9APRIL 2024TOP STORIESHDFC BANK SEEKING TO SELL 100 PERCENT OF ITS EDUCATION SUBSIDIARYINDIAN OIL & NPCIL EXPLORE POSSIBILITIES OF SETTING UP NUCLEAR REACTORSHDFC Bank has announced its decision to divest its entire 100 percent stake in HDFC Education and Development Services Private Ltd. The bank disclosed this information in a regulatory filing on Saturday, stating that the transaction will be conducted using the Swiss challenge method.According to the filing, HDFC Bank has entered into a binding term sheet with an interested party on March 30, 2024. The offer outlined in this term sheet will serve as the anchor or base bid, inviting counter offers from other potential parties interested in participating in the Swiss challenge process.The bank will select the purchaser based on the completion of the Swiss challenge process. Subsequently, HDFC Bank and the successful bidder will proceed to finalize definitive documentation for the transaction.HDFC Education and Development Services Private Ltd. is involved in providing services to three educational institutions, as mentioned in the filing. Indian Oil Corporation Ltd (IOCL), a state-run refiner and fuel retailer, is in the initial stages of discussions with the Nuclear Power Corporation of India Ltd (NPCIL) regarding the potential construction of small modular reactors (SMRs). These SMRs are considered a cost-effective alternative to larger nuclear plants and could provide clean power solutions for IOCL's refineries.Alok Sharma, Indian Oil's director for R&D, announced this partnership exploration during a conference in New Delhi. The collaboration aims to utilize SMRs to generate clean power within IOCL's refineries, contributing to sustainability efforts and reducing environmental impact.Small modular reactors (SMRs) have gained attention as policymakers seek alternatives to larger nuclear projects, which often face delays and logistical challenges. SMRs, with capacities of up to 300 MW, offer advantages such as quicker construction and greater flexibility to adapt to grid requirements.In addition to Indian Oil, other state-controlled companies such as NTPC Ltd and ONGC are also exploring opportunities in the nuclear sector. The Indian government is considering measures to support the growth of the small-scale nuclear technology sector, including potential involvement of private firms in managing and operating reactors.This move underscores India's commitment to diversifying its energy mix and adopting cleaner and more sustainable power generation technologies, aligning with global efforts to combat climate change and promote renewable energy sources.
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