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Leading <keyword id="6732896" type="General" weightage="100" keywordseo="renew" source="Orion">renew</keyword>able energy company ReNew Energy Global has posted a net loss of Rs 986 million for the quarter ended September 2022 (Q2 FY23), against Rs 6,614 million loss in the year-ago period (Q2 FY22). The company said it managed to narrow its loss due to higher revenues. The company's total income (or total revenue) for Q2 FY23 was Rs 22,409 million, an increase of 5.1 per cent over Q2 FY22. The company in a statement said its adjusted operating profit or earnings before interest, taxes, depreciation, and amortisation (Ebitda) for Q2 FY23 was Rs 18,209 million, an increase of 0.1 per cent over Q2 FY22. Cash Flow to equity for the quarter under review was Rs 7,125 million, an increase of 4.7 per cent over Q2 FY22. Days Sales Outstanding ended Q2 FY23 at 231 days, which is a 41-day improvement year-on-year and the company increased its cash by Rs 4,881 million through a reduction in accounts receivables during the quarter. The Gurgaon-headquartered company said $ 300 million in green bonds were redeemed during Q2 FY23. As of September 30, 2022, 50 per cent of total outstanding debt is local currency borrowing. A green bond is a type of debt security created for funding or re-funding projects contributing positively to the climate and/or ecosystem. As of September 30, 2022, the Company's portfolio consisted of 13.4 GWs, a 30.8 per cent increase year on year. Approximately 1 GW of purchase power agreements was signed in the quarter, the renewable energy company said. <keyword id="161716" type="General" weightage="50" keywordseo="sumant-sinha" source="Orion">Sumant Sinha</keyword>, Chairman and CEO, ReNew, said "ReNew continues to lead the energy transition in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and during the quarter, we signed 1 GW of purchase power agreements as a preferred partner for carbon-mitigation solutions. We have furthered our investments in capacity and our technology and analytics capabilities through acquiring shares of 3E, a leading SaaS solutions company in renewable energy and a new partnership with <keyword id="5283165" type="General" weightage="50" keywordseo="norfund" source="Orion">Norfund</keyword> and KLP," and added that the core operations of the company continue to execute as expected this year and our continued access to affordable capital is enabling the company to capitalise on significant growth opportunities. ReNew also said it entered into a partnership with Norfund, the Norwegian government's investment fund for developing countries, and KLP, Norway's largest pension company, to co-invest in ReNew's transmission projects. ReNew signed definitive documents to acquire shares in 3E, a software as a service (SaaS) solutions company offering asset performance management and analytics for renewable energy assets. <keyword id="944686" type="General" weightage="50" keywordseo="renew-power" source="Orion">ReNew Power</keyword> is one of India's leading renewable energy companies. Based in Gurugram, Haryana, it has an asset base of over 10 GW, with around 5 GW operational. ReNew Power operates over 110 projects across 18 states in India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/pakistans-default-risk-soars-amid-political-turmoil-says-a-dawn-news-report/articleshow/95574205.cms">Pakistan's default risk soars amid political turmoil says a Dawn news report</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/union-bank-tata-power-renewable-join-hands-to-help-msmes-switch-to-solar/articleshow/95575042.cms">Union Bank, Tata Power Renewable join hands to help MSMEs switch to solar</a>

