Powergrid signs pact to develop transmission network in Kenya

PowerGrid Corporation of India has signed an agreement for developing transmission network in Kenya

PowerGrid Corporation of India has signed an agreement for developing transmission network in Kenya.

"The PowerGrid Corp, CMD, SK Chaturvedi, signed a memorandum of understanding with the chief executive officer and managing director of Kenya Electric Transmission Company Ltd (KETRACO) in Nairobi, for the development of power transmission network in Kenya," the company said in a statement. The details of the agreement are yet to be worked out.

The company also signed an agreement for providing training to KETRACO engineers. Under the agreement, the engineers will be provided 10 weeks training by PowerGrid under the first phase.

While a two months hands-on training will be provided under the second phase, the third phase will involve "very specialised" training based on the evaluation reports of the first two phases.

These agreements will lead to substantial future consultancy business assignments for PowerGrid on a nomination basis, the statement said.
KETRACO is a 100% state-owned corporation with a mandate to design, construct, operate and maintain high voltage electricity transmission infrastructure.

On Thursday, PowerGrid Corp was trading 0.10% lower at Rs104.10 in the afternoon trade on the Bombay Stock Exchange.

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BNP Paribas Securities Services launches local clearing and custody in India

BNP Paribas Securities Services clients are benefiting from local clearing and custody for a range of asset classes including cash equities and corporate debt instruments

BNP Paribas Securities Services has launched local clearing and custody service in India. With the service now operational, the Bank's clients are benefiting from local clearing and custody for a range of asset classes including cash equities and corporate debt instruments.

The development is a major milestone in BNP Paribas Securities Services' strategy towards becoming a leading player in the fast-expanding Indian asset servicing market, and is a key extension of its global network.

Pierre-Alexandre Thome, head, BNP Paribas Securities Services in Mumbai said, "We are delighted to announce the launch of our local clearing and custody service in India, and see this as another important step forward in our commitment to the region. We think India is one of the most exciting and dynamic markets in the world, and we are pleased to extend the same high quality service to both domestic and off-shore investors here, as we do in the rest of the world."

By continuously improving its range of products and services across each of its locations as well as extending its local presence, BNP Paribas Securities Services aims to provide its clients with the same world-class solutions across the globe.

BNP Paribas is one of the strongest banks in the world. The Group has a presence in more than 80 countries and more than 200,000 employees, including more than 160,000 in Europe.

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SC notice to environment ministry, Orissa state, Sterlite on cancellation of clearance for Niyamgiri mining

The environment ministry had cleared the bauxite mining project in August last year, but says it cancelled it on several violations by the company

New Delhi: The Supreme Court on today issued notices to the Orissa government, the Ministry of Environment and Forestry (MoEF) and the UK-based Vedanta's Indian arm Sterlite Industries on a petition by the Orissa Mining Corporation, challenging the cancellation of the environmental clearance to the Niyamgiri bauxite mining project in the state.

A bench of Judges RV Raveendran and AK Patnaik issued notices to all the parties involved and sought their replies within four weeks. It has listed the matter for further hearing after that, PTI reports.

The central government has cancelled the environmental clearance for Vedanta's bauxite mining project in Niyamgiri Hills that was given an in-principle approval in 2007.

Contesting the environment ministry's order of 24 August 2010, senior advocate KK Venugopal, appearing for the state-run Orissa Mining Corporation (OMC), submitted before the bench that the Centre's order was illegal, arbitrary and in violation of the apex court's earlier directions that gave a green signal to the project.

The earlier clearance was rejected on the basis of violation of forest and environment laws as listed by the Forest Advisory Committee and it has been a major setback for the $1.7 billion bauxite project in Orissa. The ministry refused the next stage forest clearance to OMC and the bauxite project that spans across Lanjigarh, Kalahandi and Rayagadha districts.

Environment Minister Jairam Ramesh had said, "There has been a very serious violation of Environment Protection Act, Forest Conservation and Rights Acts by the Orissa Government" as also violation of norms by the company.

The ministry also said that just because it had given an in-principle approval to the project in 2007, it could not be treated as a fait accompli. It also accused Vedanta of committing several irregularities after the Supreme Court had given a favourable judgement to the project in August 2008.

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