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<keyword id="6367820" type="General" weightage="20" keywordseo="Adani-group" source="Orion">Adani group</keyword> will set up two new cement manufacturing plants, 15,000 MW of renewable power projects and a data centre in Andhra Pradesh as it looks to double down on its presence in the state, <keyword id="1033941" type="General" weightage="100" keywordseo="Karan-Adani" source="Orion">Karan Adani</keyword>, founder family's scion, said on Friday. The apples-to-airport group plans to double the capacity of the two seaports it operates at Krishnapatnam and Gangavaram in the state, he said at the <keyword id="16314204" type="General" weightage="100" keywordseo="Andhra-Pradesh-Global-Investors-Summit" source="Orion">Andhra Pradesh Global Investors Summit</keyword> here but did not give investment numbers. The investments will be on top of the Rs 20,000 crore already invested in the state, which created more than 18,000 direct and 54,000 indirect jobs. <keyword id="76451" type="General" weightage="90" keywordseo="adani" source="Orion">Adani</keyword>, who is the CEO of the group's port company <keyword id="11924019" type="DOMAIN" weightage="20" keywordseo="adani-ports" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="adani ports" meta.entityname="Adani Ports &amp; Special Economic Zone Ltd." meta.entityid="20316" meta.seoname="adani-ports-special-economic-zone-ltd">Adani Ports</keyword> and SEZ Ltd and the son of group founder and chairman <keyword id="111343" type="General" weightage="90" keywordseo="Gautam-Adani" source="Orion">Gautam Adani</keyword>, said the group will set up cement plants with a total capacity of 10 million tonnes per annum at Kadappa and Nadikudi in the state as well as a 400 MW data centre in Visakhapatnam. This is the first public appearance from the Adani family in the country since a damning report by a US short-seller caused a USD 140 billion rout in shares of the group's listed companies. Senior Adani was a notable absentee at a similar investor summit organised by the Uttar Pradesh government in Lucknow last month. Gautam Adani had attended the previous UP investor summit. Karan Adani said currently, Adani Group operates the two largest private ports in Andhra Pradesh - Krishnapatnam and Gangavaram, with a total capacity of 100 million tonnes per annum. "In the next 5 years, not only do we aim to double this capacity, but also transform these ports into industrial port cities," he said. "By developing industrial clusters at Krishnapatnam and Gangavaram and attracting industries, we will be able to reduce the logistics costs drastically, thus making these industries far more competitive globally." The group is also developing 15,000 MW of renewable power projects over the next few years across five districts of Anantapur, Kadapa, Kurnool, Visakhapatnam and Vizianagaram. "Our other investments in the state include cement manufacturing units and data centres. Presently we do not have any cement manufacturing capacity in Andhra Pradesh. Hence, as part of our expansion plans, we will be setting up cement plants in Kadapa and Nadikudi with a total capacity of 10 million tonnes per annum," he said. Also, the group is working on developing a 400 MW of data centre in Visakhapatnam. "These projects will bring further employment opportunities and demonstrate our commitment to the sustainable growth of the state of Andhra Pradesh," he said. He praised Andhra Pradesh for its "excellent infrastructure, large manufacturing base, talented youth, and business-friendly environment." With the second longest coastline in India, the state has been recognised by the World Bank as the No.1 implementer of energy efficiency and conservation programmes. Turning to CSR work being done by Adani Foundation, he said "our footprint in the state of Andhra Pradesh is getting bigger as I speak on this occasion." "We are investing in education, healthcare, nutrition, access to potable water, sports and building an ecosystem of skilling and sustainable livelihood in the state. Our teams are executing programs in Nellore, Tirupati, and Visakhapatnam districts. At present, we have invested over Rs 4200 crore and are touching over 180,000 lives and counting, in the state," he added. Its social intervention and outreach programs across 74 villages include education programs that span across schools, 32 evening education centres with scholarship programs and the distribution of education kits. "We will continue to partner with the government to transform lives &amp; livelihoods in the state. We are honoured to be a part of the sustainable development of the state of Andhra Pradesh," he added. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/people-living-on-footpaths-human-beings-too-cant-just-order-their-removal-bombay-hc/articleshow/98386789.cms">People living on footpaths human beings too, can't just order their removal: Bombay HC</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/tally-health-unveils-innovative-platform-to-enhance-longevity-in-humans/articleshow/98387387.cms">This US-based startup claims to have cracked the process of reverse aging</a>

Adani to set up cement plants, data centre in Andhra Pradesh

AdPorts and Special Economic Zone on Thursday reported that its Profit After Tax or net profits during the just-concluded financial year 2023-24 grew by a whopping 50 per cent to Rs 8,104 crore. In 2022-23, they were at Rs 5,391 crore. During the fourth quarter January-March, the net profits grew 77 per cent to Rs 2,015 crore. Coming to the revenue from operations for the entire financial year and the fourth quarter, they grew 28 per cent and 19 per cent to Rs 26,711 crore and Rs 6,897 crore, respectively. 2023-24 has been a year of many new milestones for <keyword id="20038598" type="General" weightage="20" keywordseo="APSEZ" source="keywords" meta.keywordsubtype="org" meta.entityname="APSEZ" meta.hostid="261" meta.entityid="APSEZ">APSEZ</keyword> on both operational and financial metrics. <keyword id="20051210" type="General" weightage="20" keywordseo="Adani-Ports" source="keywords" meta.keywordsubtype="org" meta.entityname="Adani Ports" meta.hostid="261" meta.entityid="Adani Ports">Adani Ports</keyword> delivered 3x the India cargo growth rate and a record volume of 420 million tonne. "Clearly, the company's business model of end-to-end service, strategic partnership with key customers, leveraging the network effect through its string of ports, and focus on operational efficiencies is yielding results, said Ashwani Gupta, Whole-Time Director and CEO, APSEZ. With incremental cargo volumes of 100 million tonne achieved in less than two years, Adani Ports is well poised to achieve 500 million tonne of cargo volumes in 2025, aided by the recently acquired Gopalpur Port, and the scheduled commissioning of Vizhinjam Port in the current year and WCT (West Container Terminal) next year, said Gupta. "We continue to invest heavily in the business to drive growth, particularly in the logistics segment. Our newly launched trucking segment enables APSEZ to provide the last-mile connectivity solution to its customers. Our efforts towards sustainable business growth are well recognized in the top decile ESG rating from four global rating agencies," added Gupta. In 2023-24, APSEZ said it handled 27 per cent of the country's total cargo and 44 per cent of container cargo. Ten of its ports from the India portfolio recorded their lifetime high cargo volumes for the year. For 2023-24, the APSEZ Board has recommended a dividend of Rs 6 per share. This implies a payout of around Rs 1,300 crore for the company. A dividend is a reward that companies often provide to their shareholders, though it is not mandatory, from a portion of their earnings. APSEZ is the largest port developer and operator in India with seven strategically located ports and terminals on the west coast (Mundra, Tuna, Dahej, and Hazira in <keyword id="19906863" type="General" weightage="20" keywordseo="Gujarat" source="keywords">Gujarat</keyword>, Mormugao in Goa, Dighi in Maharashtra and Vizhinjam in Kerala) and eight ports and terminals on the East coast of India (Haldia in West Bengal, Dhamra and Gopalpur in Odisha, Gangavaram and Krishnapatnam in Andhra Pradesh, Kattupalli and Ennore in Tamil Nadu and Karaikal in Puducherry). SEE ALSO:<a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank"></a> <a href="https://www.businessinsider.in/sports/webstories/india-t20-world-cup-squad-kulcha-back-on-menu-kl-rahul-dropped/slidelist/109730805.cms" target="_blank">India T20 World Cup squad: KulCha back on menu, KL Rahul dropped</a><a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/april-auto-sales-hyundai-continues-to-hold-the-second-position-as-tata-motors-inches-closer/articleshow/109777834.cms" target="_blank">April auto sales – Hyundai continues to hold the second position as Tata Motors inches closer</a><a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank"></a> <a href="https://www.businessinsider.in/business/auto/news/upcoming-cars-and-two-wheelers-launching-in-india-in-may-2024/slidelist/109723620.cms" target="_blank">Upcoming cars and two-wheelers launching in India in May 2024</a>

