India economy & business news in brief for Sept 20: India, US to join hands over e-buses
US ambassador to India Eric Garcetti poses with an e-bus during the making an announcement to deployment of 10,000 made-in-India electric buses in cities across the country by the collaboration of India and the United States, in New Delhi on Wednesday, September 20, 2023. (ANI Photo/Ayush Sharma)
HERE are news in brief on Indian economy and business for Wednesday, September 20, 2023:
The US and India are set to collaborate on a project to deploy 10,000 made-in-India electric buses in Indian cities, the American embassy said on Wednesday in a statement. A key component of the project will be a new payment security mechanism that will “accelerate new and more sustainable investments by lowering financial risks,” the embassy added. US ambassador Eric Garcetti said the partnership would mobilise financing for a fleet of 10,000 electric buses throughout India, expanding options for electric transportation in the country and creating cleaner cities.
Akasa Air, an Indian budget carrier which was launched last year, has cut flights in the short-term after many of its pilots resigned abruptly, sparking a legal dispute in court where the company has said that further resignations may see it shutting down. A small set of pilots “abandoned their duties” and left without serving their mandatory contractual notice period, leading to disruption of flights. However, the airline is yet on course to invest in growing its operations and ordering more planes, CEO Vinay Dube told employees in an email on Tuesday.
Indian finance minister Nirmala Sitharaman on Wednesday said through the success of Chandrayaan 3, the Indian Space Research Organisation (ISRO) has achieved innovation along with sustainability and predicted that reforms in the space sector would attract more funds as the Narendra Modi government looks to institutionalise the private sector through its policy. “Innovation intertwined with sustainability has been achieved by ISRO. ISRO chose a path to reach the moon to do it cost effectively using lesser fuel and serve sustainability. Innovative cost cutting measures were adopted, and the path chosen to reduce cost. For the first time, the moon’s density, ionosphere, temperature has been recorded at its south pole,” Sitharaman said in the parliament.
AmpIn Energy Transition will set up a 33-megawatt solar power plant in the western Indian state of Maharashtra to supply green energy to auto-components maker Varroc. A power purchase agreement has been signed between the two companies in this regard, AmpIn said on Wednesday. “AmpIn Energy Transition and Varroc announce a partnership to harness 33.1 MWp of solar power for Varroc’s manufacturing facilities in Maharashtra. The collaboration leverages AmpIn’s solar portfolio in Maharashtra, inclusive of its state-of-the-art 105 Megawatt peak solar park situated in Parbhani,” the statement said. The company did not disclose the value of the project.
French energy giant TotalEnergies SE has entered into a binding termsheet with Adani Green Energy Twenty Three Limited and will invest $300 million (£242 million)in a joint venture (JV), a regulatory filing made by the Adani group company on Wednesday said. “The purpose of a binding termsheet is provided for further investment by Total (either directly or through its affiliates) of USD 300 million to form a new 50:50 Joint Venture Company with the company and modify certain terms of its investment in AGE23L,” the exchange filing stated, Moneycontrol reported. Both Adani Green Energy and Total will hold an equal stake of 50 percent in the new JV.
(With agencies inputs)