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<ul><li><keyword id="19938729" type="General" weightage="20" keywordseo="ather-energy" source="keywords">Ather Energy</keyword> has filed draft papers for a ₹3,100 crore IPO with SEBI.</li><li>Ola Electric had raised ₹5,500 crore in its IPO in August.</li><li>Ather Energy plans to set up a new manufacturing facility in Maharashtra.</li></ul>Electric two-wheeler manufacturer Ather Energy has announced that it is going public and raising ₹3,100 crore in its initial public offering (IPO). The Tarun Mehta-led company has filed its Draft Red Herring Prospectus (DRHP) with the Securities Exchange Board of India (SEBI). The proposed IPO includes a fresh issue of shares worth ₹3,100 crore and an offer for sale (OFS) component of 2.2 crore shares by promoters and investors. <keyword id="20253467" type="General" weightage="20" keywordseo="tarun-mehta" source="keywords">Tarun Mehta</keyword> and <keyword id="19993824" type="General" weightage="20" keywordseo="swapnil-jain" source="keywords">Swapnil Jain</keyword> will offload 10 lakh shares each. Caladium Investment Pte Ltd, National Investment and Infrastructure Fund II, Internet Fund III Pte Ltd and 3State Ventures Pte. Ltd are among the investors selling their shares. <div type="Article" hostid="261" msid="109128809" title="Ather Rizta launched in India as the Hero MotoCorp-backed EV forays into the family scooter segment" mstype="2" mssubtype="0"></div> Ather Energy’s IPO is nearly half of what its rival Ola Electric raised through its <a href="https://www.businessinsider.in/stock-market/webstories/ola-electric-ipo-price-band-to-risk-factors-all-you-need-to-know/slidelist/112185870.cms">IPO</a> last month. This will make Ather Energy the second electric two-wheeler maker in India to go public. Ather Energy is backed by Hero MotoCorp, which has a 37.2% stake in the EV maker. Hero MotoCorp will not sell its shares in the IPO. Apart from Hero MotoCorp, Flipkart co-founders Sachin Bansal and Binny Bansal have also invested in Ather Energy. The EV maker will use the funds raised in the IPO to establish a manufacturing facility in Maharashtra and invest in research and development. The proposed manufacturing facility in Maharashtra will come up in Chattrapati Sambhaji Nagar district. The company currently has a manufacturing facility at Hosur, Tamil Nadu. Ather Energy sells four electric scooters: the 450S, 450X, 450 Apex and the recently launched <a href="https://www.businessinsider.in/business/auto/news/ather-rizta-electric-scooter-launched-in-india-starting-at-rs-109999/articleshow/109128809.cms">Rizta</a>, a family scooter. The company also sells products like the Halo smart helmet and other scooter accessories. SEE ALSO: <a href="https://www.businessinsider.in/tech/mobile/news/iphone-16-pro-iphone-16-pro-max-india-price-specifications/articleshow/113204340.cms">iPhone 16 Pro and iPhone 16 Pro Max with bigger displays, A18 Pro chipset launched starting at ₹1,19,900</a> <a href="https://www.businessinsider.in/tech/mobile/news/apple-iphone-16-iphone-16-plus-price-specs/articleshow/113203568.cms">iPhone 16, iPhone 16 Plus with A18 chipset launched starting at ₹79,900</a> <a href="https://www.businessinsider.in/stock-market/news/shree-tirupati-balajee-agro-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/113196203.cms">Shree Tirupati Balajee Agro IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Ather Energy looks to raise ₹3,100 crore, files IPO papers with SEBI