Adani Ports' net profits jump 50% in 2023-24, registers threefold cargo growth

<ul><li><keyword id="841459" type="General" weightage="20" keywordseo="APSEZ" source="Orion">APSEZ</keyword> witnessed a 62% YoY growth in rail cargo through the Indian Railways' General Purpose Wagon Investment Scheme. </li><li><keyword id="46519" type="General" weightage="80" keywordseo="mundra-port" source="Orion">Mundra Port</keyword>, operating under APSEZ, has managed over 15,000 container trains in FY23.</li><li>Mundra Port witnessed a 4.3% year-on-year growth in double-stack container trains in FY23.</li></ul><keyword id="1697348" type="General" weightage="20" keywordseo="Adani-Ports-and-Special-Economic-Zone" source="Orion">Adani Ports and Special Economic Zone</keyword> (APSEZ), the flagship company of Adani Group, handled the highest ever rail cargo of 120.51 million metric tonnes (MMT) in FY23. It had handled a volume of 98.61 MMT in FY22. APSEZ witnessed a 62% YoY growth in rail cargo through the Indian Railways' General Purpose Wagon Investment Scheme (GPWIS). Mundra Port managed over 15,000 container trains in FY23. In FY23, APSEZ generated an impressive revenue of approximately ₹14,000 crore from rail cargo operations in collaboration with Indian Railways. Mundra Port witnessed a 4.3% year-on-year growth in double-stack container trains in FY23. The utilization of the double stack loading technique for containers on trains ensures energy efficiency and reliability in transportation, leading to reduced per unit cost and enhanced customer satisfaction, the company said. The company said that Mundra Port’s utilization of rail transport significantly reduces the carbon footprint associated with freight transportation. Moreover, the efficient handling of container trains minimizes the reliance on additional truck transport, leading to further reductions in carbon emissions. APSEZ, a subsidiary of Adani Group, has transformed from a port company into an Integrated Transport Utility, offering end-to-end solutions from its port gate to the customer gate. It holds the distinction of being India's largest port developer and operator, with six strategically positioned <keyword id="6413000" type="General" weightage="80" keywordseo="ports" source="Orion">ports</keyword> and terminals on the west coast (Mundra, Dahej, Tuna, and Hazira in Gujarat, Mormugao in Goa, and Dighi in Maharashtra). It also has five ports and terminals on the east coast of India (Dhamra in Odisha, Gangavaram, and Krishnapatnam in Andhra Pradesh, and Ennore, Karaikal, and Kattupalli in <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword>). These ports and terminals account for 24% of the country's total port volumes, enabling the handling of significant amounts of cargo from coastal regions and the hinterland.