ReNew Energy's Q2 loss narrows to ₹986 million

<keyword id="22416554" type="General" weightage="20" keywordseo="EV-ride-hailing" source="keywords">EV ride-hailing</keyword> services and charging infrastructure network operator <keyword id="20354062" type="General" weightage="100" keywordseo="BluSmart" source="keywords" meta.keywordsubtype="org" meta.entityname="BluSmart" meta.hostid="261" meta.entityid="BluSmart">BluSmart</keyword> on Monday said it has raised USD 24 million (Rs 200 crore) capital in a <keyword id="20080855" type="General" weightage="20" keywordseo="funding-round" source="keywords">funding round</keyword>. The pre-Series B funding round saw participation from existing investors like responsAbility Investments AG as well as new investors such as Sumant Sinha, Chairman and CEO of ReNew, and <keyword id="22416555" type="General" weightage="20" keywordseo="MS-Dhoni-Family-Office" source="keywords" meta.keywordsubtype="org" meta.entityname="MS Dhoni Family Office" meta.hostid="261" meta.entityid="MS Dhoni Family Office">MS Dhoni Family Office</keyword>. The funds will support BluSmart in expanding its operations and building <keyword id="5933706" type="General" weightage="20" keywordseo="EV-charging-infrastructure" source="Orion">EV charging infrastructure</keyword> and assets in mega Indian cities, the company said. "Our latest fundraise of USD 24 million is an important step in our journey to scale the e-mobility fleet and <keyword id="3378793" type="General" weightage="20" keywordseo="EV-charging" source="Orion">EV charging</keyword> infrastructure," BluSmart co-founder Punit Goyal said. The company is building an integrated energy-infrastructure, mobility and technology company to take full advantage of the EV revolution, he added. "Investing in BluSmart's sustainable business model is not just about supporting a company; it's about being part of a movement that shapes the future of mobility," Dhoni, veteran cricketer, said.

EV ride-hailing firm BluSmart raises USD 24 million

SpiceJet's Chairman &amp; Managing Director <keyword id="6357826" type="General" weightage="80" keywordseo="ajay-singh" source="Orion">Ajay Singh</keyword> has assumed charge as the President <keyword id="6355988" type="General" weightage="100" keywordseo="assocham" source="Orion">Assocham</keyword>, replacing Renew Power MD Sumant Sinha after the completion of his tenure. <keyword id="6379795" type="General" weightage="50" keywordseo="sanjay-nayar" source="Orion">Sanjay Nayar</keyword>, founder and Chairman of Sorin Investment Fund is the new Senior Vice-President of Assocham, the industry body said in a release on Wednesday. "I am taking over at times which are both exciting and challenging. As an economy, India stands out as a robust economy in the midst of global headwinds. Even when major economies of the world are facing the threat of recession, the Indian economy is growing between 6.5-7 per cent," Singh said. He emphasised that the chamber would stay engaged with the government, Centre and states, leading academicians, economists besides corporate leaders to find solutions to the issues, which may crop up in a fast-changing global economic and political landscape. Singh studied at the Indian Institute of Technology - Delhi, where he received a degree in engineering, and got his Master's degree in Business Administration from Cornell University in the US. He also holds a Bachelor's degree in <keyword id="6355470" type="General" weightage="80" keywordseo="law" source="Orion">Law</keyword> (LLB) from the Law Faculty, the <keyword id="151282" type="General" weightage="50" keywordseo="university-of-delhi" source="Orion">University of Delhi</keyword>. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/net-office-leasing-drops-34-in-jan-mar-to-six-quarter-low-across-top-7-cities-jll-india/articleshow/99115015.cms">Net office leasing drops 34% in Jan-Mar to six-quarter low across top 7 cities: JLL India</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/sebi-directs-top-100-listed-firms-to-clarify-market-rumours-from-oct-1/articleshow/99115234.cms">SEBI directs top 100 listed firms to clarify market rumours from Oct 1</a>