<ul class="summary-list"><li>Sunrun, the largest home solar installer, is pushing battery storage amid a downturn in the market.</li><li>High interest rates and policy changes in California are slowing demand for residential solar.</li></ul>The residential solar company Sunrun this month hit some milestones in what's otherwise been a bleak year for the industry.The company on Tuesday said it had 1 million residential solar customers and accounted for one in five home solar systems installed across the country. On a recent earnings call, Sunrun's CEO Mary Powell also said the company was selling a record amount of battery storage. More than half of new US sales in the latest quarter included solar and battery storage — what the company calls an "attachment rate." That figure is up from 12% a year ago.Still, the company isn't immune from a major slowdown in home solar sales. The slump was enough to force a competitor, SunPower, to file for bankruptcy protection this month. SunPower cited a combination of high interest rates and a policy change in California, the country's largest solar market. The company was also highly leveraged and struggled to raise more capital after some financial-reporting errors.In June, analysts at Wood Mackenzie forecast that homeowners nationwide will install 14% less solar power in 2024 than they did in 2023, marking the first time the market has contracted in five years. Zoë Gaston, a principal analyst on Wood Mackenzie's US distributed solar team, said the drop will likely be even larger following the exits of SunPower and another top installer, Titan Solar, from the industry.Driving the downturn is a new "net-metering" policy in California, where homeowners are getting paid less for sending electricity to the grid. The analysts estimate that California's market will contract by 40% this year, following a mad dash to install solar before those changes took effect in April 2023.High interest rates aren't helping either. Most homeowners finance their solar systems with a lease or a loan from companies like Sunrun. Higher rates on those long-term leases and loans mean less money saved on monthly utility bills, making solar less appealing."The days of easy money and low interest rates provided a lot of stimulus for demand," Brett Castelli, a clean-energy equity analyst at Morningstar, told Business Insider.Those days are over, he added, so some residential solar companies are focusing less on growth and more on cash flow after operating in the red.Powell told Business Insider that Sunrun had been focusing on boosting cash and a "battery-first" strategy in order to weather the solar-market headwinds. Sunrun is aiming for $200 million to $500 million in cash flow this year; historically it's been negative.She described the residential solar market this year as "distorted" because of the massive run-up in demand last year in California. But she speculated that it would adjust and then grow by at least 10% a year."Utilities don't have a solution for the future," Powell said, adding that <a target="_blank" href="https://l.businessinsider.com/a/click?_t=c8e10479a20f45bba5aad6c5f6fbb009&amp;_m=410907af3b41471e942f363124c7df5f&amp;_e=FH1nquVkvLfNWFzU_lJs7AfiLlVuT6tp-orYYxsiQ6Xb04sHPpCAri4s2sGvXpwgMOXKHrkz6fAZ5qhwQUqAN7ecYWspQ8eNmuBVPi4-oJZGY3DZPYLGfp_hwzKHsMpGsXu9MnCW07xSaqSSgUVU_naD-_XrZyHSN8fvD6Q_1mcZWLJJRUwme9UUf_Y-ocgDMDQjL0PS58nYKkpgOc8DTxCIvKp2Dw5T7VKntAN1HNHt32_HosEXg7Z81zY4XWq8UHeBdQ1ec0YwSVruC-j92AZ5h1NoIKQPn3NoqKEsWOUvB3ZYc8xbEl9dfiz-y4OaaxwujEvrpnlRKSgqXHGuPW44VrvTVXsKxjobl5e6jkuM8J1YU7mScSkza2XJNFJi_RbD0YUfEs1lR_WZwOnPFedTl0McEaarIC8dTt5c05odhMRNYJlHdHlI5nd2JGDAS453FqLVPoj3ud0mDseK7o8iWpQhwLkofncVVUWUEZ0%3D">customers are paying more for power but reliability is getting worse</a>. "That creates a systemic demand for solar and battery storage."Powell said regulators were pushing utilities to leverage residential renewable energy to stabilize the grid during periods of high demand, while homeowners want to have backup power as outages become more frequent because of extreme weather.Powell pointed to Sunrun's pilot projects in Texas, California, and Puerto Rico, where the company is monitoring its customers' stored solar power and sending it to the grid in times of high demand. Customers get paid for the energy, while Sunrun is paid for dispatching the batteries. In Maryland, Sunrun has partnered with three owners of electric Ford F-150s who charge at home to test how EV batteries can serve as back-up power.Castelli agreed with Powell's prediction that residential solar will grow in the long term, pointing to rising utility rates, the falling costs of equipment, and the likelihood of lower interest rates. But if states follow California's lead by making it less lucrative for homeowners to send electricity to the grid, demand could slow."The bottom line is the rooftop-solar industry needs to become more efficient," Castelli said. "The US has by far the highest cost for rooftop solar in the world. Through these changes and headwinds, companies are going out of business, and that's making the industry more efficient."

Residential solar is struggling. One company's add-on is helping it hit 1 million installations.

