DECEMBER 20238AMPIN & JUPITER TO CREATE 1.3 GW SOLAR VENTURE IN INDIAAmpIn Energy Transition, previously known as Amp Energy India and a significant player in India's Independent Power Producer (IPP) sector, has unveiled a strategic alliance with Jupiter International Limited to create a joint venture exclusively dedicated to solar panel manufacturing. This partnership marks a crucial move to enhance India's solar cell and module production capacity, ultimately fostering self-sufficiency in the renewable energy industry.Within this joint venture (JV), the two partners will establish an advanced manufacturing facility with a focus on producing up to 1.3 gigawatts (GW) of high-quality solar cells and modules. This initiative is in line with the Indian government's Production-Linked Incentive (PLI) Tranche-II program, which is designed to boost domestic manufacturing, reduce global supply chain vulnerabilities, and decrease India's dependence on solar imports. AmpIn's venture into manufacturing is geared towards gaining control over the supply chain for critical components. This strategic move resonates with the growing demand for solar cells made in India.Jupiter International Limited, which already operates an 800 MW solar cell manufacturing facility in Himachal Pradesh, brings more than 15 years of experience producing efficient solar cells. This partnership harnesses Jupiter's expertise and combines it with AmpIn's dedication to delivering cost-effective renewable energy. According to the JV's terms, the solar modules will be used both domestically by AmpIn and provided to third-party developers, facilitating growth in both the domestic and export segments of India's renewable energy industry. LINDE WILL PROVIDE INDUSTRIAL GASES TO INDIAN OIL'S PANIPAT REFINERYLinde's branches in India have entered into extended contracts to provide industrial gases to Indian Oil Corporation's Panipat refinery in Northern India. Linde will establish, possess, and operate substantial on-site facilities to deliver hydrogen, nitrogen, and compressed dry air to Indian Oil through a Job Work arrangement. These new on-site facilities will assist in the significant expansion of the Panipat refinery, increasing its capacity from 15 to 25 million metric tons annually.Industrial gases play vital roles in the refining process, such as sulfur removal for clean fuel production, crude oil cracking into various products, and equipment purging and cleaning. The Panipat project will mark Linde's second major hydrogen plant constructed, owned, and operated for Indian Oil. It will also rank among Linde's largest on-site facilities in India, with a combined industrial gas production capacity of 142,200 cubic meters (Nm3) per hour. The plant is scheduled to become operational in 2025.Besides serving Indian Oil, the new on-site complex will fulfill nitrogen demand from various sectors, including chemicals & energy and manufacturing. Moloy Banerjee, President of ASEAN & South Asia at Linde, noted, "We secured this project due to the outstanding efficiency of our technology and Linde's proven track record in providing safe and reliable service to our customers. We are excited to strengthen our partnership with Indian Oil and expand our presence in Northern India". TOP STORIESHarihara Mahapatra, a Mumbai-based businessman, and his wife Preeti will invest Rs 1,100 crore in SpiceJet for a 19 percent stake in the company. According to a detailed funding proposal reviewed by ET, Aries Opportunities Fund will hold 3 percent and Elara Capital will hold 8 percent after warrant conversion.Last week, the cash-strapped airline announced that it had received a lifeline in the form of a Rs 2,254 crore investment from a group of funds and high-net-worth individuals through the issuance of up to 130 million convertible warrants and 320.8 million new equity shares.Once shareholders approve the issuance of equity and warrants, promoter Ajay Singh's current shareholding in the airline will fall from 56.49% to at least 38.55 percent. Singh has pledged 37.9% of his stake to various banks.Hariahara Mahapatra and his wife are promoters of Mahapatra Universal - a Mumbai based group. The website of the company says that they are present in multiple sectors like real estate, infrastructure, consulting, consumer and retail.In 2016, Mahapatra's wife Preeti was fielded as an independent candidate in the Rajya Sabha election with backing from the Bharatiya Janata Party against Congress leader Kapil Sibal.The airline said it will use the aforementioned Rs 2,241.5 crore to pay statutory obligations such as Tax Deducted at Source (TDS), Goods and Services Tax (GST), Provident Fund (PF), etc.; settle past dues with creditors; unground its grounded planes and acquire new aircraft; pay for aviation turbine fuel; pay salaries to employees; and for general corporate purposes. C4V & HINDALCO TO JOINTLY DEVELOP COMPONENTS FOR LI-ION BATTERIESC4V, a Li-Ion battery technology company based in the United States, has entered into a Memorandum of Understanding (MOU) with Hindalco Industries. The agreement aims to collaborate on the development and provision of battery-grade aluminum foils, Coated Foils, and structural components intended for Li-ion cells. This collaboration seeks to cater to the rapidly expanding market for EV battery materials.Under the Memorandum of Understanding (MoU), Hindalco is set to supply C4V with up to 2,000 tonnes of battery foil within a span of five years. The agreement delineates a strategic roadmap that involves collaborative efforts on materials and joint technology development, aiming to align with the evolving needs of the Indian EV market. This multifaceted strategy promotes local manufacturing and expertise, anticipated to bolster India's self-reliance in EV battery technology. Additionally, Hindalco recently announced the establishment of a 25,000-tonne battery foils manufacturing facility in Odisha.C4V stands as a global frontrunner in advanced energy storage technologies and Gigafactory solutions. Committed to sustainability and innovation, C4V focuses on the development and implementation of cutting-edge technologies and Gigafactories to confront global energy storage challenges. The company's core mission revolves around expediting the transition toward a renewable energy future through its advanced battery chemistry, cell designs, and Gigafactory blueprints. TOP STORIESSPICEJET SECURES RS.1,100 CRORES INVESTMENT FOR 19 PERCENT STAKE
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