L &T Construction achieves 114MW of installations in a single year
L&T Construction has commissioned India’s largest solar photo voltaic based power plant (40 MWp) owned by Reliance Power Ltd at Dhursar Village, Jaisalmer district of Rajasthan. As the largest EPC player in solar power, L&T Construction executed the solar power plant from concept (including detailed design) to commissioning in 129 days. With the commissioning of this plant, L&T Construction has installed 114MW of utility scale solar PV power plants over the last fiscal–a benchmark in India’s solar EPC industry.
The solar PV power plant is equipped to supply more than 70 million units of clean and green energy to 75,000 households. The clean energy generated by the plant is expected to displace nearly 70,000 MT of CO2 annually.
The Solar PV power plant, which comprises more than 5,00,000 high output generating thin film technology based Solar PV modules and thirteen 3.5 MVA power transformers to generate 40MWp, is spread across 350 acres. The thin film Solar PV modules for the project were procured by Reliance Power; while L&T’s scope of work included complete design, engineering, procurement and construction of 40 MWp solar power plant, including construction of a 5km 33 kV double circuit transmission line.
In the early afternoon, Larsen & Toubro was trading at around Rs1,305 per share on the Bombay Stock Exchange, 3% down from the previous close.
Srinivasan qualified as a Fellow of the Institute of Actuaries, UK in 2004
HDFC Life has appointed Srinivasan Parthasarthy as its chief and appointed actuary.
Mr Srinivasan joined HDFC Life in 2011 from Canara HSBC Life Insurance with 18 years of experience in life insurance and pensions in both India and the UK. He was one of the two candidates from Asia to be selected by the then president of the Institute of Actuaries, UK in the year 2000 to work for Watson Wyatt, UK, where he provided a range of consultancy services to clients on various aspects of company pension schemes. Then he moved on to work with Aviva UK where he worked in different areas including pricing, reporting and stochastic modelling, before being seconded to Aviva India. His key achievement at Aviva India was leading the transition from TEV to MCEV reporting.
Srinivasan qualified as a Fellow of the Institute of Actuaries, UK in 2004 and became a Fellow of the Institute of Actuaries of India in 2008.
The pension and insurance sector reform Bills are stuck for long on account of opposition from both BJP and key allies of the UPA government
The government will soon finalise its response to Parliamentary panel reports on insurance and pension sector bills so that the modified versions could be taken up for consideration and passage in the second leg of Budget session beginning 24 April 2012.
The Micro Financial Sector (Development and Regulation) Bill, 2011, will also be vetted by Cabinet for tabling in Parliament, a senior finance ministry official said.
The long pending financial sector bills like the Pension Fund Regulatory and Development Authority Bill 2011, Banking Laws (Amendment) Bill 2011 and Insurance Laws (Amendment) Bill 2008, will be soon sent to Cabinet for approval, a senior finance ministry official said.
The pension and insurance sector reform Bills are stuck for long on account of opposition from both BJP and key allies of the UPA government.
They oppose raising the foreign direct investment (FDI) cap in insurance sector to 49 per cent from 26% at present. They are also against opening up of pension sector to FDI.
The Standing Committee on Finance in its report on the Insurance Laws (Amendment) Bill, 2008, had said the proposal to increase the FDI cap to 49% in insurance companies seems to have been decided upon “without any sound and objective analysis of the status of the insurance sector following liberalisation”.
Besides, the draft Micro Financial Sector (Development and Regulation) Bill, 2011, had proposed that the RBI will be regulator for the sector. In addition, a Micro-Finance Development Council will be set up to advise the government on formulation of policies, schemes and other measures required in the interest of orderly growth and development of the sector and micro-finance institutions with a view to promote financial inclusion.
In his Budget speech for 2012-13, Finance Minister Pranab Mukherjee had proposed to introduce seven Bills in the Budget session. The second leg of Budget session will begin on 24 April 2012 and is expected to conclude on 22 May 2012.
He had said the government proposed to move the following Bills in the current session: Micro Finance Institutions (Development and Regulation), National Housing Bank (Amendment), Small Industries Development Bank of India (Amendment), National Bank for Agriculture and Rural Development (Amendment), Regional Rural Banks (Amendment), Indian Stamp (Amendment) and Public Debt Management Agency of India.
The Standing Committee on Finance has already given their recommendations on three Bills—Pension Fund Regulatory and Development Authority Bill 2011, Banking Laws (Amendment) Bill 2011 and Insurance Laws (Amendment) Bill 2008.