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PFC signs MoU worth Rs 2.37 Lakh Crore with 20 Companies in Clean Energy Space

Newsmantra — Sat, 22 Jul 2023 08:29:06 +0000

As part of its plan to position itself as the focal funding agency for energy transition, PFC executed various MoU of more than Rs 2.37 Lakh Crore with 20 companies.

The MoU were exchanged in the presence of Smt. Parminder Chopra, Director (Finance) & CMD (Addl. Charge), PFC, Shri Rajiv Ranjan Jha, Director (Projects) and Shri Manoj Sharma, Director (Commercial) at an event held on the side lines of G20 summit in Goa.

PFC recently diversified its loan portfolio by foraying into infrastructure projects such as refineries, ports, roads, metro, biofuels, waste to energy etc.

These MoU were signed with Solar, Wind Power, Green Hydrogen, Battery Storage, Electric Vehicle companies as well as the manufacturers of green energy equipment among others in the clean energy space. Adani, Greenco, ReNew, Continuum, Avaada, JBM Auto, Megha Engineering & Infrastructure Limited, Rajasthan Renewable Energy .

PFC enjoys the unique advantage of providing funds for longer tenure at competitive rates and taking larger exposures. PFC is looking to fund projects like offshore wind, pumped hydro storage, solar modules and cells, among others in the clean energy space.

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IOC’s JV for building Biofuels production capacities

Newsmantra — Wed, 12 Jul 2023 06:01:54 +0000

Indian Oil Corporation Limited (Indian Oil) and Praj Industries Limited (Praj) have recently signed a term sheet to advance plans to strengthen biofuels production capacities in India. Various biofuels covered under this MoU include Sustainable Aviation Fuel (SAF), Ethanol, Compressed Bio-Gas (CBG), Biodiesel and Bio-bitumen among others. Earlier in October 2021, both the Companies had entered into an agreement to form a 50:50 Joint Venture to this end.

Talking about the development, Shrikant Madhav Vaidya, Chairman, Indian Oil, said, “The collaboration with an Indian biofuel major – Praj, is a remarkable milestone in Indian Oil’s green energy transition journey. It will strengthen our resolve to achieve our goal of net-zero operational emissions by 2046 and maintain our leadership in the green energy domain.”

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Singareni becomes the top coal company by achieving an all-time record with a net profit of Rs. 2,222 crores in 2022-23

Newsmantra — Mon, 10 Jul 2023 07:25:06 +0000

Mr. N. Sridhar CMD SCCL announced that Singareni has achieved an all-time record net profit of Rs.2,222 crores , with a turnover of Rs 33,065 crore in 2022-23 , the highest in its history.

Singareni is number one in terms of profit growth among Maharatna companies including Coal India. Power Grid Corporation is at the second position and Coal India is at the fourth position. Singareni is known as the best company by achieving maximum sales and profits even in adverse conditions.

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Income Tax search on Chinese entities

Newsmantra — Wed, 12 Aug 2020 11:58:03 +0000

Based on the credible information that few Chinese individuals and their Indian associates were involved in money laundering and hawala transactions through series of shell entities, a search action was mounted at various premises of these Chinese entities, their close confederates and couple of bank employees.

Search action revealed that at the behest of Chinese individuals, more than 40 bank accounts were created in various dummy entities, entering into credits of more than Rs 1,000 Crore over the period. A subsidiary of Chinese company and its related concerns have taken over Rs 100 Crore bogus advances from shell entities for opening businesses of retail showrooms in India. Further, incriminating documents in respect of hawala transactions and laundering of money with active involvement of bank employees and Chartered accountants has been found as a result of search action. Evidences of foreign hawala transactions involving Hongkong and US dollars have also been unearthed. Further investigations are under progress.

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