India’s GAIL picks Gamesa turbines as it begins wind push

The order is for 29 of Gamesa’s G58-850kW turbines for a project in Palani, Tamil Nadu, with commissioning expected to take place in March 2012.

The order follows a decision by GAIL India’s board to enter the wind market, with plans to build four 25MW wind farms across Tamil Nadu and Karnataka states during the current financial year.

GAIL was formed in the 1980s as a Central Public Sector Undertaking (PSU) to build and operate the 1800km HVJ project, one of the largest gas pipelines in the world.

3-year lock-in rule for FDI to go

Source: Business standard, Jan 24, 2012

New Delhi: The government is liberalising its foreign direct investment rule that repatriate its original investment before a three-year lock-in period from the day it completes its minimum capitalisation norm for the sector.

Despite reservations of the Department of Industrial Policy & Promotion (DIPP), the government has contended that this restriction can be done away with, if the investor offers acceptable reason for not making the investment.

South Australia eyes India for trade ties

Source: The Economics Times, Jan 23, 2012

MELBOURNE: South Australia government is keen to enhance economic ties with India has placed the country on top of the list of future trade partners.

“The state must have a clear strategy to take advantage of emerging trade opportunities with India,” Premier Jay Weatherill said today as he launched a South Australia-India economic development directions paper ahead of a visit this week by a delegation of Indian investors.

Government to take up repair work of SEZ rules soon

Source: The Economics Times, Jan 24, 2012

NEW DELHI: The commerce ministry will announce rules to simplify and rationalize procedures to revive special economic zones, hoping to draw investors to these enclaves once touted as centres of export excellence.

The changes, which will be notified in a week, could include a reduction the minimum-area requirement, easier vacancy and contiguity norms and allowing multi-product SEZs in sector-specific zones.

Nabard starts infra lending to diversify

Source: The Economics Times, Jan 24, 2012

KOLKATA: The National Bank for Agriculture & Rural Development, or Nabard, has started lending directly to infrastructure projects out of its own resources for the first time in 30 years, in an attempt to diversify its activities and make itself relevant at a time when the dynamics of the rural market are changing.

RBI likely to cut CRR to ease liquidity pressure, but hold rates till March

Source: The Economics Times, Jan 24, 2012

MUMBAI: Reserve Bank of India Governor Duvvuri Subbarao, known to overrule majority opinion, could spring a surprise with a cut in the cash reserve ratio (CRR) to ease liquidity pressure on the system, which may also reduce funding costs for industry.

Heavy Industries Minister Praful Patel seeks ban on import of power equipment

Source: The Economics Times, Jan 24, 2012

NEW DELHI: The heavy industries ministry has urged Prime Minister Manmohan Singh to ban foreign equipment in ultra mega power projects, citing the need for a level playing field for domestic companies. The suggestion has not found favour with the power ministry, which is struggling to meet the country capacity addition target that has been pared twice during the current Eleventh Five-Year Plan.

Tiffany’s in talks with Reena Wadhwa for India entry

Source: The Economics Times, Jan 24, 2012

NEW DELHI: Iconic US jeweller Tiffany & Co is in talks to enter India through a 51% joint venture with actress-turned-luxury entrepreneur Reena Wadhwa, who already has a joint venture with Italian luxury brand Gucci, a person familiar with the negotiations said. “The deal is on the table now and could be signed soon,” the person said.

Reena Wadhwa, who is married to investment banker and Ambit Group CEO Ashok Wadhwa, will float a new venture to run Tiffany’s business, the person said.

12th Plan may target capacity addition of 1,00,000 MW

Source: The Hindu Business Line, Jan 23, 2012

New Delhi: For the 12th Plan Period (2012-17), the Government may fix power capacity addition target at around 1,00,000 megawatt. This is the Power Ministry’s proposal to the Planning Commission.

“The final call would be taken by the National Development Council. It may be between 90,000 MW and 1,00,000 MW,” Member Planning Commission, Mr B.K. Chaturvedi, told newspersons at the India Energy Congress 2012 here on Tuesday.

NTPC to set up 5 MW solar farm in Andamans

Source: The Hindu Business Line, Jan 23, 2012

Hyderabad: Power major NTPC Ltd is taking small but decisive steps towards renewable energy projects, spanning solar photovoltaic, solar thermal and wind. It is setting up a 5 MW photovoltaic power generation unit close to Port Blair airport in Andaman and Nicobar Islands.