Ingolstadt, Luxury automaker <keyword id="19911529" type="General" weightage="20" keywordseo="audi" source="keywords">Audi</keyword> India is looking to commence local assembly of electric vehicles, a move which would help it roll out models at an affordable price helping expand its customer base in the country. The automaker currently imports its entire EV range comprising Q8 50 e-tron, Q8 55 e-tron, Q8 <keyword id="21011482" type="General" weightage="20" keywordseo="sportback" source="keywords">Sportback</keyword> 50 e-tron, Q8 Sportback 55 e-tron, e-tron GT, and RS e-tron GT, into the country. It, however, assembles petrol models like Q3, Q3 Sportback, Q5, Q7, A4, and A6 at its Aurangabad (Maharashtra) based manufacturing plant. In an interaction with PTI here, Audi India Head Balbir <keyword id="20078416" type="General" weightage="20" keywordseo="singh-dhillon" source="keywords">Singh Dhillon</keyword> said the local manufacturing of EVs is a work in progress with active discussions going on with its global headquarters. "We are working with Audi AG very positively and hopefully at some point in time we will be able to announce this (local assembly of EV models)," he noted. When asked about the expected timeline of commencing the process, Dhillon did not share any specific date but stated that the India unit is discussing the matter with the global headquarters very "positively". "Hopefully we should have some solution at some point in time. That is the time when you can reach even more (set of customers) because then you will get the best advantage in terms of price point," he said. He further said, "I think the next 2-3 years will be very crucial (2024-2026). These years will see many more new electric cars coming at different price points. Then I think our reach to our existing customers or first-time buyers will go up." The company's current EV model lineup is priced over Rs 1 crore thus serving a very niche set of customers. Currently, cars imported into India as Completely Built Units (CBUs) attract customs duty ranging from 60 per cent to 100 per cent. The country's customs duty system treats electric cars and hydrocarbon-powered vehicles equally, imposing significant tariffs to encourage domestic manufacturing. Audi, globally, is looking to introduce multiple electric models in the next 2-3 years many of which would also come to India thus helping the Indian operations to choose which ones to localise. In order to rev up sales volume, Audi India would look out for models which sit below the current range in price terms. The company currently gets around 2 per cent of its total sales from EVs. It reported 89 per cent growth in retail sales in India at 7,931 units last year as compared with a total of 4,187 units in 2022. Audi on Monday evening globally premiered the Q6 e-tron, a new EV model which would sit below the Q8 e-tron range. To be manufactured at the company's Ingolstadt plant, the model is expected to roll out in various markets globally this year. It is also expected to make its way to Indian shores early next year. Dhillon said the model would help in widening the company's customer base in India. "That's the expectation that our penetration in electric mobility should go up with this model (Q6 e-tron)," he noted. Audi expects 50 per cent of its sales in India to come from electric vehicles by 2030. Globally, Audi has decided to become a fully electric vehicle manufacturer from 2033 onwards. The Q6 e-tron is the first production model on the company's <keyword id="21011483" type="General" weightage="20" keywordseo="premium-platform-electric" source="keywords">Premium Platform Electric</keyword> (<keyword id="19989989" type="General" weightage="20" keywordseo="ppe" source="keywords">PPE</keyword>), marking the next step in the company's transformation into a provider of premium electric mobility. The electric SUV will be available to order from this month with deliveries expected to customers in the third quarter of 2024. The Q6 e-tron comes with a range of up to 625 kms. "The PPE shows how we are pooling expertise within the <keyword id="20139313" type="General" weightage="20" keywordseo="volkswagen-group" source="keywords">Volkswagen Group</keyword> and thus making electric mobility scalable," Audi AG Chairman of the Board of Management Gernot Dollner said. Thanks to the PPE, the company is able to launch high-volume models with high technical standards in different segments, he added.

Local production of EVs a work in progress: Audi India Head

<ul><li>Hawaiian Electric stock has plunged as much as 49% since the start of the devastating Maui fires.</li><li>The fires broke out last week and killed at least 96 people in what has turned into the deadliest US wildfire in over a century.</li><li>While no cause to the fire has yet been determined, suspicions are growing that Hawaiian Electric equipment may have played a role.</li></ul>Shares of <a href="https://markets.businessinsider.com/stocks/he-stock">Hawaiian Electric</a> plunged as much as 41% on Monday and are down 49% since <a href="https://www.insider.com/maui-wildfires-service-cell-service-landlines-down-hawaii-2023-8">the devastating Maui fires broke out last week.</a>The Honolulu-based utility company engages in the production, transmission, and distribution of electricity in the islands of Oahu, Hawaii, Maui, Lanai, and Molokai and serves 95% of the state's residents.The <a href="https://www.insider.com/maui-residents-no-warning-fire-ravaged-island-tsunami-alert-system-2023-8">fast-spreading wildfire</a> killed at least 96 people and destroyed or damaged thousands of buildings, making it the deadliest US wildfire in over a century. Factors that likely contributed to the destructive fire include high winds, low levels of rainfall, and dry vegetation.And while no official cause of the fire has yet been determined, suspicions are growing that Hawaiian Electric may have played a role in either starting or spreading the fire, or both. Lawyers investigating the cause of the Maui wildfire are now claiming that damaged equipment operated by Hawaii Electric sparked the blaze."All evidence, videos, witness accounts, burn progression, and utility equipment remaining points to Hawaiian Electric's equipment being the ignition source of the fire," Mikal Watts <a href="https://www.bloomberg.com/news/articles/2023-08-12/in-search-for-cause-of-hawaii-fires-lawyers-probe-power-lines?sref=MTy2GeXk" target="_blank" rel="noopener">told Bloomberg</a>. Watts is a Puerto Rico-based plaintiffs lawyer that has previously won millions of dollars in settlements in wildfire cases.The ongoing plunge in Hawaiian Electric's stock price is a shoot first and ask questions later scenario similar to prior wildfires that ensnared utility companies, including the plunge in California utility company <a href="https://markets.businessinsider.com/stocks/pcg-stock">PG&amp;E's</a> stock after the 2018 Camp Fire, which leveled the town of Paradise. In an e-mailed statement to Bloomberg, Hawaiian Electric said it doesn't have information on what caused the fires and that it would work with officials to investigate the fire once the immediate emergency has passed.Lawyers investigating the fire are pointing out that Hawaiian Electric said strong winds had downed electric power lines before the fire started, and that the utility company did not turn off power despite warnings of critical fire conditions. "While the exact cause of the fire has yet to be determined, some fingers…are already being pointed towards Hawaiian Electric, as we feared, including for not instituting public safety power shutoffs," Wells Fargo <a href="https://www.barrons.com/articles/maui-fires-hawaiian-electric-stock-f2c3d9bf" target="_blank" rel="noopener">said in an analyst note.</a>If the utility company is found at fault for starting the fire, it could lead to billions of dollars in liabilities that might not be fully covered by the company's insurance policies. PG&amp;E faced a $30 billion fire liability due to fires it started in 2017 and 2018, though those fires were much larger in size than the Maui fire. "The utility's insurance will provide some protection but Hawaiian Electric has not disclosed the deductibles or limits," Wells Fargo said.

