Companies & Sectors
ReGen Powertech wins wind turbine projects worth Rs1800 crore

Chennai-based ReGen also announced launch of its 1.5MW wind turbine that is suitable for low and medium wind speed sites

Chennai: Wind turbine manufacturer ReGen Powertech has received new projects worth Rs1,800 crore to be installed with third generation new turbine, reports PTI.

 

The projects include Tamil Nadu based Mytrah Energy India's 67 WEC-100.5MW project, NSL Windfarm's (Maharashtra) 50WEC-75 MW project, Hetero Windpower's (Andhra Pradesh) project for 36WEC-54MW and Renew Windpower's (Maharashtra) 33 WEC-49.5MW project, the company said.

 

Meanwhile, the Chennai-based ReGen announced the launch of 1.5MW wind turbine, suitable for low and medium wind speed sites, during the ongoing Wind Power India conference, the company said in a statement.

 

The new third generation turbine was developed in cooperation with technology partner - Vensys Energy AG, Germany.

 

"V-87 is an evolution of ReGen's proven 1.5MW technology platform and the order win of 279MW worth Rs 1,800 crore during pre-launch of V-87 is a testament to our customer's confidence.." ReGen Powertech, Managing Director, Madhusudan Khemka said.

 

He said ReGen is offering V-87 with tower heights of 85 metres and combined with all new third generation rotor, it enables it to increase annual energy production by 15%.

 

V-87 turbine has inbuilt low voltage right through (LVRT) which leads to better compliance with grid regulation.

 

A new blade design with rotor diameter of 87 meter offers a larger swept area enabling greater energy capture and power production from low to medium wind speeds, the statement added.

User

Rs2500 crore bank fraud: CVC examining case against 24 officials

A Mumbai-based construction company has been reportedly sanctioned credit facilities under regular consortium--Rs2,510 crore--and as China Project consortium -- Rs410 crore-- with 26 banks, with PNB as lead bank

 
New Delhi: The Central Vigilance Commission is examining a reference received from Punjab National bank involving 24 of its officials in an alleged fraud involving over Rs2,500 crore, reports PTI.
 
The Central Bureau of Investigation (CBI) had on 25th April last year registered a case against Directors of a Mumbai-based construction company and others for their alleged involvement in cheating Punjab National Bank (PNB) and causing losses worth several crores.
 
According to information given by Minister of State for Finance Namo Narain Meena in the Rajya Sabha today, the company has been reportedly sanctioned credit facilities under regular consortium--Rs2,510 crore--and as China Project consortium -- Rs410 crore-- with 26 banks, with PNB as lead bank.
 
"It has been further informed by the CVC that PNB had made reference in September 2012 involving 24 officials, which is under examination in CVC," Meena said.
 
The exposure of loan on the company in all consortium banks is Rs2,529.62 crore as on 31 March 2011, the Minister said.
 
Of these, a highest of Rs409.97 crore is by PNB, followed by Rs309.51 crore by UCO bank, Rs216.64 crore by United Bank of India, Rs176.72 crore by Union Bank of India, Rs129.77 crore by State Bank of Bikaner and Jaipur, Rs102.82 crore by Indian Bank and Rs102.45 crore by Central Bank of India among others.
 
"Reserve Bank of India (RBI) had reported that the consortium banks had lodged claims with Export Credit Guarantee Corporation of India (ECGC) for the invoked guarantees. ECGC on 7 October 2011 had expressed their inability to consider the claim. The case has been again represented on 23 November 2011.
 
"A recovery suit before Debt Recovery Tribunal (DRT) was filed on 5 November 2011. The members of the consortium have also initiated recovery proceedings under Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest (SARFAESI) Act, 2002," the Minister said.
 
In order to make third parties and professionals accountable, who have played a vital role in credit sanction or disbursement or facilitated the perpetration of frauds, Meena said that banks have been advised to report to Indian Banks' Association (IBA).
 
"IBA in turn will prepare caution lists of such parties for circulation among the banks," he said.
 

User

StanChart India gets CCI approval for buying Barclays' assets

Standard Chartered Bank had approached the Competition Commission regarding its proposed acquisition of certain loan portfolios of Barclays in India

 
New Delhi: Fair trade regulator Competition Commission of India (CCI) has approved Standard Chartered Bank's proposed buyout of certain loan assets of Barclays, saying the deal would not adversely impact competition, reports PTI.
 
Standard Chartered Bank, India had approached the Competition Commission regarding its proposed acquisition of certain loan portfolios of Barclays.
 
The entity is to buyout the "performing loan portfolios of personal instalment loans, loans against property and home loan finance of Barclays Bank Plc, India branch and the performing loan portfolios of personal instalment loans and loans against property of Barclays Investments and Loans (India) Ltd (BILIL)".
 
Approving the proposal, the Commission in its order dated 21st November, said it is of the opinion that "the proposed combination is not likely to have an appreciable adverse effect on competition in India".
 
Besides, Standard Chartered Bank, Barclays India and BILIL, there are a large number of other players engaged in the business of providing personal loans, inlcuding personal instalment loans, loan against property and home loan finance, the Commission said.
 
"In view of the foregoing, it is observed that the proposed combination is not likely to raise any adverse competition concern," it said.
 
For the deal, Standard Chartered Bank has entered into separate framework deeds with Barclays India and BILIL.
 
The notice, seeking approval, was submitted to the Commission on 5th November.
 
As per the notice, Barclays India is exiting the line of business pertaining to personal instalment loans, loans against property and home loan finance while BILIL is existing operations related to personal instalment loans and loans against property.
 

User

We are listening!

Solve the equation and enter in the Captcha field.
  Loading...
Close

To continue


Please
Sign Up or Sign In
with

Email
Close

To continue


Please
Sign Up or Sign In
with

Email

BUY NOW

The Scam
24 Year Of The Scam: The Perennial Bestseller, reads like a Thriller!
Moneylife Magazine
Fiercely independent and pro-consumer information on personal finance
Stockletters in 3 Flavours
Outstanding research that beats mutual funds year after year
MAS: Complete Online Financial Advisory
(Includes Moneylife Magazine and Lion Stockletter)