APRIL 20238TOP STORIES Mitsubishi Electric India has entered into an agreement with Mahindra Industrial Park Chennai (MIPCL), a partnership between Mahindra World City Developers and Sumitomo Corporation of Japan, to set up its plant spread over 52 acres at Origins by Mahindra, Chennai.The electric and electronic equipment manufacturing company will be investing over $222 million or over Rs.1,819 crore to construct an air-conditioners and compressors' manufacturing factory on this land parcel that has been leased for an extended tenure of 99 years.The new plant will be Mitsubishi Electric's first manufacturing facility for air conditioners and compressors to meet the increasing demand in the country. It is expected to commence operations by October 2025. "The new manufacturing facility will be expected to strongly support stable product supply as the Indian market continues to grow due to its growing population and expanding economy. It also will boost development capacities to meet local demands and provide product lifecycle solutions incorporating air conditioning and refrigeration equipment", said Kazuhiko Tamura, Managing Director, Mitsubishi Electric India.Once fully operational, the factory will allow Mitsubishi Electric to achieve an annual production capability of 300,000 units of room air conditioners and 650,000 units of compressors. The company started importing air conditioning and refrigeration systems into India in 2010, through its subsidiary Mitsubishi Electric India. "Our strategic location, coupled with our robust infrastructure and commitment to sustainability, positions us as a leading destination for the manufacturing industry. At Origins by Mahindra, we remain dedicated to providing our clients with unparalleled service excellence as we continue to pave the way towards India's 'Make in India' mission by facilitating global standards of manufacturing in the country", said Rajaram Pai, Chief Business Officer ­ Industrial, Mahindra Lifespace Developers. Hiranandani Energy is in talks with Singapore-based Atlantic, Gulf and Pacific Company (AG&P) to sell a majority stake in the company and its units for a few hundred crores of rupees, according to two industry sources aware of the development. Hiranandani Energy once had aspirations to build multi-billion dollar integrated energy infrastructure projects, such as two LNG terminals and a pipeline for end-to-end natural gas solutions.In H-Energy and one of its subsidiaries, AG&P is almost ready to acquire a 70 percent share, with Darshan Hiranandani keeping the remaining 30 percent. The initial source quoted stated that "AG&P plans to buy 70 percent in H-Energy and one of its subsidiaries as it is looking to expand its LNG and CNG operations in India". An email sent on April 11th received no response from AG&P or H-Energy. The 56-kilometer R-LNG pipeline from Jaigarh port to Dabhol, connected to the national gas grid, and a jetty at Jaigarh Port in the Ratnagiri district of Maharashtra, where a floating storage and regasification unit (FRSU) can be berthed for R-LNG unloading, are the only two assets that H-Energy could develop. H-Energy intended to spend $3 billion constructing two LNG import terminals, one in Jaigarh, Ratnagiri, Maharashtra, and the other off Haldia, West Bengal. However, due to operational and budgetary difficulties, preparations did not proceed as expected. "The company would have had to spend a few hundred crores building a pipeline and a jetty. The second individual with knowledge of the developments explained that the transaction value would be proportionate to it. According to documents filed with the Registrar of Companies, "H-Energy has a net value of Rs.295 crore and free reserves of Rs.56 crore as of March 31st, 2022. Salus Developers was the previous name of H-Energy (HEPL). Its main line of business was investing in corporate bonds, shares, and other assets. The business changed its name to H-Energy in December 2010. MITSUBISHI ELECTRIC TO INVEST $222 MILLION TO SET-UP FACTORY IN MAHINDRA'S CHENNAI PARKAG&P OF SINGAPORE IS IN TALKS TO PURCHASE 70 PERCENT OF HIRANANDANI ELECTRIC
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