SpiceJet CMD Ajay Singh takes over as the president of industry body Assocham

<ul><li><keyword id="944686" type="General" weightage="20" keywordseo="renew-power" source="Orion">ReNew Power</keyword>, India’s largest <keyword id="1540064" type="General" weightage="20" keywordseo="renewable-energy-company" source="Orion">renewable energy company</keyword>, got listed on the Nasdaq in the US on Tuesday.</li><li>The company got listed through a special purpose acquisition company (<keyword id="1817616" type="General" weightage="20" keywordseo="spac" source="Orion">SPAC</keyword>) route and hit $4.5 billion in market capitalisation.</li><li>The renewable energy producer has merged with Nasdaq-listed RMG Acquisition Corp II for the listing.</li></ul>Indian renewable energy company ReNew Power made it to the US exchange Nasdaq on Tuesday through a special purpose acquisition company (SPAC) route by merging with Nasdaq-listed RMG Acquisition Corp II. ReNew Power is among the country’s leading solar and <keyword id="83273" type="General" weightage="20" keywordseo="wind-energy" source="Orion">wind energy</keyword> producers. “The listing opens much wider opportunities for us to help not only India, but the world to accelerate the clean energy transition for a fossil free tomorrow,” said Ajay Tripathi, chief human resource officer of the company on Twitter. The company reportedly said that it is fully-funded at this point in time to get to 18.5 gigawatts of fully-owned capacity by 2025. "We took the decision late last year and at that time SPAC seemed the best decision for us. It gives us access into a very deep and liquid pool of global investors -- both emerging markets as well as ESG investors -- which we think is very important for us to tap into and access for future and long-term growth in our sector," said Sumant Sinha, chairman and managing director of ReNew Power in a CNBC-TV18 <a href="https://www.cnbctv18.com/energy/renew-power-lists-on-nasdaq-via-spac-management-says-fully-funded-to-achieve-185-gw-capacity-by-2025-10481991.htm">interview</a>. Sinha said the company is primarily focused on the Indian market at this time. <a href="https://timesofindia.indiatimes.com/business/india-business/renew-power-lists-in-us-via-spac-mcap-hits-4-5bn/articleshow/85607683.cms">Reportedly</a>, around $700 million of gross proceeds from the listing will accrue to the company, which will be used to set up new power production facilities. ReNew’s current commissioned capacity as of March 31, 2021 represents about 1.4% of India’s total installed capacity and avoids 0.5% of India’s carbon emissions annually. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/zerodha-founder-shares-lessons-from-disappointing-listings-of-cartrade-aptus-chemplast-and-nuvoco-vistas-ipo/articleshow/85614310.cms">Cut the price or wait a bit ⁠— what the market is telling IPO aspirants</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/apps/news/whatsapp-starts-testing-message-reactions/articleshow/85614302.cms">WhatsApp is testing message reactions — you might soon be able to react to messages with heart, laugh, like and other emojis</a>

India's largest renewable energy producer is now a $4.5 billion company listed on Nasdaq

<ul><li>Several media reports had claimed that the listed <keyword id="45008" type="CITY" weightage="20" keywordseo="Tata-Power">Tata Power</keyword> is looking to separately list its renewable energy business.</li><li>As per reports, Tata Power is looking to raise $473 million through the said IPO.</li><li>However, in a regulatory filing on Monday morning, the company denied the same.</li></ul>Tata Power, a listed subsidiary of the <keyword id="6355725" type="COMPANY" weightage="20" keywordseo="tata-group">Tata Group</keyword>, has denied news reports of an initial public offering (IPO) of its renewable energy business. Over the weekend, several <a href="https://economictimes.indiatimes.com/markets/ipos/fpos/tata-power-mulling-473-million-renewable-energy-unit-ipo/articleshow/82330525.cms">media reports</a> had claimed that the listed Tata Power is looking to separately list its renewable energy business. As per the reports, Tata Power is looking to raise $473 million through the said IPO. However, in a regulatory filing on Monday morning, the company denied the same. “It may be noted that such reports are speculative in nature and the Company has taken no such decision. In the course of the business, the Company evaluates various business options. As and when a decision is taken, the same shall be communicated to the Stock Exchanges as per regulations,” said the company’s statement. The shares of the company fell marginally on Monday morning after its clarification. The shares were trading at ₹98.25 at 10.30 a.m. Earlier, <a href="https://economictimes.indiatimes.com/markets/stocks/news/tata-power-tanks-11-on-invit-deal-falling-through/articleshow/82038396.cms">Tata Power</a> was set to raise $2 billion from Malaysian oil giant Petronas, however the plan didn’t go through. Tata Power is one of the leading energy companies in the country and has a total capacity of 12.8 Gigawatts – the third largest in the country. The reports for an IPO of its renewable energy business comes at a time when another leading renewables business <keyword id="944686" type="COMPANY" weightage="20" keywordseo="renew-power">ReNew Power</keyword> has announced its market debut plans. The Sumant Sinha-led company is headed for a US stock market debut through a special purpose acquisition company (SPAC), and aims for a $8 billion valuation. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/reliance-industries-earnings-disappoints-markets-stocks-fall-by-over-2-in-morning-trade/articleshow/82364515.cms">Reliance Industries’ earnings disappoint markets – stocks fall by over 2% in morning trade</a>