Adani Ports records highest-ever rail cargo of over 120 mmt in FY23

<ul><li>India’s richest and world’s third richest person <keyword id="111343" type="General" weightage="50" keywordseo="gautam-adani" source="Orion">Gautam Adani</keyword> was in the hot seat on Rajat Sharma’s ‘Aap Ki Adalat’ show on Saturday.</li><li>In the hour-long show, the billionaire from Gujarat addressed several controversial topics like his closeness with the ruling BJP, his group debt and more.</li><li><keyword id="76451" type="General" weightage="100" keywordseo="adani" source="Orion">Adani</keyword> revealed that Reliance Industries’ founder, the late Dhirubhai <keyword id="10924" type="General" weightage="80" keywordseo="ambani" source="Orion">Ambani</keyword> is his role model, and that Mukesh Ambani is a very good friend.</li></ul>India’s richest and world’s third richest person Gautam Adani was in the hot seat on Rajat Sharma’s ‘Aap Ki Adalat’ show on Saturday. In the hour-long show, the billionaire from Gujarat addressed several controversial topics like his closeness with the ruling BJP, and Mukesh Ambani, his closest rival. “To become successful, discipline and hard work is the only formula, leave the rest to God,” Adani said in the opening segment of the<a href="https://www.youtube.com/watch?v=pYKPBgNPlVo"> show</a>. <cmsannotation type="cmsannotation" annotationid="‘Doubting the class topper who achieved the first rank’" comment="subhead" text="‘Doubting the class topper who achieved the first rank’">‘Doubting the class topper who achieved the first rank’</cmsannotation> The show, which is known to make top celebrities answer the most uncomfortable questions about themselves, started off with the political connections that Gautam Adani allegedly enjoys. The opposition parties have termed Adani’s meteoric rise as a case of “<a href="https://www.indiatoday.in/india/story/rahul-gandhi-bharat-jodo-yatra-delhi-red-fort-address-2313120-2022-12-24">crony</a> capitalism”. He is known to be close to the ruling BJP government. One of Adani’s frequent critics is Rahul Gandhi, senior leader of the primary opposition party, the Indian National Congress. The show’s anchor Sharma pointed out how Gandhi has been critical of Adani over the past eight years, calling him “ungrateful”, amongst other things. On this, Adani said, “Rahul Gandhi is a senior leader of the Congress party. As an industrialist, I think it’s not good that I pass a comment about him. He’s a respected leader and wants the progress of the country. Sometimes in the heat of politics, he makes a comment, but I don’t consider it anything more than a political comment.” Adani added that his companies don’t bag projects in only BJP-ruled states. “We want to make maximum investments in every state. Adani group is happy that it is working in 22 states, and not all of them are ruled by the BJP,” he said. “I can say with clarity that we do not have any problem with any state government. We work in Left-ruled Kerala, with Mamata Didi in West Bengal, in Naveen Patnaikji’s Odisha, with Jagan (in Andhra Pradesh), and KCR (in Telangana),” he added. <div type="Article" hostid="261" msid="96610248" title="Gautam Adani: Man of the year" mstype="2" mssubtype="0"></div> Gandhi also alleged that the Modi government has given away business in key areas like mining, green energy, power and others to Adani’s group companies. On this, Adani said, “We have not done any work without bidding. We don’t enter any business without bidding or merits. Adani’s group’s philosophy has been to not touch anything without bidding.” “This is like doubting how the class topper has achieved the first rank,” he quipped. <cmsannotation type="cmsannotation" annotationid="‘Lenders don’t give loans based on what someone says’" comment="subhead" text="‘Lenders don’t give loans based on what someone says’">‘Lenders don’t give loans based on what someone says’</cmsannotation> Adani’s rise has also been criticized for being <a href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">funded by debt</a>. Sharma pointed out that Adani’s critics say he has over ₹2 lakh crore worth of debt in the books of his companies. Responding to this, Adani said, “Our credit rating is equal to that of India’s sovereign rating. We have brought down the share of loans taken from banks in India to 35% of our total debt now, from 80% in 2013.” “The rest of it is from outside India, and those lenders don’t give loans based on what someone says in India. So, this allegation is entirely baseless,” he added. <div type="Article" hostid="261" msid="91829090" title="Understanding Gautam Adani’s rise: a story on how to generate wealth via hope, equity and of course debt" mstype="2" mssubtype="0"></div> <cmsannotation type="cmsannotation" annotationid="‘Mukesh bhai is a very good friend’" comment="subhead" text="‘Mukesh bhai is a very good friend’">‘Mukesh bhai is a very good friend’</cmsannotation> As Adani rose through the ranks of the world’s richest, he also displaced Mukesh Ambani as India’s richest man — who had been holding on to the tag for a very long time. In addition, both the business groups’ interests clash be it green hydrogen, renewable energy and most recently media. On the topic of rivalry, Adani said that Ambani is a very good friend of his, and that his late father, Dhirubhai Ambani is his role model. “Dhirubhai is a role model. The way he set up and scaled Reliance Industries even before liberalization, he showed the way forward. He is an inspiration,” Adani said. Adani also praised Mukesh Ambani, saying he took the Reliance group forward and expanded it. “Mukesh bhai is a very good friend. I respect him a lot. He gave Reliance Industries a new direction with Jio, technology and retail, apart from his primary petrochemical business. He has made a big contribution towards developing the country,” he said. SEE ALSO: <a href="https://www.businessinsider.in/finance/banks/news/sbi-hdfc-bank-axis-bank-among-other-private-and-public-bank-earnings-could-see-a-further-ramp-up-in-q3-2022/articleshow/96768992.cms">Bank earnings could see a further ramp up in Q3, say analysts</a> <a href="https://www.businessinsider.in/business/startups/news/skippi-ice-pops-what-this-hyderabad-popsicle-brand-is-doing-after-raising-rs-1-crore-from-shark-tank-india-season-1/articleshow/96759786.cms">Skippi Ice Pops – how the Hyderabad-based popsicle brand fared after bagging a ₹1 crore deal on Shark Tank India S1</a> <a href="https://www.businessinsider.in/business/corporates/news/tcs-infosys-wipro-and-other-it-companies-earnings-preview-for-q3-fy23/articleshow/96731891.cms">December quarter likely to be a weak one for the IT sector – Infosys amongst top analyst picks</a>

Dhirubhai Ambani is my role model and Mukesh Ambani a very good friend, says Gautam Adani

Amaravati, June 22 (IANS) In a boost to the green energy sector in Andhra Pradesh, Chief Minister Y.S. Jagan Mohan Reddy has cleared pump storage projects proposed by <keyword id="3179546" type="General" weightage="100" keywordseo="Adani-green-energy" source="Orion">Adani Green Energy</keyword> with a total capacity of 3,700 MW. The project was cleared in the State Investment Promotion Board (SIPB) review meeting on Wednesday. Chief Minister Jagan Mohan Reddy has cleared the proposal of investment of Rs 15,740 crore which is a part of the proposed total investment of Rs 60,000 crore by <keyword id="76451" type="General" weightage="20" keywordseo="adani" source="Orion">Adani</keyword> Group in the state of Andhra Pradesh that was discussed during the World Economic Forum meet at Davos recently. The project will generate 10,000 jobs across four districts of Andhra Pradesh. Adani Group has proposed pump storage projects in four districts of the state - two plants to be set up in Parvathi Puram, one in YSR Kadapa, and one in Satya Sai district. In Parvathi Puram, a 1200 MW capacity plant will be set up in Kurukutti, and a 1000 MW plant in Karrivalasa. Meanwhile, a 1000 MW plant will be set up in Gandikota while 500 MW plant in Chitravathi. In each of these districts, Adani Group has proposed that they will be generating 3,000 jobs in Kurukutti, 3000 in Karrivalasa, 1500 in Chitravathi and 2500 in Gandikota. The project is stipulated to commence in December 2022 and is likely to commission in December 2028. While the plants will be set up spanning across 1,490 acres of land, the state government has decided that the land will be leased from farmers at the cost of Rs 30,000 per acre in these districts, which will be transferred to the farmers directly. Meanwhile, the state will be generating a revenue of Rs 2,775 crore from the project in terms of the power stored and an additional Rs 980 crore from the SGST. "This will give a big boost to the state in terms of investment and a positive message as the employment rate continues to rise in the state," Andhra Pradesh CM YS Jagan Mohan Reddy said in the meeting. In other decisions taken in the SIPB meeting, the government has decided to apply for the PM MITRA scheme, which proposes to set up an integrated textile park in YSR Jagananna Mega Industrial Hub at Kopparthy in YSR District. The government, as per the conditions laid down under the scheme, has proposed that they would be fixing the power cost at Rs 4.5 per unit and Rs 60 per TMC of water for the 10-year period of the project. The SIPB has also cleared the setting up of a shrimp processing unit at the food park in Krishna district by Avisa Foods Private Limited. The project would generate 2,500 jobs in 12 months and the company has requested for 11.64 acres of land from the state government of Andhra Pradesh. The SIPB has decided to lease the 11.64 acres at the cost of Rs 1,027 per sqm. The government has also laid out condition that the effluent treatment plant (ETP) would be set up by the company.