Hawaiian Electric utility company sees its stock price plunge 49% after devastating Maui fires

New Delhi, The <keyword id="50190" type="COMPANY" weightage="20" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword> (ADB) and the Central government have signed a $100 million <keyword id="6360217" type="UNKNOWN" weightage="20" keywordseo="loan">loan</keyword> to modernise and upgrade the power distribution system to enhance the quality and reliability of electricity supply in Bengaluru. The signatories to the Bengaluru Smart Energy Efficient Power Distribution Project are C. S. Mohapatra, Additional Secretary, <keyword id="144110" type="COMPANY" weightage="20" keywordseo="Department-of-Economic-Affairs">Department of Economic Affairs</keyword> in the <keyword id="156153" type="COMPANY" weightage="20" keywordseo="Ministry-of-Finance">Ministry of Finance</keyword>, who signed on behalf of the <keyword id="6377129" type="COMPANY" weightage="20" keywordseo="government-of-india">Government of India</keyword>, and Hoe Yun Jeong, Official in charge of ADB's India Resident Mission, who signed on behalf of ADB. Beside, the $100 million sovereign loan, ADB would provide a $90 million without sovereign guarantee loan for the project to <keyword id="1551130" type="COMPANY" weightage="20" keywordseo="Bangalore-Electricity-Supply-Company-Limited">Bangalore Electricity Supply Company Limited</keyword> (BESCOM), one of five state-owned distribution utilities in Karnataka. After signing the loan agreement, C. S. Mohapatra said conversion of <keyword id="10541132" type="UNKNOWN" weightage="20" keywordseo="overhead-distribution-lines">overhead distribution lines</keyword> into underground cables would help build an energy-efficient distribution network, reduce technical and commercial losses and minimise electricity outage resulting from natural hazards such as cyclones and external disturbances to overhead lines. ADB's Hoe Yun Jeong said the project demonstrates an innovative financing arrangement, the first of its kind for ADB, by combining sovereign and non-sovereign loans for a state government-owned enterprise. This is intended to significantly reduce the sovereign exposure and help BESCOM move towards a market-based approach for raising funds for capital expenditure. In parallel to underground distribution cables, more than 2,800 km of fibre optical cables would be installed to strengthen the communication network. Moving about 7,200 km of distribution lines underground would help reduce technical and commercial losses by nearly 30 per cent. The fibre optical cables would be used for smart metering systems, distribution automation system (DAS) in the distribution grid, and other communication networks. The project would install 1,700 automated ring main units adapted with a DAS to monitor and control the distribution line switchgears from the control centre. SEE ALSO: <a href="https://www.businessinsider.in/international/news/questions-arise-about-jack-ma-whereabouts-as-alibaba-faces-scrutiny-from-the-chinese-government/articleshow/80090457.cms">Where is Jack Ma? Questions arise about the billionaire’s whereabouts as Alibaba faces scrutiny from the Chinese government</a> <a href="https://www.businessinsider.in/stock-market/news/big-money-chasing-bitcoin-takes-the-cryptocurrency-to-a-new-record-high-of-34000/articleshow/80090730.cms">Big money chasing Bitcoin takes the cryptocurrency to a new record high of $34,000</a> <a href="https://www.businessinsider.in/india/news/pongal-plus-election-dole-cash-rice-sugar-cashews-and-clothes-for-210-million-people-in-tamil-nadu/articleshow/80091546.cms">Pongal plus election dole: Cash, rice, sugar, cashews and clothes for 210 million people in Tamil Nadu</a> <a href="https://www.businessinsider.in/business/auto/news/tata-motors-stock-surge-the-early-trading-hours-today-after-the-company-reported-a-21-increase-in-total-vehicle-sales/articleshow/80092876.cms">Tata Motors’ rallies over 3% as it outshines Mahindra and Maruti in December sales</a>

ADB signs $100 million loan with government to boost power distribution system in Bengaluru

