AUGUST 20248MTNL & BSNL FORMS SERVICE PARTNERSHIP WITH BSNLADANI GROUP TO FOLLOW THROUGH ITS CONTRACT TO SUPPLY ELECTRICITY TO BANGALDESHDelhi and Mumbai service provider Mahanagar Telephone Nigam Limited (MTNL), in a press release, made several announcements after a board meeting was held on Wednesday. These announcements included agreements and approvals of proposed sales.MTNL entered a service agreement with BSNL for a 10-year period. The agreement can be revoked by mutual consent of the two parties by giving a six-month notice.MTNL also announced approval for the closure of Millennium Telecom Limited (MTL), a wholly-owned subsidiary of MTNL. The procedure will comply with applicable DIPAM guidelines and will follow the process as per SEBI/ Company laws.The company further approved the proposed sale of shares of MTNL in MTNL STPI IT Services Ltd (MSITS) under intimation to STPI. This will be done by complying with the provisions of the JV Agreement with STPI, complying with the applicable DIPAM Guidelines, and all other processes as per SEBI/Company laws. It will offer the same to any other PSU or State Government.Additionally, it approved the proposal to sell shares of MTNL in Mahanagar Telephone (Mauritius) Ltd (MTML), an overseas wholly owned subsidiary of MTNL, by complying with the applicable DIPAM Guidelines and all other processes as per SEBI/RBI/Company laws. It will also follow extant Mauritian laws. Adani Power has reaffirmed its commitment to supplying electricity to Bangladesh, emphasizing that recent changes in India's power export regulations do not impact its current agreement with the country. The TOP STORIEScompany clarified that the new amendment facilitates connectivity to the Indian grid but does not obligate India to purchase electricity from these generators.Adani Power's 1,600 MW Godda plant in Jharkhand is uniquely positioned as the only facility in India that exports 100 percent of its power output to a neighboring country. The regulatory amendment now allows Adani Power to supply electricity to the domestic market as well, offering a safeguard against potential political risks in Bangladesh.Despite these changes, Adani Power assured that it remains committed to fulfilling its contractual obligations with the Bangladesh Power Development Board (BPDB), in line with the power purchase agreement and Bangladesh's demand schedule.Adani Power, located in Khodiyar in Ahmedabad, India, is a subsidiary of the Adani Group and is a multinational company in the power and energy sector. A private company generates thermal power, with a capacity of 15,250 MW and runs a large solar plant of 40 MW in Naliya, Bitta, Kutch, Gujarat. Adani Godda Power is currently constructing a 1,600 MW facility in Jharkhand. The company has entered into long-term power purchase agreements totaling approximately 9,153 MW with the governments of Gujarat, Maharashtra, Haryana, Rajasthan, Karnataka, and Punjab.
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