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<keyword id="19970523" type="General" weightage="20" keywordseo="mahindra-group" source="keywords">Mahindra Group</keyword> and global institutional investor <keyword id="20194556" type="General" weightage="20" keywordseo="ontario-teachers" source="keywords">Ontario Teachers</keyword>' Pension Plan Board have co-sponsored an infrastructure investment trust (InvIT) holding assets of 1.54 GW in the <keyword id="34553" type="General" weightage="20" keywordseo="renewable-energy" source="Orion">renewable energy</keyword> space in India. The InvIT, Sustainable Energy Infra Trust (<keyword id="20197897" type="General" weightage="100" keywordseo="SEIT" source="Orion">SEIT</keyword>), is India's largest InvIT in the renewable energy space and has raised primary capital of Rs 1,365 crore as part of the initial offer of units (offer), Mahindra Group said in a statement. Several global and Indian investors, including Asian Infrastructure Investment Bank (AIIB), subscribed to the offer. SEIT made its debut on the National Stock Exchange on Monday. SEIT has been set up to focus on the growth of the renewable energy sector in India at scale. It holds operational renewable power assets seeded by <keyword id="19970521" type="General" weightage="20" keywordseo="mahindra-susten" source="keywords">Mahindra Susten</keyword> with a generation capacity of approximately 1.54 GWp. The capital of Rs 897.8 crore made available to Mahindra Susten by way of an offer for sale of units of SEIT will help Mahindra Susten develop a future pipeline of renewable energy assets. Mahindra Susten and SEIT, as a part of their growth strategy, have entered into a Right Of First Offer (ROFO) arrangement, in compliance with InvIT Regulations, whereby renewable energy assets developed by Mahindra Susten will be offered for sale to SEIT. Both Mahindra Group and Ontario Teachers' had committed to invest up to Rs 3,050 crore and Rs 3,550 crore respectively into Mahindra Susten and SEIT. Anish Shah, Group CEO &amp; MD, Mahindra Group, said, "Mahindra Susten has ambitious plans to achieve 5X growth in the next five years and will contribute to both the Groups' and the nation's green energy goals. "The renewable energy sector will continue to grow and attract investments and we are excited about both Susten's and SEIT's role in developing the right ecosystem." Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of usd 249.8 billion as at June 30, 2023.

Mahindra Group, Ontario Teachers' co-sponsor InvIT in renewable energy space

<keyword id="23820" type="General" weightage="20" keywordseo="footwear" source="Orion">Footwear</keyword> retailers have sought more time for the implementation of norms of the Quality Control Order, 2020 (QCO), for footwear manufacturers. QCO norms for footwear are slated to be enforced from July 1 in the country. Retailers have urged the government to give them 8-10 months of additional time from the effective date of the QCO for footwear manufacturers. This request is meant to allow retailers to place orders and procure stocks of Bureau of Indian Standards (BIS)-compliant footwear from manufacturers, the retailers said in their request. The Department for Promotion of Industry and Internal Trade (DPIIT) issued QCO for footwear made from leather, rubber or polymer. Once implemented, it will make it compulsory to conform with the Indian Standards and footwear products will also be required to bear a Standard Mark under a licence. Saurabh Sanyal, CEO and Secretary, PHD Chamber of Commerce and Industry (PHDCCI), said that the implementation of QCO at this crucial juncture without much time for transition for the retail industry has created a precarious situation and will be an impediment to the operation, growth and sustenance of the footwear retail sector. "While the industry is gearing up for readiness of QCO compliance for new manufacturing, as of now there has been no clarity for applicability of QCO on the inventory manufactured or procured prior to June 30, 2023 (before QCO effective date), for which large capital has been deployed by pan-India retailers while incurring a huge amount of taxes, duties and levies," Sanyal said. The retailers said that most of the manufacturing plants still do not have internal testing facilities within their premises. They will require further investments and time for setting up such facilities before applying for the BIS registration and certification process. According to the PHDCCI statement, only a miniscule of manufacturers or suppliers have been able to receive the BIS licences till date with 30 licences issued across 10 leather footwear categories, and 18 licences for 13 categories of non-leather footwear. At the current pace, the certification process for most manufacturers will not be completed even after the QCO's effective date, it added. Moreover, the retail industry players said that they were determined to adopt the QCO and are aligned with Prime Minister's clarion call for "Zero-Defect-Zero Effect" manufacturing. They said that while the manufacturers have already commenced the process for getting BIS registration and licences to comply with QCO requirements, the existing infrastructure and testing facilities are not sufficient to cater to the current requirements of stringent BIS testing and certification for all the manufacturers and products being manufactured. BIS had still not come up with product manuals for some standards, testing equipment required, testing methodologies and procedures, they added. SEE ALSO: <a href="https://www.businessinsider.in/business/auto/news/mg-comet-ev-two-door-electric-car-with-230-km-range-launched-in-india-check-out-price/slidelist/99779639.cms">MG Comet EV with a 230 km range launched in India starting at ₹7.98 lakh</a> <a href="https://www.businessinsider.in/business/news/jiocinema-may-soon-launch-premium-subscription-plans-offering-4k-content-starting-at-2-per-day/articleshow/99736111.cms">JioCinema may soon launch premium subscription plans starting at ₹2 per day</a> <a href="https://www.businessinsider.in/business/auto/news/mahindra-bolero-roars-past-1-lakh-sales-mark-in-fy23/articleshow/99725410.cms">Mahindra Bolero roars past 1 lakh sales mark in FY23, proving it's still a favourite amongst Indians</a>