<ul><li>Companies manufacturing electric buses including Ashok Leyland, JBM Auto, Olectra Greentech have gained a lot of momentum with the government’s plan towards reducing carbon emissions.</li><li>Shares of these companies have skyrocketed up to 830% in the last one year as investors spot emerging opportunities in the electric vehicle businesses.</li><li>The latest development in the EV space is a $1 billion investment in automaker Tata Motors by private equity firm TPG.</li></ul>As India moves towards its plan to reduce carbon emissions, companies that are into electric vehicle (EV) manufacturing are becoming the front runners in the zero carbon race. Even investment firms are shifting some of their funds towards companies aiding the government to tackle the climate crisis and make a smooth transition towards electric vehicles. The latest development in this regard is the <a href="https://www.businessinsider.in/business/auto/news/tata-motors-gets-a-billion-dollar-investment-from-tpg-group/articleshow/86966522.cms">$1 billion investment</a> in automaker Tata Motors by private equity firm TPG. Moreover, state governments are inviting tenders to buy electric buses for public transport facilities. This gives a strong order push to companies manufacturing electric buses like Ashok Leyland, JBM Auto, Olectra Greentech, Tata Motors and Eicher Motors. Shares of these companies have skyrocketed up to 830% in the last one year as investors spot emerging opportunities in the electric vehicle space. While India is among the world's most polluted cities, the government has been pushing automakers to switch to EVs to promote clean air and reduce costly oil imports. Recently, Maharashtra environment minister Aaditya Thackeray <a href="https://twitter.com/AUThackeray/status/1447139828936499207?ref_src=twsrc%5Etfw">announced </a>that Mumbai’s entire public transport buses will go electric by 2028. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[ ]]></cdata></div> Public buses getting replaced by <keyword id="1310333" type="General" weightage="20" keywordseo="electric-bus" source="Orion">electric bus</keyword>es bring a huge opportunity for these few electric bus makers in the country. Under its EV Policy 2021, the Maharashtra government has embarked on a vision to electrify public transport in Mumbai and other cities including Pune, Nagpur, Nashik, Aurangabad and Amravati. Meanwhile, the Karnataka government is all set to acquire 1,500 electric buses in the next three years. Ashok Leyland <div type="image" title="ashok leyland" height="900" width="1200" msid="87021886" hostid="261"></div> The company manufactures automobiles, commercial vehicles, and engines. In 2016, Ashok Leyland debuted its first electric bus. Recently, Ashok Leyland won the Bangalore Metropolitan Transport Corporation tender for 300 non-air conditioned electric buses. JBM Auto <div type="image" title="JBM auto chart" height="900" width="1200" msid="87021904" hostid="261"></div> The Gurugram-based automaker was founded in 1996 with JBM Auto being the flagship company of JBM Group. The company has diversified into bus manufacturing with an aim to become a globally benchmarked producer of modern intra-city buses. Last month, the company received orders for 500 electric buses and some compressed natural gas (CNG) buses from Delhi, Bengaluru and Uttar Pradesh along with other corporate clients. Besides, it will also be supplying electric buses for Bengaluru Metropolitan Transport Corporation (BMTC). Olectra Greentech <div type="image" title="olectra greentech" height="900" width="1200" msid="87021947" hostid="261"></div> The Hyderabad-based electric bus and insulator manufacturing company Olectra Greentech is among the leading players in the space. The company has a healthy order book for 1,325 e-buses out of which 87 buses are already delivered. It made a profit of ₹5.65 crore in the June quarter compared to ₹3.26 crore loss in the same quarter last year. Besides, the company’s stock has created immense wealth for investors in the last one year as it surged over 800%. Tata Motors <div type="image" title="tata motors chart 2" height="900" width="1200" msid="87021969" hostid="261"></div> Tata Motors seems to be ahead of everyone with its latest $1 billion investment from US based private equity TPG for electric vehicle business. In August, the company delivered 35 Starbus electric buses, as a part of the larger order of 340 electric buses to Maharashtra’s transport department. Eicher Motors <div type="image" title="eicher motor" height="900" width="1200" msid="87021986" hostid="261"></div> In 2008, Eicher Motors collaborated with Volvo Group for selling trucks and buses under company name VE Commercial Vehicles. The company debuted with an EV bus named “Skyline Pro” in 2018. Since then, the company has been actively participating in tenders floated by various state transport undertakings and other government agencies. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/startups/news/nykaa-gets-sebis-approval-for-4000-crore-ipo/articleshow/87019734.cms">Nykaa gets SEBI’s approval for its ₹4,000 crore IPO; raises fresh issue size by over ₹100 crore</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/corporates/news/zee-invesco-saga-punit-goenka-speaks-up-for-the-first-time-asks-if-corporate-governance-doesnt-apply-to-institutional-investors/articleshow/87019547.cms">Zee-Invesco saga: Punit Goenka speaks up for the first time, asks if corporate governance doesn’t apply to institutional investors</a>

Electric bus makers on a roll as states like Maharashtra and Karnataka send in large orders