Adani green energy projects worth Rs 15,740 cr cleared by AP Govt.

<ul><li>The Indian stock markets could open on a positive note on September 21, after experiencing a bear hug on the previous day. </li><li>Trends on SGX <keyword id="6354813" type="General" weightage="20" keywordseo="nifty" source="Orion">Nifty</keyword> showed an increase of 47 points, suggesting that Nifty could open in the green amid negative cues in other Asian markets. </li><li>SBI Cards, Adani Ports and HCL Tech could be among the top stocks to watch out for on September 21. </li></ul><cmsannotation type="cmsannotation" annotationid="SBI Card &amp; Payment Services" comment="subhead" text="SBI Card &amp; Payment Services">SBI Card &amp; Payment Services</cmsannotation> US-based private equity firm The Carlyle Group is planning to sell a 3.4 percent stake in the company, valued at ₹3,267 crore, in the price range of ₹1,021 to ₹1,072 per share. <cmsannotation type="cmsannotation" annotationid="Adani Ports &amp; SEZ" comment="subhead" text="Adani Ports &amp; SEZ">Adani Ports &amp; SEZ</cmsannotation> Received approval from the Competition Commission of India to acquire a 10.4 percent stake in the Gangavaram Port project in Andhra Pradesh. <cmsannotation type="cmsannotation" annotationid="HCL Tech" comment="subhead" text="HCL Tech">HCL Tech</cmsannotation> Bagged a digital transformation order from US-based MKS Instruments Inc., for five years. <cmsannotation type="cmsannotation" annotationid="IPO Watch" comment="subhead" text="IPO Watch">IPO Watch</cmsannotation> Paras Defence and Space Technologies IPO worth ₹171 crore to kick off today, with a price band of ₹165-175 per share. <cmsannotation type="cmsannotation" annotationid="Cadila Healthcare" comment="subhead" text="Cadila Healthcare">Cadila Healthcare</cmsannotation> Its subsidiary has entered into an agreement with Integrace to sell two brands, Mifegest and Cytolog. <cmsannotation type="cmsannotation" annotationid="Kitex Garments" comment="subhead" text="Kitex Garments">Kitex Garments</cmsannotation> Entered into a memorandum of understanding with the Telangana government to invest ₹2,406 crore in the state. <cmsannotation type="cmsannotation" annotationid="Yes Bank" comment="subhead" text="Yes Bank">Yes Bank</cmsannotation> Partnered with Visa to offer credit cards to its customers after the ban on MasterCard. <cmsannotation type="cmsannotation" annotationid="Nestle India" comment="subhead" text="Nestle India">Nestle India</cmsannotation> Reports suggest that the company’s chairman has revealed that it may face headwinds in 2022 due to rising coffee prices globally. <cmsannotation type="cmsannotation" annotationid="Action Construction Equipment" comment="subhead" text="Action Construction Equipment">Action Construction Equipment</cmsannotation> Launched its qualified institutional placement on Monday, with the price band fixed at ₹254.55 per equity share. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-for-sansera-engineering-ipo/articleshow/86380353.cms">Sansera Engineering IPO — How to check allotment status, listing date and more</a> <a href="https://www.businessinsider.in/tech/mobile/news/samsung-galaxy-z-fold-3-foldable-smartphone-review/articleshow/86366351.cms">Samsung Galaxy Z Fold 3 review: Creasing through the folds</a> <a href="https://www.businessinsider.in/tech/news/emmys-2021-netflix-beats-hbo-for-the-first-time-with-the-most-number-of-awards/articleshow/86365603.cms">Emmys 2021: Netflix beats HBO for the first time with the most number of awards</a>

SBI Cards, Adani Ports, HCL Tech and other top stocks to watch out for on September 21

<keyword id="6406658" type="UNKNOWN" weightage="20" keywordseo="Vibrant-Gujarat">Vibrant Gujarat</keyword>, the biennial business meet in <keyword id="6354766" type="COMPANY" weightage="100" keywordseo="Gujarat">Gujarat</keyword> has been labelled as the ‘<keyword id="100810" type="COMPANY" weightage="20" keywordseo="Davos">Davos</keyword> of the East’ by the world’s major investors. Under the leadership of <keyword id="6354642" type="PERSON" weightage="100" keywordseo="Modi">Modi</keyword>, during his Chief Ministership, Gujarat has evolved as an investors’ delight. During 2003, when most states of India were riding the IT wave and struggling to find profitability, Modi was calling investors from all over the world and briefing them about ease of doing business in India’s west coast. And he actually did it. 
 Cut to 2017. The 8th edition of Vibrant Gujarat is taking place under a Chief Minister who is just a little more than five months into his job. The erstwhile Chief Minister <keyword id="4057401" type="UNKNOWN" weightage="20" keywordseo="anandbehen-patel">Anandbehen Patel</keyword> had failed in her job to appease Dalits, create more jobs and keep <keyword id="14666" type="ORGANIZATION" weightage="20" keywordseo="BJP">BJP</keyword> president <keyword id="6355521" type="PERSON" weightage="20" keywordseo="Amit-Shah">Amit Shah</keyword> convinced. As Gujarat’s ‘economic expressway’ (as they prefer calling the event) seems to zoom off, you can hear echoing whispers among a few industrialists at the event, how much of the proposed promises have actually been implemented. Gujarat, which topped the World Bank’s ‘Ease of Doing Business’ in India has now lost it to <keyword id="37102" type="COMPANY" weightage="20" keywordseo="Andhra-Pradesh">Andhra Pradesh</keyword> and Telengana. 
 
