GE unit will invest $50 million to support the development of 500MW of wind projects out of Greenko’s planned development of 1GW of wind projects in India
Expanding GE’s footprint in India and connection with one of the country’s fastest growing clean energy developers, GE Energy Financial Services and Indian-based Greenko Group Plc have agreed to invest in a new venture to develop wind energy projects across India. The GE unit will invest $50 million–its first renewable energy investment in India–to support the development of 500MW of wind projects out of Greenko’s planned development of 1GW of wind projects in India. Greenko has committed $65 million for the venture, a newly created subsidiary of Greenko, known as Greenko Wind Project Pvt Ltd.
“This investment expands GE’s presence in one of the world’s fastest growing power markets with a local, proven renewable energy developer,” said Raghuveer Kurada, managing director and leader of India at GE Energy Financial Services. “In addition to capital, GE Energy Financial Services brings deep wind and other renewable energy expertise gained by building a $6 billion portfolio of renewable energy investments worldwide.”
Greenko is currently developing a pipeline of wind projects in Maharashtra, Andhra Pradesh, Karnataka and Rajasthan, which the new venture, an Indian holding company and Greenko subsidiary specifically set up to develop wind projects, will own. The first project, the 65MW Ratnagiri wind farm in Maharashtra, is planned for completion in December and will use GE’s 1.6MW turbines. The wind turbines, specifically designed for low and medium wind speeds, will be assembled at GE’s facility in Pune, India. Once operational, a 500MW wind portfolio could generate enough renewable electricity to power 875,000 average Indian households and displace 700,000 tonnes per year of greenhouse gas emissions, the equivalent of taking 137,000 average US cars off the road.
Maruti has dismissed 10 employees, suspended 10 others and terminated the training of five trainees in connection with the strike and violence at the Manesar factory premises
Cracking the whip, Maruti Suzuki India (MSI) on Sunday dismissed 10 workers, terminated five trainees and suspended 10 employees in connection "with the strike and violence at the Manesar factory premises".
In a statement, the company said the strike by the workers and the violence thereafter violated the agreement signed by the workers with the company management on October 1 in the presence of the Haryana government officials.
"The company has dismissed 10 employees, suspended 10 others and terminated the training of five trainees in connection with the strike and violence at the Manesar factory premises," the statement said.
MSI said it continues to be concerned about the safety of people as well as the plant and machinery and on Sunday the company "rescued" another 100 workers who were being "held under duress" by the striking workers in the factory.
"These 100 workers were rescued with the help of police. On Saturday, the company had similarly rescued 355 workers with the help of the police. Many of these workers had been beaten up by the striking workers," it claimed.
"With the rescue of about 450 people, the number of striking workers in the factory premises has come down to around 1,500. About 170 regular workers have stayed away from the strike from the start," the company said.
MSI said in a meeting convened by the labour department on Manesar issue, its management pointed out that the striking workers have violated the agreement signed on October 1 in the presence of Haryana government. The company sought action against the striking workers from the labour department and the Haryana government, the company said.
As per the agreement, the workers had agreed to sign the good conduct bond laid down by the management. Further, while the company had agreed to reinstate 18 trainees, 44 regular employees were to be suspended.
Workers at the Manesar plant went on stay-in strike on Friday afternoon affecting production. The total number of workers who went on the stay-in strike inside the Manesar plant was around 2,000. This included all categories like regular, contractual, apprentices and trainees.
In the late afternoon, MSI was trading at around Rs1077.75 per share on the Bombay Stock Exchange, 3.18% down from the previous close.
The first open letter was written on 17th January. This Magna Charta wants action on land, judicial, electoral & police reforms; need for effective redressal mechanisms and measures to improve the economic and investment climate
This second letter, written by Mr Jamshyd Godrej, Justice Sam Variava, Prof M Narasimham, Mr Yezdi Malegam, Ms Anu Aga, Dr A Vaidyanathan, Dr Bimal Jalan, Mr Keshub Mahindra, Mr Deepak Parekh, Mr N Vaghul, Mr Azim Premji, Mr Nachiket Mor, Justice B N Srikrishna and Dr Ashok Ganguly wants this communiqué to “make a beginning to develop specific actions and recommendations which would be placed in the public domain, from time to time.”
Here is the complete text of the Open Letter received by Moneylife:
Open Letter II to our Leaders
Mr Jamshyd Godrej, Justice Sam Variava, Prof M Narasimham, Mr Yezdi Malegam, Ms Anu Aga, Dr A Vaidyanathan, Dr Bimal Jalan, Mr Keshub Mahindra, Mr Deepak Parekh, Mr N Vaghul, Mr Azim Premji, Mr Nachiket Mor, Justice B N Srikrishna and Dr Ashok Ganguly, are a small group of like-minded citizens who are concerned with the state of affairs of the nation. On January 17, 2011, the Group released an Open Letter to the Leaders of the country which focused on four key issues:—(a) Growing Governance Deficit (b) Galloping Corruption (c) The urgent need to distinguish between ‘Dissent’ and ‘Disruption’ and (d) Environmental Challenges. The Group had mentioned that it would attempt to make a beginning to develop specific actions and recommendations which would be placed in the public domain, from time to time. It is in this context that the Group puts forward its second Open Letter.
The focus of the second Open Letter primarily is on issues pertaining to day-to-day corruption being faced by the common man, rather than ‘episodic corruption’ which the draft Lokpal Bill is intended to address.