New Delhi, The <keyword id="6396354" type="General" weightage="50" keywordseo="national-company-law-appellate-tribunal" source="Orion">National Company Law Appellate Tribunal</keyword> (<keyword id="6396355" type="General" weightage="20" keywordseo="nclat" source="Orion">NCLAT</keyword>) has stayed a <keyword id="47183" type="General" weightage="20" keywordseo="cci" source="Orion">CCI</keyword> order that imposed a penalty on state-owned power producer <keyword id="45179" type="General" weightage="20" keywordseo="ntpc" source="Orion">NTPC</keyword> for not disclosing the acquisition of 35.47 per cent equity share capital in Ratnagiri Gas &amp; Power Private Ltd. The Competition Commission of India on August 22, 2023, imposed a penalty of Rs 40 lakh on NTPC for non-disclosure of its acquisition of 35.47 per cent of the equity share capital in Ratnagiri Gas &amp; Power Private Ltd (RGPPL). This was challenged by NTPC before the NCLAT, which is an appellate authority over the orders passed by the Competition Commission of India (CCI). A two-member bench directed to list the matter on February 27, 2024, for the next hearing on NTPC's appeal and stayed the operation of order passed by the Competition Commission of India (CCI). "Till next date of hearing the operation of the impugned order dated 22.08.2023 passed by the CCI shall remained stayed," said NCLAT passed earlier this week. NCLAT directed CCI to file a reply over NTPC appeal within four weeks and rejoinder, if any by the power producer, to be filed within four weeks thereafter. NTPC had acquired 35.47 per cent of the equity share capital of RGPPL without notification to the CCI, increasing its stake from 25.51 per cent to 60.98 per cent. Later, CCI on October 27, 2022, issued a notice or failure to notify the transaction under combination regulation. CCI was of the opinion that the transaction in question was a notifiable transaction. However, NTPC had submitted that the acquisition of an additional 35.47 per cent stake in RGPPL was a part of the resolution plan for the settlement of the outstanding debt of RGPPL. Moreover, the final goal of the said transaction was not to acquire equity shares or control, but to settle RGPPL's debt. NTPC also did not acquire any additional rights and enjoys joint control in RGPPL along with GAIL and Maharashtra State Electricity Distribution Company Ltd even on consummation of the transaction, said PSU. However, rejecting this, CCI held that by failure to notify the transaction before its consummation has resulted in violation of provisions of Section 6(2) of the Competition Act and therefore, is liable to a penalty under Section 43A of the Competition Act and imposed a fine of Rs 40 lakh. This was subsequently challenged by NTPC before NCLAT.

NCLAT stays CCI penalty on NTPC in Ratnagiri Gas & Power shares issue

One of the few positive outcomes of the United Nations Climate Change Conference (COP26) is the commitment by major nations to achieve net zero carbon emissions by a certain year. <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> has also committed to becoming a net zero country by 2070. While some developed nations may have scoffed at this timeline, the reality is that nations with different developmental trajectories cannot (and should not) be treated equally. The major polluters must first walk the talk and then expect others to follow suit. While it is a never-ending blame game between the developed and developing nations, in the interest of humanity and for their own well-being, the nations must do everything within their powers to ensure that they keep their emissions under control. <cmsannotation type="cmsannotation" annotationid="Policy initiatives in India" comment="subhead" text="Policy initiatives in India">Policy initiatives in India</cmsannotation> India has taken several measures towards climate change adaptation and mitigation. Our statutory framework ensures that air and water pollution is prevented and controlled, forests are conserved and restored, biological diversity is protected, and energy is generated and utilised efficiently to ensure minimal environmental impact. The Government has launched various policy initiatives to work towards its climate change commitments. The national and state action plans on climate change aim at integrating such climate action into their modus operandi. Among national schemes, the Faster Adoption and Manufacturing of Hybrid and Electric Vehicles (FAME-II) focuses on clean mobility and is meant to promote the transition to electric vehicles by providing incentives for manufacturing, adoption and development of associated infrastructure for electric vehicles. Financial assistance is being offered at the central and state levels for developing solar and wind energy projects like solar parks, grid-connected solar rooftops in residential buildings, installing off-grid solar devices and solar-based LED lights. Initiatives like Gujarat Emissions Trading Scheme, Renewable Energy Certificate, Perform, Achieve and Trade (PAT) Scheme are all meant to promote renewables, reduce emissions and achieve energy efficiency at the central and state levels. <cmsannotation type="cmsannotation" annotationid="Recent impetus to climate action" comment="subhead" text="Recent impetus to climate action">Recent impetus to climate action</cmsannotation> Some important and innovative schemes initiated in India to combat climate change include the India Cooling Action Plan 2019, which aims to reduce direct and indirect emissions from energy-intensive cooling devices like refrigerators, air conditioners, etc. The National Clean Air Program 2019 aims to reduce air pollution and addresses several forms of harmful emissions. The National Hydrogen Mission launched in 2021 aims to help India achieve its climate targets by making India a green hydrogen hub. India is also targeting to increase the usage of alternative fuels to reduce emissions by blending 20% Ethanol in petrol by 2025. Moreover, policies like National Building Code, 2016, Energy Conservation Building Code, 2017, Buildings Energy Efficiency Programme, green energy rating system, star rating programme, etc., seek to promote sustainability in the construction sector by improving energy efficiency, water conservation, waste management, recycling, etc. The union budget for the financial year 2022-23 also announced initiatives for financing climate change mitigation and adaptation strategies through sovereign green bonds, blended finance, etc. <cmsannotation type="cmsannotation" annotationid="Local and regional climate action" comment="subhead" text="Local and regional climate action">Local and regional climate action</cmsannotation> In addition to the various central government initiatives being implemented across the country, various states are devising their own strategies and plan to combat climate change. States like Gujarat, Odisha, and <keyword id="20154" type="General" weightage="50" keywordseo="tamil-nadu" source="Orion">Tamil Nadu</keyword> have constituted specific departments and cells to focus on climate change adaptation and mitigation. Kerala has announced a dedicated fund for this purpose and has issued green bonds to invest in climate resilience activities. <keyword id="13126" type="General" weightage="50" keywordseo="maharashtra" source="Orion">Maharashtra</keyword> has released the Mumbai Climate Action Plan to address climate change impacts in the coastal megacity and achieve net zero emissions by 2050. It is not just the central and state governments but also the corporates are taking active steps to combat climate change. More than sixty Indian companies have announced their net zero greenhouse gas (GHG) emissions targets. Leading Indian companies, including <keyword id="8555" type="General" weightage="50" keywordseo="tata" source="Orion">Tata</keyword>, Reliance, Mahindra, ITC, Adani Transmission, Arcelor Mittal Nippon Steel, and Dalmia Cement, have voluntarily pledged to move towards carbon neutrality through GHG emissions reduction and energy efficiency. With environmental, social and governance (<keyword id="77363" type="General" weightage="80" keywordseo="esg" source="Orion">ESG</keyword>) issues gaining prominence and ESG reporting becoming mandatory for the top 1000 companies, almost all major companies are addressing ESG issues to set their house in order and adopt the best practices. Various Indian banks have also incorporated ESG considerations into their lending policies. Therefore, be it the government or the private sector, every stakeholder has realised the importance of climate action and is working to prevent the planetary crisis, which, not to forget, affects almost all living species, including humans. <keyword id="12498063" type="General" weightage="50" keywordseo="nawneet-vibhaw" source="Orion">Nawneet Vibhaw</keyword> is a <keyword id="6399933" type="General" weightage="50" keywordseo="partner" source="Orion">Partner</keyword> at Shardul Amarchand Mangaldas &amp; Co. in the Environmental Law practice. This column is part of a year-long (2022-23) campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by Business Insider India’s <a href="https://www.businessinsider.in/sustainability">Sustainability Insider</a>. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity.

