Lanco Solar to build 75MW Solar PV project in Maharashtra

Lanco Solar in consortium with Juwi Renewable India has received a contract from Maharashtra State Power Generation for building a 75-MW photovoltaic solar power project at Dhule

Lanco Solar, a fully owned subsidiary of Lanco Infratech, in consortium with Juwi Renewable India Ltd has received a contract from Maharashtra State Power Generation Co Ltd (Mahagenco) for building a 75-MW photovoltaic solar power project at Dhule, an official statement said.

The project value is Rs884.18 crore. The project would be fully commissioned by mid February 2012.

Commenting on the need of solar power generation in India and Lanco group’s future plans for solar power, L Madhusudhan Rao, chairman, Lanco Group, said,

“India’s solar power generation capacity will reach 68,000 megawatts (MW) by 2021-22, triple the government's target. To pursue the same, we at Lanco has given utmost importance to build on capacities on solar power generation which is also the need of the hour and aims to have 300MW in generation next two years & in EPC aims to have 300-500MW of solar thermal and solar PV plants over the next couple of years. What we are trying to create today is a small portion of the opportunity we have in the future and for the same Lanco Infratech has been developing a number of solar projects and has been at the forefront in its commitment to develop and promote renewable energy in India”.

“In a couple of years, we see solar power costs coming down to 7%-8% per unit, between 2003 and 2010, solar power generation globally has grown from 3,000 MW per annum to 17,000 MW per annum. Our group company-Lanco Solar has also signed power purchase agreements for 141MW of solar power with NTPC Vidyut Vyapar Nigam under the National Solar Mission and with Gujarat Urja Vikas Nigam under the state policy”, added Mr Rao.

“It is a strategic win for us. Not only it puts us firmly as the top solar power developer in the country but also helps us considerably in securing our supply chain competitively” said Mr V Saibaba, CEO, Lanco Solar.

“This pioneering initiative by Mahagenco and Government of Maharashtra reinforces India’s position as a fast growing solar market globally along with the commendable initiatives of MNRE under the National Solar Mission. It would also considerably help in attracting new industries and talent into this space to reduce installation costs and help the country in its solar agenda,” further added Mr Saibaba.

On Thursday, Lanco Infratech ended 0.30% down at Rs32.70 on the Bombay Stock Exchange, while the benchmark Sensex gained 1.11% to 18,044.64.

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RBI sets up Central Registry to prevent property loan frauds

The records maintained by the Central Registry will be available for search by any lender or any other person desirous of dealing with the property. Availability of such records would prevent frauds involving multiple lending against the security of same property, the RBI said

The Reserve Bank of India (RBI) in a notification on Wednesday, announced the operationalisation of a central registry that will have details of all properties against which loans have been taken.

Towards this end-The Central Registry of Securitisation Asset Reconstruction and Security Interest of India (CERSAI)-a government company licensed under the Companies Act.1956, has been incorporated to operate and maintain the Central Registry under the provisions of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act).

Initially transactions relating to securitisation and reconstruction of financial assets and those relating to mortgage by deposit of title deeds to secure any loan or advances granted by banks and financial institutions, as defined under the SARFAESI Act, are to be registered in the Central Registry. The records maintained by the Central Registry will be available for search by any lender or any other person desirous of dealing with the property.

Availability of such records would prevent frauds involving multiple lending against the security of same property as well as fraudulent sale of property without disclosing the security interest over such property, the RBI said in a statement.

RV Verma, chairman and managing director, National Housing Bank, has been given additional charge as the registrar of the Central Registry for three months, and he will also be the managing director and CEO of CERSAI.

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2G case: Court reserves order on Cineyug director Morani’s bail plea

During the arguments on bail, CBI prosecutor AK Singh said that Mr Morani facilitated the transaction of Rs200 crore from DB Realty to Kalaignar TV, in which Dravida Munnettra Kazhagam (DMK) MP Kanimozhi holds 20% stake

New Delhi: A Delhi court on Thursday reserved its order on the bail plea of Cineyug Films director Karim Morani, an accused in the 2G spectrum case, reports PTI.

“Put up for order for 30th May,” special Central Bureau of Investigation (CBI), India’s premier investigation agency, judge OP Saini said.

During the arguments on bail, CBI prosecutor AK Singh said that Mr Morani facilitated the transaction of Rs200 crore from DB Realty to Kalaignar TV, in which Dravida Munnettra Kazhagam (DMK) MP Kanimozhi holds 20% stake.

The CBI said Mr Morani took Rs6 crore for facilitating this Rs200 crore transaction.

Senior advocate Sidharth Luthra, appearing for Mr Morani, submitted that the CBI should not oppose the bail plea of his client as they had not arrested him during the investigation of the case.

He said that Mr Morani has no links with the public servants who are among the accused in the case.

Mr Morani had filed his regular bail plea on 24th May after the court had denied anticipatory bail and directed him to appear before it.

The CBI, in its second charge-sheet in second generation (2G) spectrum allocation case, had alleged Swan Telecom and Dynamix Realty promoters Shahid Usman Balwa and Vinod Goenka channelled Rs200 crore to DMK-run Kalaignar TV through Kusegaon Fruits and Vegetables Pvt Ltd and Mr Morani’s Cineyug Films Pvt Ltd.

The court had earlier dismissed Mr Morani's anticipatory bail plea on medical grounds, saying that as per 19th May reports received from the department of cardiology and neurosurgery of Mumbai’s JJ Hospital, his condition is “stable and normal’.

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