The issues of prime concern for the Group that require urgent action are:
• Land, Judicial, Electoral and Police reforms;
• Need for effective redressal mechanisms; and
• Measures to improve the economic and investment climate.
The group believes that through urgent and concerted action by the elected leaders of the country, positive transformation can begin to be achieved.
Open Letter II to Our Leaders
On January 17, 2011, we, a group of like-minded citizens who were deeply concerned with the state of affairs of the nation addressed an Open Letter to our leaders. This letter focused on four issues—(a) Growing Governance Deficit (b) Galloping Corruption (c) The urgent need to distinguish between ‘Dissent’ and ‘Disruption’ and (d) Environmental Challenges. The Open Letter received wide exposure in the public domain and was generally perceived as being timely. As mentioned in the first Open Letter, the aim of the group is to develop specific actions regarding the above-mentioned issues and place these in the public domain from time to time. It is in this context that we put forward our second Open Letter.
August 27, 2011 marked a high point by the historic debate leading to the ‘Sense of the House’ in the Parliament on the Lokpal Bill. The event reinforced the inviolable primacy of the Indian Constitution. It was also an event of relief and reassurance to the vast and silent majority who constitute India’s core civil society.
We support the need for the urgent passage of a well-crafted Lokpal Bill by the Parliament. While the Parliament debates the contours of the Lokpal Bill, the discussion of the details now resides with the Parliamentary Standing Committee on Law and Justice. We, however, believe that the Lokpal Bill is only one small but critical step in the national task of weeding out the plague of corruption in India. This draft Lokpal Bill is intended to address EPISODIC CORRUPTION, but is unlikely to have any significant impact on the DAY-TO-DAY CORRUPTION which is insidious and demeaning.
We, the people, the common individual, seem to have no recourse in our daily life which is vitiated by corruption in almost every sphere of our normal dealings. Almost every interface of the common man with public officials is impaired by corruption, especially in the most routine transactions, such as the grant of ‘pattas’, issuing of birth/death certificates, utility connections and availing of entitlements amongst several others. Similar cases of continuous daily harassment are widely faced by small and medium scale enterprises (SMEs) and numerous services and manufacturing entities.
The Group wishes to put forward some issues which call for urgent attention and action to make reforms effective and have a positive and perceptible impact on citizens’ day-to-day life.
1. The common man (the poor bear the greatest burden) is a silent sufferer because available Constitutional remedies remain inaccessible. Several antiquated laws require urgent overhaul to reflect contemporary realities. LAND, JUDICIAL, ELECTORAL and POLICE reforms are most urgently needed. Key recommendations and draft legislation on most of these issues are already in the public domain. It is imperative, however, that legislative reforms be constructively and constitutionally debated in a time-bound and orderly manner and not in uncivil and hostile environments. DISRUPTION, both in the Parliament and outside is socially debilitating and erodes public confidence.
2. It is acknowledged that a strong nexus exists between certain corporates, politicians, bureaucrats and power brokers. This is one of the greatest threats for the Indian economy. It may be worth mentioning that the UK, in July 2011, enacted the ‘The Bribery Act, 2010’. The Act makes it illegal TO OFFER, RECEIVE AND FAIL TO PREVENT BRIBERY and extends culpability to the highest levels in an accused corporation. Only if timely and punitive action is taken against both, THE GIVER AS WELL AS THE RECEIVER OF THE BRIBE, will the fight against ground level corruption be won effectively.
3. Even the best crafted legislation will not cleanse the system unless effective REDRESSAL MECHANISMS are put in place. This, however, is not possible given the acute backlog of cases pending in the courts, estimated at over 3.1 crore. India has 10 judges per million population compared to 50 in the UK and 107 in the US. The adage of justice delayed is justice denied is the key reason why the common man is unable to fight against corruption. It is imperative to increase the number of judges and other judicial officers, modernise infrastructure and implement judicial reforms such as creating additional fast-track, specialised courts.
4. While we appreciate and support the need for environmental protection, it should be recognised that there is an impasse on ENVIRONMENTAL CLEARANCES which continues to delay several investment proposals and hamper economic growth. Among other measures, it is worthwhile considering the introduction of an online AUCTION process for allocation of natural resources which will provide the much needed TRANSPARENCY and prevent discretionary and irregular practices. Owing to several such impediments, fresh investments are not forthcoming at the pace required for a rapidly growing economy such as ours. Policy uncertainties and delays in approvals are forcing many large corporate entities to seek out opportunities in other geographies.
We wholeheartedly endorse Prime Minister Dr Manmohan Singh’s statement that economic progress must not be hijacked by internal dissensions. Therefore, India’s focus must remain steadfast on economic reforms and growth in order to reduce poverty and ensure adequate job creation. These national challenges cannot be solved by urban protests and posturing.
We are working with a group of professionals who have been specially commissioned by us to study issues of governance and public accountability. The results of this study, when completed, will be made available to the Parliamentary Committees as may be appropriate when these issues are discussed.
We wish to reiterate that through URGENT and CONCERTED ACTION by the elected leaders of our country, positive transformation can begin to be achieved.
Mr N Vaghul Mr Deepak Parekh Dr Ashok Ganguly
Mr Jamshyd Godrej Justice Sam Variava Prof M Narasimham
Mr Yezdi Malegam Ms Anu Aga Dr A Vaidyanathan
Dr Bimal Jalan Mr Keshub Mahindra Mr Azim Premji
Mr Nachiket Mor Justice B N Srikrishna