Experts believe, as Modi has become the Prime Minister, there have been instances of social unrest and political instability that came to the fore. And as the last business summit before the election is underway, investors’ minds are getting impacted. 
 
This edition of Vibrant Gujarat has seen MoUs touch Rs 20 lakh crores. The amount is likely to cross Rs 30 lakh croremark today, according to The Times of India. Among the sectors where companies expressed their intent to invest defence and aerospace, mining and minerals, chemicals, steel, urban infrastructure, petroleum and petrochemicals, renewable energy, automotive, electronics and information technology are noteworthy. 
 While the state government of Gujarat said that conversion rate is clocked at 70%, the opposition party <keyword id="1575" type="ORGANIZATION" weightage="20" keywordseo="Congress">Congress</keyword> claimed the actual to be pegged at not more than 10%. However top business conglomerates <keyword id="4057400" type="UNKNOWN" weightage="20" keywordseo="reliance-and-adani-group">Reliance and Adani Group</keyword> said that they have fulfilled their promises. 
 To believe Gujarat’<keyword id="4057399" type="UNKNOWN" weightage="20" keywordseo="s-directorate-of-economics-and-statistics">s Directorate of Economics and Statistics</keyword>, about 8% have been implemented out of Rs 40 trillion proposed investments. Citing the Socio-Economic Review of Gujarat for 2015-16, The Mint had reported that 57% proposals made between 2003 and last year have been commissioned or implemented. 
 While Gujarat ranked fifth, Maharashtra that doesn’t organize any such summit has attracted the most FDIs, almost 30% of India’s total between 2002-2016, according to <keyword id="29740" type="CITY" weightage="20" keywordseo="Bloomberg">Bloomberg</keyword>. The same media report said, Gujarat is no longer the easiest place to do business any more. 
 However, Modi’s brain child Vibrant Gujarat has seen several other states including <keyword id="6357783" type="CITY" weightage="20" keywordseo="West-Bengal">West Bengal</keyword> and <keyword id="6355588" type="ORGANIZATION" weightage="20" keywordseo="Rajasthan">Rajasthan</keyword> adapt the same concept and get investments. 
 The social unrest in India’s one of the most opulent states is rising. Only a few weeks back, Conveners of <keyword id="2983086" type="UNKNOWN" weightage="20" keywordseo="Patidar-Anamat-Andolan-Samiti">Patidar Anamat Andolan Samiti</keyword> (<keyword id="6406288" type="UNKNOWN" weightage="20" keywordseo="PaaS">PAAS</keyword>), <keyword id="45661" type="CITY" weightage="20" keywordseo="OBC">OBC</keyword> leaders and dalits have threatened to disrupt the summit, if fixed-pay and contractual employees were not made permanent by the state government. So a state, whose Minister of Industries, Mines and Minerals and <keyword id="25455" type="ORGANIZATION" weightage="20" keywordseo="finance">Finance</keyword> department <keyword id="387325" type="PERSON" weightage="20" keywordseo="Rohit-Patel">Rohit Patel</keyword> boasted of ‘minimum labour unrest’ during his speech seems to be getting distracted. 
 
Not just that. A few months ago, Gujarat has witnessed backlash against jobless economic growth that could jeopardise development and BJP’s coming back t power in 2019, reported Bloomberg. 
 
This season of Vibrant Gujarat seemed to be relying largely on the previous editions of success. Most state ministers thanked Modi immensely for this summit, while avoiding media question of how much implementation has happened. What they offered are figures of investments and not facts about implementation.

Is Vibrant Gujarat losing its sheen
and surviving on the past glory of Modi days in Gujarat?

<ul><li>Finance Minister <keyword id="129243" type="PERSON" weightage="20" keywordseo="Nirmala-Sitharaman">Nirmala Sitharaman</keyword> announced measures that will benefit both airline operators like IndiGo and SpiceJet, as well as developers like GMR, GVK, and Adani Group.</li><li>India opened up more of its airspace for airlines to ply, decided to put up more airport development projects for bidding. </li><li>Another major investment was Sitharaman’s bid to make India an MRO hub – Maintenance, Repair and Overhaul.</li></ul>India opened up more of its airspace for airlines to ply, decided to put up more airport development projects for bidding, and ease taxation as well as restrictions on maintenance and repair to bring down costs for aviation firms. These reforms announced by Finance Minister Nirmala Sitharaman will benefit both airline operators like IndiGo and SpiceJet, as well as developers like GMR, GVK, and Adani Group. <div type="image" title="indigo." msid="75775924" hostid="261"></div> <div type="image" title="spicejet." msid="75775928" hostid="261"></div> The government estimates airlines will save about ₹1,000 crore a year by flying shorter routes. “60% of the Indian airspace is freely available, because it is fairly restricted for civil and defence purposes, so we have been taking longer routes. This has to be rationalised for optimum utilization of time and fuel. Customers can get to their destinations quicker and cheaper,” Sitharaman said. More airport projects up for grabs The second step taken was that six more airports will be put up for auction by the Airports Authority of India and will be built on public private spaces. “Additional investments will be made by private players in 12 airports where investments are already present. The financial implications will be on the AAI. The first and second round of investments to get ₹13,000 crore,” said Sitharaman. India currently has several airport projects under construction – the Jewar international airport in Greater Noida, the Mopa Airport in Goa, Navi Mumbai international airport in Maharashtra, Sabarimala airport in Kerala among others. In April 2020, GMR got the go-ahead for the Bhogapuram airport in Andhra Pradesh. In February 2019, the Adani Group won a tender to operate all six government-owned Indian airports located in Ahmedabad, Jaipur, Mangaluru, Trivandrum (Thiruvananthapuram), Lucknow, and Guwahati. Making India an airline maintenance hub Another major investment was Sitharaman’s bid to make India an MRO hub – Maintenance, Repair and Overhaul. “Most Indian aircrafts go abroad for their repair works and spend there. But India has all the capacity – manpower and soft skills to set up an MRO hub here. India can be the centre for many of the flights for South East Asia as well as westwards,” she said. This will be a major step that we want to make sure India benefits from, she added. Not just the civil sector but defence aircrafts will also benefit from it. Through this, maintenance will also be cheaper for the aviation sector. The issue the MRO industry used to face because of the aircraft used to fly to other countries for repair. "In India we have a promising civil aviation sector, so we want the MRO sector to be located in India and much of the repair work should be done here. The problem they used to face was competitiveness was in GST. GST rate used to be 18%, so the meeting held in March the rate has been brought down to 5% with full input tax credit and that is something that will make the MRO industry very competitive," said the government. The coronavirus pandemic has left the Indian airlines sector stranded on the runway. All domestic and international flights have been suspended ever since the lockdown. “It will take 2-3 years for air travel to return to 2019 levels and a few more years to return to long-term growth trends according to Boeing,” said a Centrum Broking report last week. The <keyword id="34987" type="ORGANIZATION" weightage="20" keywordseo="aviation-industry">aviation industry</keyword> is staring at losses to the tune of ₹25,000 crore, according to a CRISIL report. “These are preliminary estimates, and aggregate losses could increase if the lockdown is extended beyond the first quarter. As and when operations resume, overall operational capacity will hover at 50-60% for the rest of the fiscal. Consequently, mergers and acquisitions of airlines, and relook at expansion plans of private and upcoming greenfield airports would be possibilities," <a href="https://www.livemint.com/news/india/covid-19-impact-indian-aviation-may-incur-rs-25-000-crore-losses-says-crisil-11588838896045.html">said Jagannarayan Padmanabhan</a>, director and practice leader, transport &amp; logistics, Crisil Infrastructure Advisory. <a href="https://www.thehindu.com/opinion/op-ed/will-the-aviation-industry-recover-from-the-pandemic/article31359708.ece">Globally</a>, the industry’s revenues could be cut by $252 billion in 2020.

