Companies & Sectors
JSW Energy acquires Himachal Baspa Power for Rs.9,275 crore
JSW Energy on Tuesday said it has completed the acquisition of 100 percent of the securities of Himachal Baspa Power Company from Jaiprakash Power Ventures for an asset value of Rs.9,275 crore.
 
The acquisition has given JSW Energy it complete control over the 300 MW Baspa II and 1091 MW Karcham Wangtoo hydro electricity projects.
 
The company, in a statement, said an additional consideration of Rs.300 crore may become payable upon receipt of certain additional consents and approvals related to the Karcham Wangtoo project before September 6, 2020.
 
"This acquisition helps in diversifying the power generation portfolio with high quality hydro power assets, besides increasing the share of long-term PPA (power purchase agreement) in our basket," JSW Energy chairman and managing director Sajjan Jindal said in a statement.
 
The company claimed to become the largest private hydro-power generator in the country following this acquisition.
 
Part of the JSW Group, the company has also entered into an initial agreement with Jaiprakash Power Ventures to acquire 100 percent stake in the 500 MW Bina thermal power plant located in the Sagar district in Madhya Pradesh.
 
"The plan to acquire the Bina power project will further strengthen the business model as also enhance our capacity to over 5,000 MW," he said.
 
The company has targeted to generate 10,000 MW of power by 2025.

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Haryana bans gutka, pan masala
The Haryana government on Tuesday announced that manufacturing and sale of gutka, pan masala, and other similar products containing tobacco has been completely banned in the state.
 
Health Minister Anil Vij said that the decision had been taken in view of health of the people.
 
"The manufacturing, storage, distribution and sale of gutka, pan masala, flavoured or scented tobacco, kharra and other similar products containing tobacco have been completely banned. Other products containing tobacco which are available in market are also included in it," he said.
 
The Food and Drugs Administration has issued notification in this regard, under which, sale and purchase of tobacco products have been prohibited for one year from September 3 in the interest of public health, Vij said.
 
The ban also includes mix of other ingredients such as heavy metals and anti-caking agents, except to the extent of specifically permitted ingredients, silver leaf, binders, flavours, scents and fragrances.
 

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US finds no visa violations by Infosys, TCS
Indian software majors Infosys Ltd and Tata Consultancy Services Ltd (TCS) on Tuesday said that the US labour department did not find any violation of visa rules by them.
 
"The US department of labor concluded its investigation, with no violations of compliance found in the applications filed in the Southern California Edison project," the $8.7-billion Infosys firm said in a statement here.
 
Similarly, TCS said audits by the US labor department from time to time found it had always been compliant.
 
"We attach highest importance to a strict compliance programme and abides by all regulatory requirements and visa laws," a TCS spokesperson said from Mumbai.
 
In all, the department reviewed 145 files and found no violations by Infosys or TCS.
 
"We are a responsible participant in the H-1B programme and do not practice or condone unfair and unethical visa practices, as our priority is to operate fairly, ethically and with integrity," nfosys' Americas head Sandeep Dadlani said in the statement.
 
The city-based IT outsourcing major also said that it was recruiting and hiring in the US, which was facing shortage of technology skills.
 
Offering to cooperate with any future government agency inquiries to demonstrate its commitment to compliance, company's chief compliance officer David Kennedy said its immigration compliance programme was robust, as evident from positive verification from the state department.
 
The labour department in June opened the investigation against TCS and Infosys for possible violations of visa rules for foreign technology workers under contracts they held with electric utility Southern California Edison.
 
The power utility had laid-off about 500 tech workers amid claims that many of them were made to train their replacements who were immigrants on temporary work visas brought in by the Indian IT firms.
 
H1-B visas, which permit foreign nationals to work in the US for a maximum of six years, are granted to overseas firms for sending their skilled employees to work on onsite projects of their clients across North America.
 
Both the IT bellwethers have hundreds of their techies working in the US firms on H-1B or L-1 (temporary) visas, generating over 60 of their export revenues.
 
"The labor department regularly selects a percentage of visa and labour condition applications for extra scrutiny in this (IT) industry. We work closely with the department to assist it in this activity in the ordinary course of our business," said Infosys.
 
Echoing the stand of Infosys and TCS, a top official of the IT industry representative body Nasscom said a deliberate attempt was being made to project the Indian IT sector wrongly without considering their commitment to compliances and contribution to the US enterprises.
 
"Indian software firms have been complying with the US visa regulations and cooperating with the US labor department in responding to any query on judicious use of its visas," Nasscom president R. Chandrashekhar told IANS from New Delhi.
 

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