OPINION: Towards a carbon-neutral India — How central, state governments, and corporations are striving to tackle the planetary crisis

<ul class="summary-list"><li><keyword id="11896956" type="UNKNOWN" weightage="60" keywordseo="texas" source="Orion">Texas</keyword>' power-grid operator is paying big businesses that use a lot of power to power down.</li><li>That includes crypto-mining companies that flocked to the state for its cheap energy and vast land.</li></ul>Texas' power-grid operator is telling big businesses to power down as historic sky-high temperatures descend upon the Lone Star State.Among those major operations are crypto-mining companies, which flocked to Texas for its inexpensive electricity and wide, open spaces necessary for setting up shop.The Electric Reliability Council of Texas <a href="https://www.ercot.com/news/release?id=90030206-5cf5-db8e-13d1-f8fe2bd0128f">on Monday urged</a> residents and businesses to conserve energy in the hottest hours of the day, between 2 and 8 p.m. Austin's energy company <a href="https://twitter.com/austinenergy/status/1547266594291728386">offered tips on how to do so</a>, like setting thermostats to 78 degrees or higher and avoiding use of large appliances like washers and dryers. For businesses, it said to minimize lighting where possible as temperatures reached 110 degrees in some places.<a href="https://www.bloomberg.com/news/articles/2022-07-11/bitcoin-miners-shut-off-rigs-as-texas-power-grid-nears-brink#xj4y7vzkg?sref=P6Q0mxvj">Bloomberg</a> reported that virtually all of the state's large-scale bitcoin-mining operations had screeched to a halt as of Monday, which gave 1,000 megawatts of electricity back to ERCOT. That amounts to about 1% of what Texas' grid can distribute.That may not be out of their own goodwill. ERCOT issues economic incentives — <a href="https://www.ercot.com/services/programs/load#:~:text=Demand%20response%20provides%20the%20ERCOT,better%20to%20wholesale%20price%20signals.">dubbed demand responses</a> on the agency's website — to large entities to shut down when temperatures hit extreme highs.<keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">Bitcoin</keyword> miners use vast data centers full energy-hungry computers to make millions of complex calculations that power the bitcoin network. They are rewarded for doing so with new bitcoin.But their profitability hinges on the energy they eat up costing less than what they can earn, meaning they could financially benefit from ceasing operations at a time when power is rising in price alongside the state's temperatures.For context on bitcoin's energy consumption, the University of Cambridge says in its Bitcoin Electricity Consumption Index that the total amount of electricity used for bitcoin a year is <a href="https://ccaf.io/cbeci/index/comparisons">more than what the entire country of Belgium consumes annually</a>.China was once a major mining hub, but its government rolled out anti-crypto laws last year, sending miners packing for friendlier pastures. They found them, in part, in Texas.Mining giants like Riot Blockchain now call the state home, and an ERCOT spokesperson told Insider, "There are over 27 gigawatts of <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> load that is working on interconnecting over the next four years."