Footwear retailers seek 8-10 month extension to implement BIS quality control order

Kolkata, May 29 () The country's economy, which has been hit by the COVID-19 outbreak, needs support from the public sector banks (PSBs) to boost credit growth, an official said on Friday. The number of PSBs has come down after amalgamation of several lenders, and their ability to lend has increased manifold, Union Bank of India MD and CEO Rajkiran Rai G said. Recently, Oriental Bank of Commerce and United Bank of India were merged into Punjab National Bank, Syndicate Bank into Canara Bank, Allahabad Bank into Indian Bank and Andhra and Corporation banks into Union Bank of India. He said the lenders will be able to meet the expectations of the business community. Speaking at a webinar session organised by the BCCI, Rai said that there will be a shift of credit growth in favour of the PSBs, adding that depositors will expect an interest rate of 5.5 per cent. According to him, the issues of the depositors cannot be overlooked, and more stress will have to be given on the liability side to retain customers. Kotak Mahindra Bank whole-time director and president Gaurang Shah said the retail, a low-cost liability base, is key sustenance factor of the banks. Ajay Kanwal, MD and CEO of Jana Small Finance Bank said around 65 per cent of micro-finance borrowers felt the COVID-19 impact to a large extent. He said customers at the bottom of the pyramid are most vulnerable and the right kind of support should be extended to them. dc BDC BDC

Economy needs support from PSBs: Union Bank chief

<keyword id="6355588" type="ORGANIZATION" weightage="100" keywordseo="Rajasthan">Rajasthan</keyword>, the desert state of India, emerged as the most attractive solar project destination in the country during the latest NTPC auction, which saw the winning bids falling to Rs 4.35-4.36 per kwH. 
 
There were 130 MW put up for auction, out of which 50 MW was won by Shapoorji Pallonji Infrastructure Capital and 60 MW by Mahindra Susten, while the remaining 20 MW was won by Prayatna Developers of the Adani Group. Both these companies offered to sell electricity produced from their projects at same price of Rs 4.35 per kwH, and Prayatna Developers’ offer was at Rs 4.36 per kwH. 
 
Also read: <a href="http://www.businessinsider.in/india-solar-power-tariff/articleshow/53115610.cms">Here’s why India can never afford solar power at Rs 2.2 per unit, but Dubai can</a> 
 
These reverse auctions see the developer offering to sell electricity at the lowest price winning the auction. The last NTPC auction in Rajasthan saw Fortum Finnsurya winning a 70 MW project by bidding Rs 4.34 per kwH. However, in that auction, the land for the project was ensured at the Bhadla Solar Park in Jodhpur district, with the highest solar radiation in India. 
 
This time around, the winners are not being given any land. Instead, developers will find and develop the land themselves, probably the reason behind marginally higher tariffs. 
 
Also read: <a href="http://www.businessinsider.in/World-Bank-to-lend-1-billion-to-India/articleshow/52988966.cms">World Bank will lend India $1 billion for Modi's solar goals</a> 
 
This year has not seen too many developers taking interest in these auctions, with the Gujarat auction of 160 MW of capacity, which was held in late-June, drawing only three bidders. However, in the latest Rajasthan auction, the developers seem to have shed those apprehensions with 21 developers, including many of the top names in the business, taking part in it. 
 
Also read: <a href="http://www.businessinsider.in/renewable-energy-projects-finance/articleshow/52741905.cms">Your renewable energy projects could get easily financed and that too at low interest rates</a> 
 
The reason could be cited to Rajasthan's inherent solar advantage, because of the high radiation that the state receives. The developers’ interest in this recent auction also shows that along with tariff, it also crucially depends on the project locations. 
 
<a href="http://www.eai.in/wp-content/uploads/2012/07/100_1759.jpg">Image source</a>

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Mahindra Group, Ontario Teachers' co-sponsor InvIT in renewable energy space

PTI

Footwear retailers seek 8-10 month extension to implement BIS quality control order

ANI

Economy needs support from PSBs: Union Bank chief

PTI

Rajasthan shines as India's most attractive solar project destination in NTPC auction

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