In your interest.
Online Personal Finance Magazine
No beating about the bush.
The R-ADA group company would invest Rs100 in its joint venture with Chinese Ming Yang to co-develop a large portfolio of clean energy projects in India
Reliance-Anil Dhirubhai Ambani group (R-ADAG) said its unit Reliance Capital will invest Rs100 crore in its wind energy joint venture with China’s Ming Yang Wind Power Group.
“Our agreement with Ming Yang Power from China is in place. We believe that it will be closed shortly and investment of over Rs100 crore will come through the joint venture,” Anil Ambani, chairman, R-ADAG, said while replying to shareholders’ queries at Reliance Capital’s annual general meeting in Mumbai.
Last year, Ming Yang entered into an agreement with Reliance Capital to set up joint venture by subscribing to a significant stake in the share capital of Global Wind Power Ltd (GWPL), a leading wind power solutions provider in India.
Giving an update on this partnership, Anil Ambani, said the agreement would be closed soon and an investment of Rs100 crore would be made.
Ming Yang announced this agreement with Reliance Capital and other entities of the Ambani-led Reliance Group on 2 July 2012, but no financial details were provided at that time.
Ming Yang had also signed a memorandum of understanding (MoU) with Reliance Power to co-develop a large portfolio of clean energy projects in India.
The Chinese company produces advanced wind turbines with high-energy output and provides customers with comprehensive post-sales services. It was one of the top ten wind turbine manufacturers worldwide and the largest non-State owned wind turbine manufacturer in China in 2011.
Reliance Capital shares ended Tuesday 4.8% down at Rs299.8 on the BSE, while the 30-share Sensex closed 3.2% down at 17,968.
After streamlining across its TV channels, the TV18 group is reportedly shutting some of its web properties and drastically reducing staff strength
Web18 Software Services Ltd, or Web18, the Internet and mobile arm of Network18, has reportedly decided to close several of its web properties and cut down staff strength to just 15%. According to sources, employees were handed over three months’ severance package and asked not to report for duty from 26th August. The web properties that are likely to be shut down includes, in.com and CommoditiesControl.com while others will be kept alive nominally. Moneycontrol.com, the flagship property will be run by a handful of staff, sources said.
This follows the move by the television arm of Network18, which last week handed out pink slips to hundreds of employees, including cameramen, technicians, reporters, news anchors and producers across its channels.
Web18 has a variety of information and transactional services based on the Internet. This includes, In.com, Moneycontrol.com, Cricketnext.com, CommoditiesControl.com, PowerYourTrade.com, Tech2.com, Biztech2.com, IBNLive.com, Compareindia.com, Storeguru.com (now In.com Shop), Indiaearnings.com, JobStreet.com, Indiwo.com, Buzz18.com, Josh18.com, Yatra.com and BookMyShow.com.
The TV18 group holds 85% stake in Web18 Holdings while the remaining is held by Global Broadcast News Network, a part of the group.
According to a report from NewsLaundry.com, the mass terminations were supposedly decided in a Macau offsite earlier this year where managing director Raghav Bahl had told his marketing team that they do not need any specialist journalists. In fact, owing to the same formula of no-need-of-specialists CNN IBN’s Special Investigation team headed by VK Shashikumar was packed up a year earlier. Similarly, Bahar Dutt and her environmental reporting team have also been asked to leave, the report said.
The report also mentioned that the downsizing was believed to have an adverse impact on some of Network 18’s online ventures and Moneycontrol.com was the next in queue. "Its operations are being streamlined and the office is shifting to Parel from Matunga. The downsizing is believed to be because the website’s traffic has plummeted substantially. Forbes India which saw the rather ugly exit of its four editors a few months back, might be shut down permanently," the report says. The group has wide presence in print, internet and television. It has been making losses in almost all its ventures. The group is now controlled by Mukesh Ambani through a complicated arrangement that has bypassed takeover norms.
The company is well known for being the first to generate & sell Solar REC made at its 2 MW solar power plant, commissioned in March 2012 at Rajgarh (Madhya Pradesh)
M & B Switchgears Limited announced that effective 19 August 2013, the company's changes its name to Ujaas Energy Limited. The need for this change is to define the nature of its business more accurately and categorically.
“Ujaas” means “Light at the Dawn” in the local language.
The company is the first to generate & sell Solar REC in the country from its solar power plant of 2 MW commissioned in March 2012 at Rajgarh (Madhya Pradesh).
Vikalp Mundra, joint managing director, Ujaas Energy expressed confidence that the company would continue on the growth trajectory. Solar power will become one of the biggest contributors to India’s huge appetite for power. With the encouragement and support provided by the SERCs (State Electricity Regulatory Commissions), solar PV (photo voltaic) capacity is expected to triple in the country in FY 2013-14, he added.
With a vision of offering a simple, universally acceptable, easily maintainable system of green energy to humanity at large, the company introduced a unique concept of solar parks and branded it as UjaasTM. Ujaas Park is a plug and play model of service in solar projects at an affordable cost. It is a single window service to own a solar power plant, right from selection of land to selection of technology; putting up a solar power plant; getting all the permissions; selling power to third party buyers etc. It gives a complete solution to an investor to own and operate a solar power plant.