Indigo and Spicejet get shorter routes, cheaper fuel bills while Adani, GMR, and GVK get more airport projects to bid for

Mumbai, Jan 22 () Japanese tech major NTT on Wednesday said a significant part of its USD 7 billion global commitment for data centres business would be spent in India over the next four years. 
 The company also feels that there will be margin compression issues for the data centres business in India as capacity supply goes up along with an increase in competition, NTT's country chief executive for global data centres and cloud infrastructure, Sharad Sanghi, told .
 In the last few months, a string of corporates, including the Adani Group, Hiranandanis and Reliance Industries have announced investments in data centres, on the back of regulatory moves like data sovereignity which makes it incumbent upon financial institutions to house their data locally.
 "India is the fastest growing region for NTT and a substantial amount of the USD 7 billion commitment will be invested here," Sanghi said.
 When asked if the money will be equally split between the four regions the company operates in, Sanghi said the overall investments are bound to be shared proportionately, hinting that over USD 1.5 billion or nearly Rs 11,000 crore will come into India.
 The company, whose revenues have been growing at 30 per cent every year, is targeting to more than double its capacity in the next three years through the investments, Sanghi said.
 Its overall capacity, which stands at 1.2 million sq ft at present spread across Mumbai, Noida, Chennai and Bengaluru, will go up by 1.5 million sq ft, he said.
 The company is looking at going to newer locations as well and also adding to its land bank to house the facilities, he said.
 Demand is coming from global hyperscalers like the cloud service providers, data localisation requirements and as a greater number of enterprises move to the cloud, Sanghi said.
 The Adanis have committed Rs 70,000 crore for data centres in Andhra Pradesh, Hiranandanis have committed Rs 14,000 crore and RIL has announced a partnership with Microsoft for the same.
 Sanghi said the high quantum of investments in the business will change the characteristic of the market, which has so far been dictated by suppliers, from 2021 onward once the capacities come on board.
 While the revenues will keep growing because of the market opportunity, the supply increase can cause a short term blip in profitability by narrowing operating margins, he said, stressing that this will not last for long time.
 NTT is confident of guarding its business and growing in the face of competition, he asserted, adding data centres is its core business and clients, who sign long-term contracts, partner with companies which are not into different businesses like power and realty.
 There will be a consolidation in the industry due to the dynamics and the smaller entities may find it difficult to survive, Sanghi said, making it clear that NTT does not look at mergers and acquisition as a strategy but may move in opportunistically for the buys.
 He also made it clear that aggressive pricing may not work for companies, pointing out to two incidents of companies who tried getting business using this strategy going bust.
 Sangi pitched for an improvement in power supply in Noida, Chennai and Bengaluru, saying two hours of power down time per week is a worry. 
 NTT on Wednesday announced the launch of an integrated division to look over the global data centre opportunity. AA MR
MR

NTT to invest estimated USD 1.5 bn in data centres in India

Taiwanese multinational <keyword id="6380512" type="UNKNOWN" weightage="80" keywordseo="electronics">electronics</keyword> manufacturing company, <keyword id="6354671" type="COMPANY" weightage="80" keywordseo="Foxconn">Foxconn</keyword> and <keyword id="6367820" type="COMPANY" weightage="80" keywordseo="Adani-Group">Adani Group</keyword> might come together to establish at least four electronics manufacturing facilities in India, sources told TOI. 

	Earlier this month, top executives of Foxconn have visited Karnataka, Maharashtra, Andhra Pradesh and Gujarat to survey possible sites to set up manufacturing plants. 
 

	The Taiwanese company is best known for making Apple devices. 
 Sources in the Karnataka government told TOI that Vincent Tong Wen-Hsin, chairman and director of investments at FIH (Foxconn International Holdings) Mobile, and <keyword id="2920558" type="UNKNOWN" weightage="80" keywordseo="Calvin-Chih">Calvin Chih</keyword>, CEO of the company, had discussed the matter with the government. 

	"It could become a $5-billion investment. They visited some other states too. We are hoping that Karnataka's talent pool and fiscal incentives would make them decide to locate a facility here," a government official, who did not want to be named, told the daily. 
 When contacted, <keyword id="224639" type="PERSON" weightage="60" keywordseo="Pranav-Adani">Pranav Adani</keyword>, director in <keyword id="118623" type="COMPANY" weightage="80" keywordseo="Adani-Enterprises">Adani Enterprises</keyword> - the flagship company of the Adani Group - and nephew of Adani Group founder <keyword id="111343" type="PERSON" weightage="80" keywordseo="Gautam-Adani">Gautam Adani</keyword>, told TOI he had nothing to say. The Ahmedabad-based group is a multinational conglomerate with interests in commodities, logistics, agribusiness and energy. 