Tata Power says it has made ‘no such decision’ on an IPO for its renewable energy business

<ul><li>India’s largest <keyword id="9586312" type="UNKNOWN" weightage="20" keywordseo="clean-energy-firm">clean energy firm</keyword>, <keyword id="944686" type="COMPANY" weightage="20" keywordseo="renew-power">ReNew Power</keyword>, is set to manufacture solar cells with an initial capacity of 2000 MW. </li><li>The company will invest about ₹2000 crore to execute the plan and create 2,000 direct jobs in India, according to Suman Sinha, chairman and managing director, ReNew Power. </li><li>Previously, the clean energy firm announced its plan to double its portfolio of running plants and project to 10,000 MW in the next five years. </li></ul>India’s largest clean energy firm, ReNew Power, is set to manufacture solar cells with an initial capacity of 2000 MW. The company will invest about ₹2000 crore to execute the plan and create 2,000 direct jobs in India, according to Suman Sinha, chairman and managing director, ReNew Power. <div type="twitter" handle="sumant_sinha" handlename="Sumant Sinha" image="http://pbs.twimg.com/profile_images/1245629588048195585/4itv2ZeM_normal.jpg" favoritecount="889" retweetcount="175" status="As part of our effort to support the @PMOIndia's call for #AatmaNirbharBharat, we're proud to announce an investmen… https://t.co/kERi8OoGpx" createdat="1594885947000" id="1283670820242391040"></div> Previously, the clean energy firm announced its plan to double its portfolio of running plants and project to 10,000 MW in the next five years. The company currently has a capacity of 5,600 MW. According to an Economic Times report, the company would invest ₹40,000 crore to ₹50,000 crore to implement the growth plan. This comes after ReNew Power, earlier in November 2019, said that it aims to achieve “double-digit growth in power transmission.” Moreover, it was also hopeful of grabbing $20 billion in transmission projects this year. Thus, venturing into manufacturing solar cells would leave only the distribution part of the whole energy value chain for the company. Sinha believes that despite COVId-19, the government has been announcing new bids in the renewable energy sector. "This year despite the impact of Covid-19, the government has been actively bringing out new bids in the renewable energy space and companies have responded enthusiastically,"<a href="https://economictimes.indiatimes.com/industry/energy/power/renew-plans-to-double-power-generation-to-20000-mw-in-5-years/articleshow/76967152.cms"> Renew Power chairman and managing director Sumant Sinha told ET.</a> SEE ALSO: <a href="https://www.businessinsider.in/tech/news/jio-glass-akash-ambani-and-isha-ambani-announce-reliances-latest-product-which-offers-holographic-video-calls/articleshow/76977640.cms">Jio Glass – Akash Ambani and Isha Ambani announce Reliance’s latest product which offers holographic video call</a> <a href="https://www.businessinsider.in/stock-market/news/wipro-share-price-16-increase-leads-to-surge-in-infosys-share-price-too/articleshow/76973619.cms">Wipro share price 16% increase leads to surge in Infosys share price too</a> <a href="https://www.businessinsider.in/science/health/news/moderna-covid19-vaccine-will-be-in-final-stages-of-human-trial-starting-july-27/articleshow/76972580.cms">Moderna's COVID-19 vaccine will be in final stages of human trial starting July 27</a>

ReNew Power will invest ₹2000 crore in manufacturing solar cells in India— promises 2,000 direct jobs

