JULY 20239TOP STORYLENDERS OF VOVL APPROVE OF BPCL'S RESOLUTIONPLANNHPC SIGNS MOU WITH ODISHA FOR DEVELOPING SOLAR ENERGY PROJECTSThe event, lenders of VoVL, Videocon Industries' oil and gas exploration company, nearly unanimously approved a resolution plan proposed by Bharat Petroleum Corp (BPCL). VoVL, which is going through bankruptcy, obtained 99.96 percent of the votes in favour of a proposal to sell the business to the government-owned BPCL.According to the people named above, one unsecured lender with 0.04 percent debt voted with his or her abstention. The VoVL's resolution plan was up for voting until June 22.The resolution specialist will submit the strategy for approval to the National Company Law Tribunal (NCLT). According to the individuals named above, the VoVL resolution will rank among the most expensive cross-border insolvency remedies. The majority of VoVL's assets, including its oil exploration blocks, are located in Brazil, however the sale procedure was carried out in India.In order to conduct oil and gas exploration in Brazil, Videocon Energy Brazil and BPCL's subsidiary BPRL Ventures BV formed a 50:50 joint venture. According to the contractual agreements imposed by Brazilian law, BPCL has the first right to match any offer that lenders receive for VoVL oil basins as a JV partner. 90 percent of VoVL's lenders cast votes for one of two resolution proposals in mid-April. A Memorandum of Understanding for the development of pumped storage projects and renewable energy has been signed by Grid Corporation of Odisha (GRIDCO) and NHPC, the largest hydropower development firm in India.According to a statement from the Ministry of Power, the MoU calls for the establishment of renewable energy projects (on-ground and floating solar projects) and storage projects totaling at least 1,000 megawatts each in the state.On June 23, 2023, the MoU was signed by Rajat Gupta, Executive Director (Strategy Business Development and Consultancy), NHPC, and Trilochan Panda, Managing Director, GRIDCO Limited, in the presence of Nikunja B. Dhal, Chairperson, GRIDCO, Additional Chief Secretary, Department of Energy, Government of Odisha, and Biswajit Basu, Director (Projects), NHPC Limited. India has made a number of ground-breaking choices as part of its ambitions to reduce carbon emissions.Prime Minister Narendra Modi made a bold five-point 'Panchamrit' vow at the COP26 meeting in Glasgow in 2021, including achieving 500 GW of non-fossil electrical generation, sourcing 50 percent of all energy needs from renewable sources, and cutting emissions by 1 billion tonnes by 2030. India also wants to cut its GDP's emissions intensity by 45 percent. India finally pledges to have zero emissions by 2070.
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