	In May, Foxconn group chairman Terry Gou told Reuters that the group was looking to develop 10-12 facilities in India, including factories and data centres by 2020. "A lot of our customers, especially Chinese customers, need us to manufacture ... in India, to make phones, tablets, TVs, as soon as possible," Gou had said. 
 

	A Karnataka government official said: "We are talking to Foxconn almost every week to get them to Karnataka. Under our mega projects policy, we can tailor-make incentives for them."
 

	Foxconn has already started working on a small facility in Andhra Pradesh’s Sri City that is likely to make around 10,000 phones a day, largely for Chinese brand Xiaomi. 
 In China, Foxconn makes phones for a number of global brands, including Apple, <keyword id="11148" type="CITY" weightage="80" keywordseo="Motorola">Motorola</keyword>, Huawei, <keyword id="6354356" type="COMPANY" weightage="80" keywordseo="BlackBerry">BlackBerry</keyword>, and Sony. The company is keen to manufacture in India for Indian and global brands. 
	 
	(Image: Reuters)

Foxconn, Adani coming together to produce electronics in India

<ul><li>At the event, former RBI governor Raghuram Rajan has said that India will soon surpass the size of China’s economy. </li><li>IMF Chief Gita Gopinath has raised the red flag for India by calling out the risk associated with India’s high fiscal deficit. </li><li>While Indian political leaders may be missing, industry top honchos Ambani, Adani among others are making up for the country.</li></ul>It’s that time of the year when the world’s biggest political, business and thought leaders of the world sit down and discuss global economy, investments, climate change and other pressing issues and potential opportunities at the famous skiing destination in Switzerland-- Davos. The <keyword id="69007" type="COMPANY" weightage="20" keywordseo="World-Economic-Forum">World Economic Forum</keyword> has officially kicked off in Davos and unlike last year, where Indian prime minister Narendra Modi made a splash, most political leaders from India have pulled out of the event to focus on the upcoming general elections. However, India, an economy that is touted to be among the world’s <a href="https://www.businessinsider.in/india-to-overtake-the-uk-in-the-rankings-of-the-worlds-largest-economies-thanks-to-brexit/articleshow/67188514.cms">top five</a> in 2019, was certainly a talking point at the world’s most elite gathering. The buzz at Davos Indian economy can be bigger than China Former RBI governor <a href="https://www.thequint.com/news/business/india-to-become-bigger-than-china-eventually-raghuram-rajan">Raghuram Rajan </a>has made big predictions for India at the event. Rajan said that India will soon surpass the <keyword id="5639169" type="UNKNOWN" weightage="20" keywordseo="economy-of-china">economy of China</keyword> and will lead the infrastructure development in South Asia. “India will become bigger than China eventually as China would slow down and India would continue to grow. So India will be in a better position to create the infrastructure in the region which China is promising today. But this competition is good for the region and it will benefit for sure,” he said. IMF’s advice for India’s finance minister IMF's Chief Economist Gita Gopinath has raised the <a href="https://www.bloombergquint.com/davos-world-economic-forum-2019/davos-2019-imf-chief-economist-gita-gopinath-on-global-growth-and-indian-economy#gs.3GOc0UrB">red flag for India</a> by calling out the risk associated with India’s high fiscal deficit. In an exclusive interview with <a href="https://economictimes.indiatimes.com/markets/expert-view/india-must-stick-to-fiscal-math-gita-gopinath-imf/articleshow/67634713.cms">ET now</a>, the IMF Chief said, “It is important for India to stay the course on fiscal consolidation. If you look at the aggregate deficit for India – combining the centre and the state deficits – has not improved much in the last five years. That is something that needs to be addressed.” However, The International Monetary Fund's (IMF) World Economic Outlook Update released by chief economist Gita Gopinath on Monday said that India's economy is expected to grow by 7.5 per cent in the 2019-20 fiscal year, keeping an upward trajectory as the rest of the world slumps. India to lead Industry 4.0 India presents a big opportunity with the fourth industrial revolution, declared Department of Industrial Policy and Promotion (DIPP) Secretary Ramesh Abhishek. Speaking at a breakfast session titled 'Shaping India's future with Industry 4.0', organised by global consultancy giant Deloitte and industry body CII, the secretary said that India is fast adapting to new technologies and facilitating with policy framework to make way for industrial growth. ‘Chai pe charcha’ at Davos Indian tea is making a big appearance at the event with<a href="https://www.livemint.com/politics/news/from-hot-cups-of-tea-to-billboards-and-lounges-india-makes-a-mark-at-wef-1548080851695.html"> Tata Tea’</a>s participation at the WEF. The company is offering free cups of tea to the attendees of the event. 
 



 
 
 <div type="image" title="WEF" msid="67652758" hostid="261" caption="&amp;lt;p&amp;gt;Tata Group Chairmen, Mr. Chandrasekaran at World Economic Forum. &amp;lt;/p&amp;gt;"></div>







easyinv.blogspot.com Neighbours compete At the WEF too, rival states of Telangana and Andhra Pradesh are making their call for investments. While Telangana makes an appearance again this year asking investors to make the state their first stop in the country, sister state <a href="https://www.livemint.com/politics/news/from-hot-cups-of-tea-to-billboards-and-lounges-india-makes-a-mark-at-wef-1548080851695.html">Andhra Pradesh</a> is calling itself ‘future-ready,’ Andhra Pradesh Chief Minister Chandrababu Naidu, too, was supposed to attend the event but he’s passed the opportunity. What to expect Many Indian industry top honchos like Mukesh Ambani, Gautam Adani, Nandan Nilekani, Anand Mahindra, Pawan Munjal amongst others will be making an appearance at the event. Indian commerce and industry minister Suresh Prabhu will also be attending the event. Madhya Pradesh Chief Minister Kamal Nath will be speaking on emerging markets outlook on Day 3. See Also: <a href="https://www.businessinsider.in/indias-economy-projected-to-grow-the-fastest-in-the-2019-20-even-as-the-rest-of-the-world-slows-down-imf/articleshow/67633816.cms">India's economy projected to grow the fastest in the 2019-20 even as the rest of the world slows down: IMF</a> <a href="https://www.businessinsider.in/davos-2019-day-one-huawei-chairman-said-trade-war-is-slowing-sales-microsoft-ceo-talked-techs-impact-on-humanity/articleshow/67649167.cms">Davos 2019 Day One: Huawei chairman said trade war is slowing sales, Microsoft CEO talked tech's impact on humanity</a> <a href="https://www.businessinsider.in/india-supports-international-aid-to-other-countries-says-survey/articleshow/67634798.cms">Over 95% Indians support foreign aid efforts — and it seems like India has stood up to that expectation</a>