<keyword id="9345416" type="UNKNOWN" weightage="20" keywordseo="clean-energy-firm-renew-power">Clean energy firm ReNew Power</keyword> on Thursday said it has inked a definitive agreement to acquire <keyword id="107950" type="TECHNOLOGY" weightage="20" keywordseo="artificial-intelligence">artificial intelligence</keyword> and machine learning startup Climate Connect. The acquisition will give ReNew Power access to energy management services. "ReNew Power has signed a definitive agreement to acquire Regent Climate Connect Knowledge Solutions Private Ltd ("Climate Connect"); a digital -analytics, software development, Artificial Intelligence (AI), and <keyword id="9345415" type="UNKNOWN" weightage="20" keywordseo="machine-learning-company">Machine Learning company</keyword>, specialising in the power markets domain in India," ReNew Power said in a statement. ReNew's acquisition of Climate Connect is expected to not only add to its digital capabilities but also allow it to offer a suite of digital product offerings to customers across the energy value chain, it added. ReNew Power plans to operate Climate Connect as an independent subsidiary that continues to focus on building a global team, world class data integrity and software development processes, as well as business development activities, it said. "The first wave of growth in the renewable energy industry came through the addition of physical assets on the ground, the next wave will come through the development of digital products that help optimize powerflow from generators to distribution companies to customers," ReNew Power CMD Sumant Sinha said. As distribution companies look to tighten operations, find efficiencies, and reduce AT&amp;C losses, digitalization will play a key role and Climate Connect is well-positioned to service this important market, Sinha added. Climate Connect CEO and Co-founder Nitin Tanwar said :"We believe that the company's acquisition by ReNew Power will help us create long-term value for our existing distribution utility and IPP customers and provide us the much-needed scale for the next leg of our journey". The acquisition is expected to strengthen ReNew Power's ongoing digital and analytics initiative which aims to leverage its data, to optimize decision making across business operations, the statement added. SEE ALSO:<a href="https://www.businessinsider.in/business/corporates/news/amazon-and-airtel-deal-may-ape-reliance-jio-and-facebook/articleshow/76195307.cms" data-type="tilCustomLink"> Amazon reportedly wants Airtel stake for $2 billion ⁠— and a partnership like Jio-Facebook and possibly, Google-Vodafone Idea</a> <a href="https://www.businessinsider.in/india/news/maruti-suzuki-launches-covid-19-safety-accessories-for-its-cars-to-woo-customers/articleshow/76193707.cms" data-type="tilCustomLink">Maruti Suzuki launches COVID-19 safety accessories for its cars to woo customers</a>

ReNew Power to acquire artificial intelligence and machine learning startup Climate Connect

New Delhi, May 13 () Energy sector players on Wednesday hailed the government's move to infuse Rs 90,000 crore liquidity into power distribution companies (discoms), saying the stimulus will breathe a fresh life into the power sector.They said that overall this Rs 20 lakh crore stimulus announced by Prime Minister Narendra Modi will revive the COVID-19 hit economy, adding that there was a need to lay special focus on domestic manufacturing and that is what this package will do.Welcoming the announcement, Vikram Solar CEO Saibaba Vutukuri said the "path-breaking initiative" aims to make India self-reliant and reduce import dependency on imports for solar modules and its components."It is (package) the component for progress, growth and positive change. The need for reviving domestic manufacturing is now more than ever, as the world's gaze shifts away from China," he said. The Prime Minister on Tuesday announced a massive new financial incentive on top of the previously announced packages for a combined stimulus of Rs 20 lakh crore. Sharing the details of the package on Wednesday, Finance Minister Nirmala Sitharaman announced Rs 90,000 crore liquidity infusion into cash-strapped discoms, facing demand slump due to the lockdown to contain COVID-19. ReNew Power CMD Sumant Sinha said the 90,000 crore liquidity infusion into discoms will breathe a fresh life into the power sector and protect distribution companies from going bankrupt. This money will help the discoms to repay most of the Rs 92,000 crore outstanding payments that they owe to power generators, restarting the virtuous cycle of liquidity, higher investments and rapid growth for the power sector, he added. Suntuity Renewable Energy India Director Imaan Javan said Indian MSMEs always had to face unfair competition from foreign companies. "The government's move will give opportunities to all Indian manufacturers. Renewable energy projects having PPAs (power purchase agreements) with discoms will also benefit from the move," he said. ABI MKJ