Texas' power-grid operator is asking crypto miners to power down as the state's electricity system grapples with sky-high temperatures

<ul class="summary-list"><li>A billionaire was minted every 30 hours during the pandemic, per a new <a href="https://www.oxfam.org/en/research/profiting-pain">Oxfam report</a>. </li><li>Oxfam expects a million people to fall into extreme poverty every 33 hours in 2022.</li></ul>One new billionaire was minted every 30 hours during the COVID-19 pandemic. Now, one million people are expected to fall into extreme poverty every 33 hours.That's according to a new report called <a href="https://www.oxfam.org/en/research/profiting-pain">Profiting from Pain</a>, released by UK-based nonprofit Oxfam on May 23. To compile the report, Oxfam examined data gathered from Forbes' annual billionaires and from the World Bank.A total of 573 people hit first-time billionaire status from March 2020 to March 2022, when central banks injected trillions of dollars into the global <keyword id="11893570" type="UNKNOWN" weightage="100" keywordseo="economy" source="Orion">economy</keyword>, the report found. The cash injected into the economy led to a price hike on assets, lining the pockets of asset-owning billionaires. The 10 wealthiest men on the<a href="https://www.forbes.com/billionaires/"> Forbes Billionaires List</a> doubled their <keyword id="11921347" type="UNKNOWN" weightage="60" keywordseo="wealth" source="Orion">wealth</keyword> to from $700 billion to <a href="https://www.businessinsider.com/worlds-10-richest-mens-fortunes-more-than-doubled-pandemic-oxfam-2022-1">$1.5 trillion</a> between March 2020 and November 2021, Oxfam calculated.In its <a href="https://www.forbes.com/billionaires/" target="_blank" rel="noopener noreferrer">2022 World's Billionaires List</a>, Forbes found <a href="https://www.forbes.com/sites/mattdurot/2022/04/05/billionaires-2022-rihanna-peter-jackson-and-234-others-new-to-the-list-this-year/?sh=1dd424e71770">China had minted 62 new billionaires</a>, including Chris Xu, the founder of online fashion giant <a href="https://www.businessinsider.com/shein-china-billion-dollar-company-fast-fashion-brand-2021-8">Shein</a>. The US produced the second-highest quantity of pandemic billionaires, with 50 added to the list, including Gary Wang, the cofounder of cryptocurrency exchange <a href="https://markets.businessinsider.com/news/currencies/sam-bankman-fried-ftx-bitcoin-no-future-payments-network-pow-2022-5">FTX</a>, and three family members of Minnesota-based agriculture company Cargill Inc. The Cargill family has a collective fortune of $51 billion as of September 2021, per <a href="https://www.bloomberg.com/news/articles/2022-04-08/richest-agriculture-family-s-fortunes-jump-as-food-prices-surge">Bloomberg</a>.While billionaires globally enjoy their windfall fortunes, ordinary people continue to bear the brunt of the pandemic.In January 2021, 8.1 million Americans entered into poverty, Insider's<a href="https://www.businessinsider.com/8-million-americans-fallen-into-poverty-as-government-benefits-lapse-2021-1"> Ayelet Sheffey reported</a>, citing a<a href="http://povertymeasurement.org/wp-content/uploads/2021/01/Real_time_Poverty_Estimates_through_December_2020.pdf"> study</a> by the University of Chicago and University of Notre Dame economists. Oxfam expects 263 million more people to fall into extreme poverty by the end of 2022.Around the world, the average person struggles with inflation and the rising cost of essential goods like flour, fuel, and electricity, the report states. As companies in sectors such as energy, food, and pharmaceuticals have enjoyed record-high profits, <a href="https://www.oxfamamerica.org/explore/research-publications/the-crisis-of-low-wages-in-the-us/">wages for workers</a> in the same industries have seen minimal increases.<div type="image" title="Zania Muhammed comforts her malnourished son Mazzam Brahim, in the emergency medial care section for critical care patients in the ALIMA" height="3737" width="4982" msid="91741023" hostid="261"></div>"The super-rich have rigged the system with impunity for decades and they are now reaping the benefits. They have seized a shocking amount of the world's wealth as a result of privatization and monopolies, gutting regulation and workers' rights while stashing their cash in tax havens — all with the complicity of governments," Gabriela Bucher, the executive director of Oxfam International, said in <a href="https://www.oxfam.org/en/press-releases/pandemic-creates-new-billionaire-every-30-hours-now-million-people-could-fall">Oxfam's press release</a>.To overcome the wealth disparity, Oxfam recommends a permanent wealth tax on millionaires and billionaires at 2% and 5% a year respectively. This wealth tax could generate $2.52 trillion a year, lifting 2.3 billion people out of poverty, Oxfam estimates. Oxfam did not immediately respond to Insider's request for comment.

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