Davos Digest: Raghuram Rajan lifts India's spirit and other stories from the World Economic Forum

Making India green is the Centre’s one of the prime objectives. And taking the initiative to a new level is SunEdison, the largest renewable energy development company in the world by generation capacity. As per a news report by The Economic Times, SunEdison has signed a definitive agreement to acquire Mumbai-based Continuum Wind Energy. While currently only 20 GW of wind farms operate in India, this buyout will help achieve Modi’s ambitious target of generating 100 GW renewable energy by 2022. 
 The Belmont, California headquartered SunEdison, which is listed on <keyword id="6357328" type="COMPANY" weightage="20" keywordseo="NASDAQ">Nasdaq</keyword>, will take over 242 MW of operating wind assets that Continuum owns and operates in Maharastra and Gujarat as well as 170 MW of assets under contruction. The company also has 1000 MW of plants in development across 6 states. This will be the third wind buy for SunEdison - In May, they acquired two renewable energy portfolios, including the domestic portfolio of around 100 MW of Spain-based FersaEnergias Renovables, SA. 
 
 
Sun Edison has not disclosed the deal value in any official communication, but sources close to the transaction said Continuum Wind Energy has been valued at Rs 3,720-3,900 crore ($620-650 million), inclusive of its debt. The equity value alone has been pegged at around Rs 1,920 crore ($320 million). Analysts tracking the sector estimate that the company should close FY15 with Rs 400 crore of revenue. The deal is expected to close in the next 6-8 weeks. 
 "India is a core market for SunEdison and offers tremendous growth opportunities in both wind and solar energy. We made a commitment to Prime Minister Modi that we will deliver 15.2 GW of renewable energy by 2022. We are putting our money where our mouth is," Pashupathy Gopalan, President of SunEdison, Asia Pacific told ET on a call from <keyword id="6355117" type="COUNTRY" weightage="20" keywordseo="South-Africa">South Africa</keyword>. 
 Originally founded by an investment banker turned green energy entrepreneuer <keyword id="252259" type="PERSON" weightage="20" keywordseo="Arvind-Bansal">Arvind Bansal</keyword> and his IIM-Ahmedabad classmate Vikash Saraf of Essar Group, Continuum Wind Energy was controlled by <keyword id="48670" type="CITY" weightage="20" keywordseo="Morgan-Stanley">Morgan Stanley</keyword>'s infrastructure focussed private equity fund -- Morgan Stanley Infrastructure (MSI). MSI, a $4 billion global platform, is part of the global <keyword id="6354241" type="COMPANY" weightage="20" keywordseo="Financial-Services">financial services</keyword> firm's direct private investment group. In 2012, MSI had invested $200 million (Rs 1200 crore) into the company through a convertible instrument to buy a majority stake. Till date they have already deployed around $160 million, said sources. 
 
Both MSI and the erstwhile promoters are cashing out post the takeover but Bansal and the senior management will stay on for a minimum transitory period of 3-4 years running the operations, said officials in the know. 
 
"Our aspirations of growth is mutual. With a large strategic like SunEdison, we will now be able to finance our growth and not worry about giving exits like we would have had to with PE partners," said Bansal. "We have in-house development capacities and we build our own projects instead of buying them on a turn-key basis. That's what help us stand out." 
 <keyword id="273896" type="PERSON" weightage="20" keywordseo="Raja-Parthasarathy">Raja Parthasarathy</keyword> and SG Shyam Sundar the two MDs and Co-Heads, MSI in India were not available for comment till the time of going to press. Back of the envelope calculation shows, MSI will make 1.66 times return in 3 years in dollar terms --- commendable considering the sharp depriciation of the rupee in the same period. The founder duo are expected to make a rake in 4.6 times their initial investment, said analysts. 
 
Buoyed by the government's push towards green energy, SunEdison has charted out an ambitious play in India. Gopalan said, of the 15 GW that his company plans to install in India, 10 GW will be solar with the rest predominantly wind. "Solar may be the number 1 resource in India but we are yet to see the best of wind. There is enough room for growth," he added. Earlier this year, the company signed an agreement with Adani Enterprises for a $4 bn JV to build solar panels in Gujarat. 
 
SunEdison has been scaling up especially in wind. Globally too, they are adding to their wind portfolio significantly through large buyouts. Last November, it agreed to take over First Wind, one of the largest wind power developers in the United States, for $2.4 billion - making it the largest player in one shot. That aquisition will expand SunEdison's project installation pipeline for 2015 by an estimated 500 megawatts. 
 MSI and Bansal had mandated investment banks in 2013 to secure additional equity funding of close to $200 million from PE or strategic players. However discussions then with global utility firms like GDF and some from <keyword id="8695" type="COUNTRY" weightage="20" keywordseo="Malaysia">Malaysia</keyword> and <keyword id="3739" type="COUNTRY" weightage="20" keywordseo="Thailand">Thailand</keyword> did not progress much. More recently, talks with Malaysia's SWF Khazanah and IFC - an existing lender of the company - had also evaluated the prospect of coming on board. 
 
Other than being a cleaner option and a massive employment generating opportunity, prospects of renewable energy has improved considerably since the economics of green power has improved considerably. Wind power is almost close to grid parity as it almost comparable to imported coal in terms of cost. The prices of turbines and other equipment have also come down over the last few years. So have the prices for solar panels. 
 Foreign investors too are also becoming for perceptive to the opportunities. Earlier this February Sembcorp Utilities, a wholly owned subsidiary of <keyword id="158901" type="COMPANY" weightage="20" keywordseo="Sembcorp-Industries">Sembcorp Industries</keyword>, Singapore's leading utilities and marine group, took a controlling 60% stake in <keyword id="836163" type="COMPANY" weightage="20" keywordseo="Green-Infra">Green Infra</keyword> - a leading renewable energy platform -- from its private equity owners IDFC Alternatives for Rs 1051 crore. This was their first investment in the space in India, after backing two coastal thermal coal projects in Andhra Pradesh since 2011. This was also the first and only FDI into the power sector in India in the last one year of the <keyword id="6387077" type="ORGANIZATION" weightage="20" keywordseo="Narendra-Modi-government">Narendra Modi government</keyword>.

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