Energy sector players cheer stimulus, says steps towards self-reliance

New Delhi, Dec 11 () Clean energy firm ReNew Power on Wednesday said it has joined hands with South Korea-based GS E&amp;C for execution of its 300 MW solar power plant in Rajasthan.
 ReNew Power announced a joint venture partnership with South Korea based GS E&amp;C in this regard, a company statement said.
 ReNew Power will hold a 51 per cent equity under the partnership, while the balance will be held by GS E&amp;C.
 "I expect the partnership to set new benchmarks in the Indian renewable energy space and look forward to executing more projects together," ReNew Power's Chairman and MD Sumant Sinha said.
 The project is part of the capacity auctioned by Solar Energy Corporation of India (SECI) under its tranche-IV auctions concluded earlier this year.
 GS E&amp;C, is South Korea's leading construction and development firm and is part of the GS Group, with an asset base of over USD 58 billion.
 This partnership will mark the entry of GS E&amp;C in the Indian renewable energy sector.
 "GS E&amp;C and ReNew Power will continue to play an important role achieving the country's ambitious target for the transition to cleaner energy," said Huh Yun Hong, the president and head of new business division of GS E&amp;C.
 ReNew Power recently crossed the 5GW renewable energy generation milestone with the commissioning of a 250 MW solar plant in Bikaner. It has assets valued at over USD 6.5 billion. ABI DRR

ReNew Power partners with GS E&C to execute solar project in Rajasthan

New Delhi, Apr 8 () ReNew Power on Wednesday pledged Rs 20 crore to combat the COVID-19 pandemic in India. A sum of Rs 10 crore will be contributed to the PM-CARES Fund, Rs 5 crore will go towards the chief minister's relief fund in various states and the rest will be spent on several activities to directly help communities impacted by the lockdown and to bolster the health infrastructure, it said in a statement. As part of these activities, ReNew Power will focus on feeding migrant labourers, daily wage workers and locals around its sites spread across the country by distributing dry ration packets in conjunction with the local administration. The company will be working across its sites in the states of Gujarat, Rajasthan, Andhra Pradesh, Karnataka, Tamil Nadu, Telangana, Madhya Pradesh and Maharashtra and will cover around 140 villages. Additionally, ReNew is adopting a village in Haryana, where around 350 vulnerable households will be provided with dry ration and hygiene kits. ReNew employees, led by their CMD and other members of the senior management, are also contributing a part of their salary to fund various activities to fight COVID-19. ReNew Power's senior leadership team has also joined other corporate leaders from Gurgaon to provide critical support to the authorities, including distributing PPE kits for frontline healthcare providers, helping hospitals with ventilator supplies, meals and dry ration for affected communities. The company's Chairman and Managing Director Sumant Sinha said, "ReNew Power is already at the forefront of the battle against COVID-19 by keeping its clean power generating sites operational amidst the lockdown and ensuring regular power supply to people from more than 100 sites across the country. "But we all know that these difficult times require us to act beyond the call of duty to assist the government with financial as well as infrastructure support to ensure that it is equipped to fight this disease. As the nation navigates these uncharted waters, we hope that our endeavour to help equip the hospitals and their staff with the right medical equipment will strengthen local efforts in tackling this emergency." ReNew Power Private Limited is India's largest renewable energy IPP (independent power producer) in terms of total energy generation capacity. As of December 2019, ReNew had a total capacity exceeding 8 GW of wind and solar power assets across the country, including commissioned and under development projects. KKS ABMABM

