VITAL INDUSTRY UPDATES – 30/04/2015

April 30, 2015 11:42 am Published by

Slew of measures to give relief to sugarcane farmers

The Cabinet announced a relief package for sugar mills. It also decided to compensate the Food Corporation of India and State governments for procuring wheat with high moisture. In a move that will help cash-starved domestic sugar mills, the Centre has decided to increase the import duty on sugar to 40 per cent from 25.

Additionally, the Cabinet also removed the 12.36 per cent excise duty on ethanol supplied for blending for the 2015-16 season (October-September) to pass on price benefits to mills, which collectively owe ₹21,000 crore to sugarcane farmers.

The government expects these measures to help mill owners generate enough cash to pay dues to farmers. “The ‘Duty Free Import Authorisation’ (DFIA) scheme for sugar would be withdrawn…similarly the period for discharging Export Obligations under the Advanced Authorisation scheme would be reduced to six months so as to prevent any possibility of any leakage into the domestic market,” an official statement added.

Corruption Act

The Cabinet has also given its nod for official amendments to the Prevention of Corruption Act that proposes a change in the system to initiate action against retired bureaucrats for decisions taken during their tenure. It also envisages that acts of corruption will be at par with a heinous crime.

The Bill to amend the Act was tabled by the UPA government and is pending in the Rajya Sabha. To fast-track the process by which certain class of companies could be exempted from any of the provisions of the New Company Law, the Cabinet approved an amendment to the existing Companies (Amendment) Bill 2014.

Further stake sale in Coal India in due course: Piyush Goyal

The government today said it will go for further stake sale in Coal India in due course to meet the Sebi guidelines on public shareholding.

“We have to fulfill Sebi guidelines … In due course you will hear about it (stake sale in Coal India),” Coal and Power Minister told reporters on the sidelines of a function here.

The government, at present, holds about 80 per cent stake in Coal India.

As per Sebi guidelines, there should be a minimum 25 per cent public shareholding in all listed companies.

 

In the biggest-ever disinvestment, the 10 per cent-stake sale in Coal India in January 2015 fetched the government Rs 22,557.3 crore in a bumper sale where state-run LIC alone picked up nearly one-third of the public offer.

Coal India employee unions, however, have been protesting against further disinvestment in the coal major.

 

Goyal was speaking at the launch function of National Transmission Asset Management Centre (NTAMC) of Power Grid Corporation. Haryana Chief Minister Manohar Lal Khattar dedicated the NTAMC to the nation here today.

NTAMC is a modern technology in the field of power transmission located here.

Goyal further said coal production rose by 10.2 per cent year-on-year to 38.551 million tonnes in the current month.

“This growth is not temporary,” he added. He also said that the Smart City project has started in Gurgaon today. “In the next one year we will make Gurgaon a smart city in power distribution,” he added.

 

Tata Power commissions 24 MW wind farm at Gujarat’s Rojmal

Tata PowerBSE -1.29 % on April 29 commissioned a 24 MW wind farm at Rojmal in Gujarat through its arm Tata Power Renewable Energy Limited, taking the company’s total installed capacity to 8,750 MW, the Mumbai-based firm said in a press release.


With this commissioning, Tata Power has achieved 511 MW of wind energy and 1,383 MW of renewable energy capacity.

The 24 MW wind capacity at Rojmal is expected to generate nearly 52 million units per year. The total capacity of the project is 54 MW.

Tata Power, which is India’s largest integrated power company, has wind farms in Maharashtra, Rajasthan, Gujarat, Tamil Nadu and Karnataka.

Besides evaluating growth opportunities in these states, the company is eyeing Andhra Pradesh and Madhya Pradesh for growth through organic and inorganic means, Tata Power said.
“This is one of the many key milestones in our endeavour to generate 20-25% of Tata Power’s total generation capacity from clean energy sources. The clean energy project is well in line with our core business value of sustainable growth, and will further enhance and increase our clean energy footprint,” Anil Sardana, managing director and CEO of Tata Power, was quoted as saying in the release.

 

The company’s Rojmal wind farm sells power to Gujarat Urja Vikas Nigam Limited under the Gujarat Wind Policy of 2013. The company also has projects under development in Rajasthan and Maharashtra.

 

 

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