Companies & Sectors
GE, Alstom ink JVs for rail engine plants in Bihar

GE Transport India managing director Nalin Jain and Railway Board director (mechanical works) Jayant Kumar signed for Marhowra plant, while Alstom Transport India managing director Bharat Salhotra and Railway Board executive director (electrical development) Sudheer Kumar signed for Madhepura plant

 

America's General Electric (GE) and France's Alstom on Monday signed joint venture (JV) agreements with Indian Railways to set up high horse power diesel and electric engines at Bihar's Marhowra and Madhepura at a combined cost of Rs.40,000 crore.
 
"High-tech diesel locomotives will roll out from Marhowra factory and hi-tech electric locomotives from Madhepura factory," an official statement after the agreements were signed by top officials in presence of Finance Minister Arun Jaitley, Railways Minister Suresh Prabhu, central ministers from Bihar and other dignitaries.
 
GE Transport India managing director Nalin Jain and Railway Board director (mechanical works) Jayant Kumar signed for Marhowra plant, while Alstom Transport India managing director Bharat Salhotra and Railway Board executive director (electrical development) Sudheer Kumar signed for Madhepura plant.
 
GE Transport chief executive Jamie Miller and Alstom chief executive Henri Poupart-Lafrage were also present on the occasion.
 
Marhowra is about 80km from Patna, while Madehpura is 290 km from the state's capital.
 
As per the deal, Marhowra plant will make 4,500HP (horse power) and 6,000HP diesel engines, which in combination can operate as 9,000HP and 12,000HP units, while Madhepura will produce 12,000HP electric locomotives.
 
"About 1,000 diesel locos will be manufacture in 11 years at a cost of Rs.14,656 crore and 800 electric locos in 11 years at Rs.19,904 crore. Taking into account cost of setting up plants and maintenance facilities, the twin projects together will cost Rs.40,000 crore," the statement said.
 
The high horse power electric and diesel engines will be used for heavy haul freight operations in the dedicated freight corridors.
 
Early this month, the railways awarded letters of acceptance for both the plants as part of the government's 'Make in India' programme to indigenise production of modern transportation solutions and create thousands of jobs.
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.
 

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Modi launches solar alliance, reminds rich countries of 'green' promises
Indian Prime Minister Narendra Modi launched an alliance of some 120-odd nations here on Monday to harness solar energy better and asked the rich nations to shoulder their responsibilities in protecting the environment, with funding and transfer of clean technology to poor and emerging economies without further delay.
 
He also said India would cut carbon emission levels substantially by 2030 by expanding renewable energy.
 
"Today, when the energy sources and the excesses of our industrial age have put our planet in peril, the world must turn to Sun to power our future," the prime minister said at the alliance launch event with French President Francois Hollande.
 
"This is an alliance that brings together the developed and developing countries, governments and industries, laboratories and institutions in a common enterprise," he said, offering to host this initiative in India, providing the requisite land and also making a contribution of $30 million for the proposed secretariat.
 
During his various engagements at the 21st Session of the Conference of Parties (COP-21) under the UN Framework Convention on Climate Change and side events, Modi said India has done its bit by targeting 175 gigawatt of renewable energy in seven years, and said the world must also act with urgency, led by rich nations.
 
"The entire world, 196 nations, have come together to shape the future of this world and the health of our planet," said Modi.
 
"We want the world to act with urgency. We want a comprehensive, equitable and durable agreement, which must lead us to restore the balance between humanity and nature, and between what we have inherited and what we will leave behind," he said.
 
At another event on innovation also attended by President Hollande, US President Barack Obama and Bill Gates, among others, Modi said it was imperative to make renewable energy much cheaper and more reliable, and the conventional sources cleaner, while developing newer sources that are green.
 
"Our innovation initiative should be driven by public purpose, not just market incentives, including on intellectual property. That also means strong public commitment by suppliers to developing countries. That will make clean energy technology available, accessible and affordable for all."
 