ReNew Power commits Rs 20 cr to fight COVID-19

New Delhi, Feb 25 () Critical personal data of the people must be kept within the country, Niti Aayog CEO Amitabh Kant said here on Tuesday.The statement comes in the backdrop of India mandating global technology giants including Mastercard and Visa to comply with the data localisation norms in the public interest. Data localisation requires data about residents be collected, processed, and stored inside the country, often before being transferred internationally, and usually transferred only after meeting local privacy or data protection laws."On cross border data, I am quite clear that...there is vast amount of data and critical personal data must be kept within the country. I am a great believer that the personalised critical human data definitely must be kept within the country," he said.Kant also said that the government is in the process of creating a portal to share data on public platform for public use as India generates a huge amount of data."India has a vast amount of data. Niti Aayog is working on a portal to put this data in an anonymous manner in public domain so that the people across the sectors can utilise it," he said at the US-India Forum organised by industry body FICCI and supported by the central government.India has over 2,000 startups working in artificial intelligence and machine learning and the start-ups can't be starved of the data. "There is a need to create an economic framework for data pooling as a business resource in a responsible manner. It is not possible for India to grow rapidly at high rates without a technological leapfrogging in many areas of growth. India has to get into sunrise areas of the industry, and I believe India can radically change the landscape of electric mobility," said Kant.The Niti Aayog CEO said India offers the size and scale to do innovations across health and education among other sectors. India has a scale of data that no other country can offer. "Indians are going to use data to a greater size and scale as we are the only country in the world which has a varied bank of biometrics," he added.Aruna Sundararajan, former telecom secretary, said: "We must open up and enlarge the regulatory sandboxes in every area and have a full play for innovations."In a separate session on Advancing US-India Energy Cooperation, ReNew Power Chairman and Managing Director Sumant Sinha said there is a need for structural reforms in the power sector.The most important thing that needs to be looked at is that renewable energy is subset of power sector, he said, adding unless some structural reforms in the power sector are done, there will be problems in all parts of value chain in power sector including renewables. "We have state power distribution companies which are in poor financial health. If the health of discoms does not improve then fundamentally we will not have healthy power sector. It is not just renewables but also thermal power generating companies (which are affected due to discoms non-payment)," Sinha said.He also talked about issues such as land acquisition, local connectivity which need to be sorted out to give boost to power sector in the country. KPM KKS MKJ

Critical personal data must be kept within country: Niti CEO

Finance Minister Arun Jaitley left industrialists, economists and commentators on a high note as they cheered the Budget 2016-17. 
 
They lauded the finance minister for a pro-farmer budget, also leaving a multiplier effect on the economy. Many experts said the budget was in line to what they expected and importance to fiscal discipline was also welcomed. 
 
Even the startup founders were excited about no tax for first three years. 
 
Here’s what the experts have to say: 
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Prompt words for businessmen to use today for <a href="https://twitter.com/hashtag/Budget2016?src=hash">#</a><a href="https://twitter.com/hashtag/Budget2016?src=hash">Budget2016</a>-great, fantastic, all-round impetus, path-breaking, boosting economy, balanced, 👏.
	— Harsh Goenka (@hvgoenka) <a href="https://twitter.com/hvgoenka/status/704220915349848064">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		All major CII recommendations have been covered in <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a>.~Sunil Munjal, Chair, Hero Corporate Service Limited <a href="https://t.co/dRnKw5QXaR">pic.twitter.com/dRnKw5QXaR</a>
	— CII (@FollowCII) <a href="https://twitter.com/FollowCII/status/704208144566595584">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		In summary, despite our disappointment on the tax on cars, I see no reason for the mayhem in the market.
	— anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/704206242928074752">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		The need of the hour, both to revive consumption &amp; to preserve the social fabric of the country, was to focus on the farm ecosystem
	— anand mahindra (@anandmahindra) <a href="https://twitter.com/anandmahindra/status/704206350121897984">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Big effort to one time clean up past tax issues and one time amnesty <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a> <a href="https://twitter.com/hashtag/UnionBudget2016?src=hash">#UnionBudget2016</a>
	— Sumant Sinha (@sumant_sinha) <a href="https://twitter.com/sumant_sinha/status/704201417804742656">February 29, 2016</a></blockquote>
 
