The Supreme Court on Monday extended a lifeline to the three troubled imported-coal-based power plants of Tata, Adani and Essar in Gujarat by allowing the Central Electricity Regulatory Commission (CERC) to amend their power purchase agreements (PPAs) to facilitate pass-through of future fuel price escalation subject to a cap.
State Bank of India has approached the Supreme Court to implement the recommendations of a committee that had suggested increasing tariffs or waiving a portion of the loan owed by Adani, Tata and Essar Group’s power companies.
In a U-turn, the government has decided to offer a direct subsidy of around Rs 1.4 lakh for each electric car, while extending benefits to those purchasing other electric vehicles (EVs) too, such as two- and three-wheelers.
The Gujarat government has set up a panel to suggest within two months a rescue plan for three large generation projects belonging to the Tata, Adani and Essar groups in the state, with combined PPA (power purchase agreements) for over 8,000 MW and outstanding debts in excess of Rs 22,000 crore.
Tata Sons chairman N Chandrasekaran will present his five-year vision plan for the group’s larger listed companies, updates of various mergers and acquisitions, and progress on the creation of different business verticals at a two-day board meeting starting Tuesday in London.
Tata Steel, which bought Bhushan Steel, the bankrupt promoter of power company Bhushan Energy, is now the sole bidder in the fray for the latter too, said two people familiar with the development.
The Maharashtra State Electricity Distribution Company has awarded the 1,000 mw of floating solar capacity on the Ujjani Dam
Essar Steel’s insolvency resolutionprocess is poised at a crucial juncture with fresh bids likely to be invited for the steel company, but the Tata and Vedanta groups are unlikely to join the bidding fray.
Adani Group, Waaree Group, Vikram Solar and Tata Power Solar are among the top few domestic solar manufacturers who would stand to benefit from the abolition of 5% customs duty on solar tempered glass as announced in the budget.
At least four firms, namely Greenko Group, Tata Power, Adani Group and Torrent Power, have evinced interest in acquiring Central Electricity Supply Utility of Odisha (CESU), said two people aware of the development.