The prime minister, who landed here on Sunday, also held bilateral talks with Presidents Hollande and Obama, as also Japanese Prime Minister Shinzo Abe, besides an unexpected brief meeting with Pakistan Prime Minister Nawaz Sharif.
 
"India will work closely with US on 'Mission Innovation'," he assured Obama, referring to the initiative to dramatically accelerate public and private involvement on cutting-edge technologies to address climate change, provide affordable clean energy and create commercial opportunities in this area.
 
Among his other engagements, the prime minister opened the India pavilion at the convention to showcase the country's commitment towards renewable energy and climate change while also seeking to demonstrate that the world also needs to look beyond to focus on climate justice.
 
"India's progress is our destiny and the right of our people. But we must also lead in combating climate change," said Modi, while assuring 40 percent of India's installed energy capacity from non-fossil fuels by 2030.
 
"We have a target for renewable generation of 175 gigawatt by 2022. We have got off to a good start, with nearly 12 gigawatt likely to be installed by 2016, more than three times the current capacity," he said.
 
India has already submitted for the consideration of the conference, what is called the Intended Nationally Determined Contributions sought from the 196 member states of the convention, offering to cut its emission intensity by 33-35 percent by 2030.
 
"So, we approach the negotiations under the United Nations Framework Convention on Climate Change in a spirit of partnership -- which must be based on the principles of equity and common, but differentiated responsibilities," Modi said.
 
Alluding to what rich nations needed to do to protect the environment, he made it clear that a pact reached in Paris must be one of partnership, where resources and technology are shared with poor and developing economies, so as not to deprive people who live between want and hope.
 
He also launched at the India Pavilion a coffee table book, entitled "Parampara", with Environment Minister Prakash Javadekar and Power, Coal and New and Renewable Energy Minister Piyush Goyal.
 
Modi also unveiled a book authored by him on innovations, "Convenient Action".
 
Later on Monday, addressing the plenary CoP 21 plenary session, he said India has set ambitious targets to cut carbon emissions.
 
“By 2030, we will reduce emissions by 35 percent of 2005 levels, and 40 percent of our installed capacity from non-fossil fuels," he said.
 
Ahead of the summit, the prime minister had sought to remind the developed world, through an article in The Financial Times of London, that it has a moral imperative to lead the fight against global warming.
 
"Principle of common but differentiated responsibilities should be the bedrock of our collective enterprise. Anything else would be morally wrong," he wrote, adding: "Justice demands that, with what little carbon we can still safely burn, developing countries are allowed to grow."
 
Disclaimer: Information, facts or opinions expressed in this news article are presented as sourced from IANS and do not reflect views of Moneylife and hence Moneylife is not responsible or liable for the same. As a source and news provider, IANS is responsible for accuracy, completeness, suitability and validity of any information in this article.

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SEBI instructs past directors of MBK Business Development India to desist from collecting funds from investors
The company was engaged in fund mobilising activity through issue of secured redeemable debentures (SRD) to more than 49 persons without complying with relevant provisions of the Companies Act, 1956, SEBI (ILDS) Regulations, 2008 and the SEBI Act, 1992, according to a SEBI Order
 
Securities and Exchange Board of India (SEBI) has passed an order against the past directors of MBK Business Development (India) Limited viz.  Saikat Brahmachari,  Tanmoy Kundu and Sadhan Chandra Brahmachari  directing them that they are prohibited from issuing prospectus or any offer document or issuing advertisement for soliciting money from the public for the issue of securities. The past directors of MBK are restrained from accessing the securities market and are further prohibited from buying, selling or otherwise dealing in the securities market, according to the SEBI Order.
 
The company was engaged in fund mobilising activity through issue of secured redeemable debentures (SRD) to more than 49 persons without complying with relevant provisions of the Companies Act, 1956, SEBI (ILDS) Regulations, 2008 and the SEBI Act, 1992, according to the SEBI Order. The persons mentioned in the SEBI Order were earlier directors of MBK during the offer of SRD by MBK.
 
Further, the past directors of MBK shall provide a full inventory of all his assets and properties to SEBI, according to the SEBI Order.

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