 
<blockquote class="twitter-tweet" data-lang="en">
	
		FM sticks to fiscal deficit target of 3.5%! Exactly my views and glad to see the fiscal prudence <a href="https://twitter.com/hashtag/Budget2016?src=hash">#Budget2016</a>
	— Sumant Sinha (@sumant_sinha) <a href="https://twitter.com/sumant_sinha/status/704193439592640512">February 29, 2016</a></blockquote>
 
<blockquote class="twitter-tweet" data-lang="en">
	
		Incredible and necessary win for Aadhar in today's budget ! Cheers &amp; Kudos to <a href="https://twitter.com/India_Stack">@India_Stack</a> and <a href="https://twitter.com/NandanNilekani">@NandanNilekani</a>
	— Vijay Shekhar (@vijayshekhar) <a href="https://twitter.com/vijayshekhar/status/704235493169299456">February 29, 2016</a></blockquote>
(Image: Indiatimes)

Industrialists, economists laud FM, positive that India will take a leap forward

Bihar assembly elections 2020: NDA, UPA, and LJP candidate list for first phase of polls

In a clear indication that the Narendra <keyword id="6354642" type="PERSON" weightage="80" keywordseo="Modi">Modi</keyword> government’s mantra to promote green energy in the country in attracting <keyword id="89429" type="COMPANY" weightage="80" keywordseo="Global-investors">global investors</keyword>, ReNew Power Ventures has raised $140 million (Rs 835 crore) as funding from three investors -- <keyword id="6361649" type="CITY" weightage="80" keywordseo="Goldman-Sachs">Goldman Sachs</keyword>, <keyword id="50190" type="CITY" weightage="80" keywordseo="Asian-Development-Bank">Asian Development Bank</keyword> and Global Environment. The independent wind and solar power company, which is committed to reduce India’s carbon footprint, now plans to go public within a year.
 Goldman Sachs, an original investor in the company, has pumped in $70 million into <keyword id="944686" type="UNKNOWN" weightage="80" keywordseo="renew-power">ReNew Power</keyword> while Asian Development Bank (<keyword id="6355976" type="ORGANIZATION" weightage="80" keywordseo="ADB">ADB</keyword>) and alternative asset investment firm <keyword id="159783" type="COMPANY" weightage="80" keywordseo="Global-Environment-Fund">Global Environment Fund</keyword> (GEF) have invested $50 million and $20 million, respectively. After the latest fund infusion, the total equity investment in ReNew Power stands at $390 million( Rs 2,327 crore). Interestingly, this is the largest in <keyword id="2402579" type="UNKNOWN" weightage="80" keywordseo="Indias-renewable-energy-industry">India's renewable energy industry</keyword>. "If the market is supportive and there is a conducive environment for the <keyword id="414814" type="UNKNOWN" weightage="80" keywordseo="renewable-energy-sector">renewable energy sector</keyword>, we will do an IPO in a year or half," Sumant Sinha, chairman and chief executive officer at ReNew Power, said. 

	Earlier, there were reports that ReNew is looking for fresh investors. Goldman, which provided initial funding of $135 million in 2011, had committed to invest $320 million in the company. Currently, with new investors coming on board, Goldman's additional investment is kept on hold, said Sinha. 
 

	ReNew Power has also ventured into solar power production with a 50-Mw project in Madhya Pradesh. "We plan to increase our portfolio by 500 Mw by 2015, mainly dominated by wind power projects," Sinha said.
 Sinha also asserted that the company would look forward to participate in the upcoming phase of the <keyword id="73669" type="ORGANIZATION" weightage="80" keywordseo="national-solar-mission">National Solar Mission</keyword>, which aims to add 1,500 Mw to the country's current solar capacity of 2,600 Mw, if the government came up with appropriate policy measures like 'feed-in-tariff' model. At present, wind power production in the country stands at 20,000 Mw because of the feed-in-tariff mode of operation, concluded Sinha. (Image: Thinkstock)

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