.24 per US$ on 20.04.2016. The table below gives details in this regard:

Particulars

Unit

Price on April 20, 2016 (Previous trading day i.e. 19.04.2016)

Pricing Fortnight for 16.04.2016

(30 Mar to 12 Apr, 2016)

Crude Oil (Indian Basket)

($/bbl)

40.33 (40.30)

36.98

(Rs/bbl

2671.72 (2686.96)

2455.84

Exchange Rate

(Rs/$)

66.24

66.41

YKB/RG/Rk/Daily Crude Oil Price- 21.04.2016

 
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New Delhi, April 25, 2016: Shri Piyush Goyal, Union Minister of State (IC) for Power, Coal and New & Renewable Energy is currently visiting U.S.A. (from 20 to 22April) to participate in the launch of programmes under International Solar Alliance today at the United Nations, New York. The Minister is accompanied by an official delegation which included Secretary, Ministry of New & Renewable Energy and Joint Secretary, Ministry of New & Renewable Energy.

On 21st April, the Minister met with Mr. Stephen Schwarzian, Chairman, CEO & Co-Founder, Blackstone Group over lunch and discussed investment opportunities in India and the transparent policy regime that the Government under Prime Minister Shri Narendra Modi has ushered in. Shri Goyal also held meetings with Mr. Jack Kutner, CEO Big Belly, Mr. Richard Kauffman, Chairman of Energy and Finance, Office of the Governor of New York, Mr. Saurabh Agarwal of Warburg Pincus and Mr. Alfred Griffin, President of the New York Green Bank. The Minister also addressed a meeting of large number of American investors and developers in the field of Renewable Energy which was jointly organized by Confederation of Indian Industry (CII) and US-India Business Council (USIBC) in the evening. Earlier the Minister had held interactions with print and electronic media at the Consulate General of India, New York.

In his forward looking discussions with the business dignitaries, Shri Goyal highlighted the achievements of the Government and said the Government is committed to implement the promises made by the Hon’ble Prime Minister Shri Narendra Modi. He briefed about various steps undertaken by the Government to improve energy access, rapid scale up of renewable energy, enhancing grid reliability, integration of renewable in the grid and the massive opportunity presented by the untapped demand in the Indian market. The Minister outlined the steps being taken to improve the contractual/counter-party risk framework which is critical to all investors and about initiatives such as greening the grid, National Solar Mission, LED programme for enhancing energy efficiency. Speaking on Ujwal Discom Assurance Yojana (UDAY), the Minister stressed upon the steps being taken to bring a drastic change in India’s power sector that can take India to double digit growth trajectory in the economy. He also mentioned that India already has surplus power and demand stimulation through UDAY coupled with the growth in the Indian economy will quadruple electricity consumption by 2030.

Shri Goyal also stressed that the Government is taking necessary actions to sustain the current economic growth of India and continue with major initiatives that are taken by the Government to make it more business friendly. He also expressed hope that given the prediction of good monsoon this year, the country may see double digit growth by end of 2016-17 financial year itself. He also highlighted the need of India to have low cost, long tenor finance for his ambitious renewable energy scale of and requested the investors to look at India as an option for investment. He urged investors to take advantage of three Ds – democracy, demography and demand – which India provided.

 
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Washington, April 27, 2016: At an industry roundtable hosted by the U.S.-INDIA BUSINESS COUNCIL (USIBC) in New York, Piyush Goyal, Minister of State with Independent Charge for Power, Coal, New & Renewable Energy discussed India’s ambitious target of achieving 175 GW of renewable generation capacity and innovative ways of mainstreaming energy efficiency.

Addressing senior business executives from the U.S. and Indian industry, Minister Goyal said, "I am happy to announce that Energy Efficiency Services Limited (EESL) will set up 21 offices internationally, starting with its first office in New York. The Green Bank and Energy Council in the U.S. have shown great interest. I am confident about the Rupee in the long run and the Rupee could possibly become stronger 10 years down the line."

In addition to low cost long term financing options for India’s ambitious renewable energy plans, Minister Goyal also discussed the need to address hedging currency volatility in tariffs and the need for a stable and simplified policy and regulatory regime that includes standardized power purchase agreements. He also briefed the participants on the steps that the Government of India is undertaking to scale up transmission systems and enhance grid reliability.

Lauding Minister Goyal’s efforts to improve energy access across India, USIBC President Mukesh Aghi said, “Minister Goyal’s actions over the last two years have gone a long way in addressing stakeholder concerns in the renewable energy sector and improving ease of doing business in India. USIBC members stand committed to helping India achieve its 175 GW renewable energy target.”

Optimistic and appreciative of Government’s new renewable energy initiatives, Parag Saxena, founding general partner and CEO of New Silk Route welcomed the focus on power sector investment opportunities and private sector involvement. He said, “Mitigating the risk for investors (and lowering the demanded return) could be achieved by PPPs or by lowering the cost of hedging currency risk".

"SkyPower considers India to be one of our core markets of interest and one of the most promising opportunities for accelerated investments in renewables," said Kerry Adler, President and Chief Executive Officer, SkyPower.

Corporate Comm India (CCI Newswire)
 
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New Delhi, April 30, 2016: The Union Cabinet chaired by the Prime Minister Shri Narendra Modi has given its approval to enhance investment by Bharat Petroleum Corporation Limited (BPCL) in Bharat Oman Refineries Limited (BORL). The investment amount could be enhanced upto a maximum of Rs.3000 crore by way of subscription of convertible warrants / other instruments giving right to convert it into equity shares to be issued by BORL, beyond DPE guidelines dated 05.08.2005.

The infusion of funds by the BPCLs will enable BORL to overcome the implications on account of the erosion of the net worth. Besides it will enhance the availability of petroleum products in the Northern and Central parts of the country, industrial development of Madhya Pradesh and substantial increase in employment and tax earnings in the State.

Background:

Bharat Petroleum Corporation Limited (BPCL) is a public sector undertaking under the Ministry of Petroleum and Natural Gas. It has promoted a joint venture company with Oman Oil Company Limited (OOCL) named Bharat Oman Refineries Limited (BORL). The BORL has commissioned the 6 MMTPA (120 Thousand Barrels Per Day) Refinery at Bina in Madhya Pradesh, in June, 2011 at a project cost of about Rs. 12,754 crore. Currently the refinery is operating at 100% of its installed capacity.

The company now proposes to undertake a debottlenecking project at the refinery to further increase the refining capacity from 6 MMTPA to 7.8 MMTPA. The estimated project cost is Rs.3,072 crore, with an overall implementation schedule of 36 months from date of receipt of environmental clearances (Zero Date). The highlights of the proposal for debottlenecking project include certain modifications to produce products in accordance to the new Auto Fuel Policy.

Hence, there is a need for immediate infusion of funds in BORL by the shareholders. OOCL while expressing their support for the project, had indicated that they are not prepared to commit further funds for the project at this stage. Therefore, BPCL Board has decided to infuse funds to the tune of Rs 3,000 Crore for funding the debottlenecking project and for meeting the extraordinary losses suffered on account of the sharp fall in the prices of crude oil and finished products.

Government has, accordingly, decided to grant approval to the proposal of BPCL to enhance its investment in BORL by an additional amount of up to Rs. 3,000 crore for completion of the de-bottle necking project.
 

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