Companies & Sectors
Imported gas to revive 10 idle power plants

The reverse e-auction for the gas-based plants stranded due to lack of feedstock was conducted under the newly-approved Scheme for Utilization of Stranded Gas Based Generation Capacity

 

The government on Tuesday announced the revival of 10 stranded gas-based power plants who bid through reverse e-auction for generating over 5 billion units of electricity to be supplied at below Rs.5 per unit during peak summer this year.
 
"The 10 stranded gas based power generation plants have succesfully bid through a transparent and competitive reverse e-auction process for generating 5.05 billion units of electricity which will be supplied at or below Rs.4.70 per unit to the purchaser discom (distribution company) during the peak summer months from June 1 to September 30, 2015," the power ministry said in a statement late on Tuesday.
 
"In the auction process, 14 plants with a cumulative installed capacity of 8,109 MW participated in the technical bid round and all were declared as technically qualified," it added.
 
The reverse e-auction for the gas-based plants stranded due to lack of feedstock was conducted under the newly-approved Scheme for Utilization of Stranded Gas Based Generation Capacity.
 
An official source told IANS that Lanco Infratech, GMR Energy, Torrent Power, GVK Power and Ratnagiri Thermal Power are among those that have applied for supply of imported gas for their power plants
 
NTPC-GAIL led Ratnagiri won the bid for gas for 30 percent plant load factor (PLF), or installed capacity, at Rs 1.45 per unit.
 
Torrent has also won 35 percent PLF gas supply for their 1200 MW plant and Lanco awarded gas supply for 35 percent PLF for its 1108 MW Kondapalli Plant.
 
As many as 31 power stations with a combined capacity of 14,305 MW were eligible to apply for Power System Development Fund (PSDF) to generate 30 percent of their installed capacity using imported LNG.
 
While Tuesday saw the reverse e-auction for stranded gas-based power plants, Wednesday will bring the reverse e-auction for plants receiving some domestic gas but running at sub-optimal levels.
 
The Cabinet Committee on Economic Affairs (CCEA) in March allowed gas imports by way of e-auctions for 31 gas-based power units, with a capacity of 14,000 MW, lying idle for lack of feed stock.

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Telecom giant Verizon acquires AOL for $4.4 bn

Verizon is paying $50 per share for AOL, a premium of 17.4 percent over the stock's closing price of $42.59 on Monday

 

Telecom giant Verizon Communications Inc. said it was acquiring digital content provider AOL Inc. for $4.4 billion.
 
Verizon is paying $50 per share for AOL, a premium of 17.4 percent over the stock's closing price of $42.59 on Monday.
 
"Verizon's vision is to provide customers with a premium digital experience based on a global multi-screen network platform," Verizon chairman and CEO Lowell McAdam said on Tuesday.
 
"This acquisition supports our strategy to provide a cross-screen connection for consumers, creators and advertisers to deliver that premium customer experience."
 
AOL is a leading provider of digital content and advertising, and one of the pioneers of the Internet age.
 
AOL chairman and CEO Tim Armstrong is staying on after the deal closes and will run the unit, Verizon said.
 
"Verizon is a leader in mobile and OTT connected platforms, and the combination of Verizon and AOL creates a unique and scaled mobile and OTT media platform for creators, consumers and advertisers," Armstrong said.
 
"The visions of Verizon and AOL are shared; the companies have existing successful partnerships, and we are excited to work with the team at Verizon to create the next generation of media through mobile and video."
 
The acquisition will be financed with cash on hand and the issuance of debt, Verizon said.
 

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Reliance Jio to raise $750 mn from Korean company

In a statement, the company said the facility for Reliance Jio was the second round of financing from the Korean giant and the third overall for the group

 

Reliance Industries on Wednesday said its broadband arm has signed up for a $750-million loan, backed by Korea Trade Insurance Corp, to primarily finance the procurements for its infrastructure roll-out from Samsung Electronics and Ace Technologies Corp.
 
In a statement, the company said the facility for Reliance Jio was the second round of financing from the Korean giant and the third overall for the group. 
 
It also marks the largest such deal for the Korean company in India.
 
"It has a door-to-door tenor of 12 years, including a two-year availability period and a 10-year repayment period thereafter," said the statement, adding it was being funded by nine top bankers of Reliance.
 
These include The Hongkong and Shanghai Banking Corp, Australia and New Zealand Banking Group, Banco Santander, The Bank of Tokyo-Mitsubishi, JPMorgan Chase Bank, Mizuho Bank, Sumitomo Mitsui Banking Corp, ING Bank and DZ Bank.
 
Reliance Jio Infocomm is setting up a pan-India telecom network for 4th generation Net services, communication services and other digital services in areas like education, healthcare, security, financial services, government-citizen interfaces and entertainment. 
 
In under a year, the number of professionals on its toll has risen from 700 to 10,000 now.
 

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