Cabinet approves Rs 375 billion scheme for coal and lignite gasification (India)
The union cabinet has approved a scheme with a financial outlay of Rs 375 billion for the promotion of surface coal and lignite gasification projects selected through a competitive bidding process. Under the scheme, around 75 million tonnes of coal and lignite are targeted to be gasified, contributing towards India’s overall goal of 100 million tonnes of coal gasification by 2030. The scheme caps incentives for a single project at Rs 50 billion, for a single-product category (excluding synthetic natural gas and urea) at Rs 90 billion and for a single-entity group across all projects at Rs 120 billion.
The finance ministry approves Rs 55 billion floating solar BESS
The expenditure finance committee under the finance ministry has approved a Rs 55 billion scheme to support floating solar projects integrated with battery energy storage systems (BESSs). The proposed scheme aims to incentivise the deployment of floating solar installations coupled with storage capacity across the country. It is intended to help states and developers expand renewable energy capacity, while enhancing grid reliability through integrated storage solutions. The proposal will be placed before the union cabinet for final approval.
Powergrid board approves Rs 40 billion loan facility from SBI
Power Grid Corporation of India Limited’s (Powergrid’s) board of directors has approved raising funds through an unsecured rupee term loan or line of credit bank facility of up to Rs 40 billion from the State Bank of India (SBI). The funding aims to bolster its financial stability and support the ongoing operations and infrastructure development.
PFC board clears proposal for REC merger
The board of directors of Power Finance Corporation Limited (PFC) has approved a proposal for the merger of REC Limited with PFC and authorised its chairman and managing director to seek approval from the President of India.
The merger will be implemented based on a share exchange ratio to be determined by appointed valuers, while ensuring that the merged entity continues to retain its government company status. Upon completion, all assets and liabilities of REC will be transferred to PFC, following which REC will stand dissolved.
Maharashtra government signs MoUs worth Rs 6.5 trillion for nuclear power projects
The Maharashtra government has signed MoUs with NTPC Limited, Adani Power Limited, Reliance Industries Limited and Lalitpur Power Generation Company Limited to attract investments worth Rs 6.5 trillion in the nuclear energy sector.
Reliance Industries and Lalitpur Power Generation Company will invest Rs 2 trillion each for the development of 7,200 MW and 5,000 MW of nuclear power capacity, respectively. Adani Power will invest Rs 1.5 trillion for 6,000 MW capacity, while NTPC will invest Rs 1 trillion to develop 7,200 MW capacity.
CCI approves acquisition of GVK Energy by Adani Power
The Competition Commission of India (CCI) has approved the acquisition of 100 per cent share capital and control of GVK Energy Limited by Adani Power Limited. The proposed transaction is being undertaken through the corporate insolvency resolution process initiated against GVK Energy under the Insolvency and Bankruptcy Code, 2016.
Central government approves Mahanadi Coalfields for IPO
The central government has approved the proposal for listing of Mahanadi Coalfields Limited (MCL) through a combination of fresh equity issuance and stake sale by Coal India Limited (CIL). Under the approved proposal, CIL may dilute up to 25 per cent of its shareholding in MCL through a sale offer as part of the company’s initial public offering (IPO) and through subsequent tranches. MCL may also raise capital through fresh equity issuance as part of the IPO, or through follow-on public offers, qualified institutional placements, or other Securities and Exchange Board of India-approved routes.
JSW Energy divests partial stake in JSW Steel for Rs 31.5 billion
JSW Energy Limited has divested 25 million equity shares of JSW Steel Limited through a bulk deal on the National Stock Exchange of India Limited, raising gross proceeds of Rs 31.5 billion. The transaction was undertaken as part of a strategic liquidity release. Following the stake sale, JSW Energy’s holding in JSW Steel stands at 45.04 million equity shares.
ADB launches $70 billion Pan-Asia Power Grid Initiative (Overseas)
The Asian Development Bank (ADB) has announced plans to support $70 billion in energy and digital infrastructure investments across the Asia-Pacific region by 2035, including a $50 billion initiative focused on cross-border electricity transmission and regional power grid integration. Under the initiative, ADB will work with governments, utilities, private sector entities and development partners to support the development of cross-border transmission lines, substations, ESS and grid digitalisation infrastructure aimed at strengthening regional electricity interconnections.