DECEMBER 20239TOP STORIESGENSOL ENGINEERING WINS A RS 302 CRORE CONTRACT FROM MAHAGENCOGensol Engineering, a construction engineering firm, announced its successful acquisition of a contract valued at Rs 301.5 crore from Maharashtra State Power Generation Co Ltd (Mahagenco). This contract focuses on the establishment and activation of a solar power plant in Maharashtra. Gensol Engineering Ltd emerged as the winning bidder for the comprehensive project, encompassing the conceptualization, engineering, procurement, installation, testing, and commissioning of a cutting-edge 62 MWAC crystalline solar PV technology grid-connected solar PV power plant.The company, a part of the Gensol group of companies, is renowned for offering engineering, procurement, and construction (EPC) services for solar power plant development. Moreover, Gensol has expanded its horizons by establishing an electric vehicle manufacturing facility in Pune. This facility is dedicated to the development and production of electric three-wheelers and four-wheelers. In this way, Gensol Engineering demonstrates its commitment to sustainable energy and transportation solutions while significantly contributing to the renewable energy landscape in Maharashtra. INDIA IS EXPECTED TO GENERATE 18 PERCENT OF ITS ELECTRICITY FROM SOLAR ENERGYAccording to the International Energy Agency (IEA), their 2023 World Energy Outlook predicts a significant increase in solar energy's contribution to India's electricity generation. The report anticipates that by 2030, solar sources will account for 18 percent of India's electricity, a substantial jump from the current 6 percent. The IEA's outlook for the global energy landscape is also optimistic, with renewables, including solar and wind power, expected to supply half of the world's electricity by 2030. This shift is attributed to the remarkable growth of clean energy technologies like solar, wind, electric vehicles, and heat pumps. The report further projects a considerable surge in the number of electric cars on the roads, potentially reaching almost ten times the current count.The International Energy Agency (IEA) cautioned that despite progress, greenhouse gas emissions remain at levels insufficient to prevent global temperatures from exceeding the critical 1.5 degree Celsius threshold. In the case of India, the report specifically mentioned that solar energy is projected to increase its share in the country's electricity generation from the current 6 percent to 18 percent by 2030. India has set ambitious targets, aiming to achieve 500 gigawatts (GW) of non-fossil fuel-based installed capacity by 2030, which includes approximately 270 GW of solar capacity. As of August, India had already surpassed 70,000 megawatts in solar power generation capacity.The report also highlighted the implementation of policies in various countries aimed at promoting the diversification of supply chains for clean energy technologies. Notable examples include the Inflation Reduction Act in the United States, the Net Zero Industry Act in the European Union, and India's Production-Linked Incentives scheme. Furthermore, the report emphasized that India leads as the largest source of energy demand growth globally under the Stated Policies Scenario (STEPS), surpassing Southeast Asia and Africa. TOP STORIESINDIA SPECULATED TO SEE STRONG STEEL DEMAND IN 2024According to the Crisil report, India imported 4.26 tonnes of finished steel between April and November 2023, and imports may touch this budget by 6 tonnes due to strong domestic demand. The report comes at a time when steel companies are expressing serious concern about the increase in imports.Global steel demand, which the conflict between Russia and Ukraine has reduced, will increase by 1.6 percent in 2023 after a decline of 3.3 percent in 2022, a world analysis company. The growth rate is the fastest ever, with demand growth in India reaching 13%, Crisil said.This fiscal, the steel sector in India is poised to clock its third consecutive year of double-digit growth at 11-13 percent after growing 11.4 percent and 13.4 percent in fiscal 2022 and 2023, respectively."Strong domestic demand, supported by government spending on infrastructure, building and construction segments, is expected to keep India's steel imports elevated around the 6 MT (million tonnes) mark this fiscal even as the global steel industry battles a slowdown," Crisil said.Chinese mills have started pushing volumes into the global market at highly competitive prices. Between January and November this year, exports from China increased 35.6 percent to 82.7 MT - the highest since 2016. WELSPUN ONE TO FUNNEL RS.700 CRORE TO DEVELOP LOGISTICS HUBWelspun One, a portfolio management and development company, will invest over Rs 700 crore to develop 55 hectares of industrial and office space in the Jawaharlal Nehru Special Economic Zone (SEZ). The Port Authority (JNPA) in Navi Mumbai.To this end, Welspun One has entered into a strategic partnership with JNPA to jointly develop this project. The investment includes land costs and construction costs.This is the second allocation of Welspun One's new investment fund with an amount of Rs 2,000 crore. The project is financed through a combination of debt and equity."By empowering businesses and fostering employment, we are driven to generate significant regional and economic influence. The JNPA project is a declaration of our commitment to industrial excellence and the future of India's industrial framework," Balkrishan Goenka, Chairman, Welspun World.This development follows Welspun One's recent strategic land acquisition in Thane, near Mumbai. The Thane development, a logistics-anchored mixed-use project, is currently underway to create 1 million sq ft of advanced last-mile warehousing facilities."This partnership propels us into the future, bolstering our presence in key trade hubs and delivering comprehensive supply chain solutions. We are determined to redefine India's industrial framework by offering sophisticated solutions that meet today's business needs," said Anshul Singhal, Managing Director, Welspun One.This investment in the JNPA-SEZ strategically positions Welspun One in proximity to the JNPA Port, which handles 30-35 percent of India's total containerized cargo volume.
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