Cabinet approves offshore wind energy projects in Gujarat, Tamil Nadu with total outlay of Rs 7,453 cr
The Union Cabinet approved India's first offshore wind energy projects with a capacity of 1 GW, divided equally between Gujarat and Tamil Nadu, at a total cost of Rs 7,453 crore. Information & Broadcasting Minister Ashwini Vaishnaw highlighted this as a landmark decision, emphasizing the significant opportunity it represents for India's renewable energy sector. Key Points
Economic TimesL&T Energy Hydrocarbon bags Rs 10-15k crore worth orders in Middle East
New Delhi [India], November 20 (ANI): The hydrocarbon business of Larsen and Toubro (L&T) has received a mega offshore order from a “prestigious client” in the Middle East. Any order in the range of Rs 10,000-15,000 crore is considered a mega order. Show Full Article According to a company release issued on Monday, the scope […] Key Points
ThePrintGovernment plans to 'float' offshore oil blocks-cum-wind farms
The Ministry of New and Renewable Energy (MNRE) is in discussions with the Ministry of Petroleum and Natural Gas (MoPNG) to combine the exploration of offshore hydrocarbon blocks with offshore wind farms for better synergies. Initial discussion with stakeholders has been positive. This idea assumes significance as India gets ready to float its first offshore wind seabed lease tender shortly. Key Points
Economic TimesRupee recovers on offshore NDF, may avoid record low when onshore reopens
The Indian rupee on Wednesday managed to recover against the U.S. dollar in the offshore non-deliverable forward (NDF) market on likely intervention by the Reserve Bank of India and recovery in the Chinese yuan. Key Points
ReutersGovt to introduce amendment bill for offshore minerals
The offshore Areas Mineral (Development and Regulation) Act was enacted in 2002. However, not even a single rock could be mined out from the sea-bed mainly due to pending litigations. Key Points
Economic Times
Indian regulator SEBI's probe faults Adani group on disclosure rules
An investigation of India's Adani group by the market regulator has uncovered violations of rules on disclosures by listed entities and limits on the holdings of offshore funds. News agency has been told that the violations have been characterisedas being of a technical nature that would attract no more than a monetary penalty once the investigation is complete, however. Key Points
Economic TimesLS passes bill to provide fixed 50-year production lease for offshore minerals
A bill to provide a fixed 50-year production lease for offshore minerals was passed by Lok Sabha on Tuesday amid protests by the opposition over the situation in ethnic-violence hit Manipur. Replying to a brief discussion in the House, Coal and Mines Minister Pralhad Joshi said under the offshore Areas Minerals (Development and Regulation) Amendment) Bill, 2023, the government seeks to introduce auction as the route to award production lease for offshore minerals. Key Points
Economic TimesMagnitude 6.3 earthquake strikes offshore central Chile town
An earthquake of magnitude 6.3 struck offshore central Chile town of Maule on Thursday. | World News Key Points
Hindustan TimesThe interim budget features hits and misses on climate pathways
It has worthy initiatives. India’s carbon reduction must go by hard-nosed realism so that we don’t back-load climate action. Key Points
mintThe US Has Big Plans for Wind Energy—but an Obscure 1920s Law Is Getting in the Way
The Biden administration aims to deploy offshore wind turbines capable of generating 30 gigawatts of power by 2030. With less than a decade to go, the country remains woefully behind target. Key Points
WIRED
The US Has Big Plans for Wind Energy—but an Obscure 1920s Law Is Getting in the Way
The Biden administration aims to deploy offshore wind turbines capable of generating 30 gigawatts of power by 2030. With less than a decade to go, the country remains woefully behind target. Key Points
WIREDGerman grid operator 50Hertz awards 4.6 bln eur power line contract for renewables switch
German power grid operator 50Hertz said on Friday it had signed a 4.6 billion euro ($4.88 billion) contract with Denmark's NKT and Italy's Prysmian Group as it expands high-capacity submarine and land cables for Germany's renewables switch. Key Points
ReutersModi govt needs to feed the youth with JOSH in the upcoming Budget
The budget exercise should allocate more funds to improve the judicial system and address infrastructure constraints. Support is needed for National Law Schools and institutions like OP Jindal to prevent brain drain. Flexibility for Indian private fund managers is necessary to encourage offshore financing for Indian start-ups. Tax hurdles in share swap structures and court mergers hinder rescue transactions for start-ups. Key Points
Economic TimesRupee caught between further rise in US yields, yuan recovery
The Indian rupee is likely to open little changed on Tuesday on the back of a recovery in the Chinese yuan and other Asian currencies despite a further rise in U.S. yields. Key Points
ReutersBig boost to Indian navy: MoD inks acquisition worth Rs 19,600 crore for next-generation offshore patrol and missile vessels
In a major acquisition for the Indian navy, the Ministry of Defence signed contracts with Indian shipyards for the acquisition of eleven Next Generation offshore Patrol Vessels and six Next Generation Missile Vessels at an overall cost of approx. Rs 19,600 crore. Key Points
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Evergrande sold yacht this year, say sources, as creditors sharpen focus on offshore assets
China Evergrande Group (3333.HK) sold its luxury superyacht for about $32 million earlier this year, said two sources, further shrinking the developer's offshore assets as its cash crunch worsened and it scrambled to pull together a debt revamp plan. Key Points
ReutersCentre blocks web platforms of offshore crypto apps, including Binance, Kucoin and others
India blocked access to foreign cryptocurrency exchanges like Binance, Kucoin, and OKX, as well as virtual digital asset service providers. The Android versions of these apps are also expected to be removed. Key Points
Economic TimesRupee inches up but US yields seen as major headwind
The Indian rupee rose slightly on Tuesday on the back of a subdued U.S. dollar, but was not expected to make a significant move higher in the wake of worries over U.S. yields. Key Points
ReutersIndian cenbank onshore, offshore intervention helps rupee outperform-traders
The Reserve Bank of India (RBI) is likely intervening in both the offshore and onshore markets to shield the rupee from the fallout of investors lifting their expectations on the U.S. Federal Reserve's terminal rate, traders said on Wednesday. Key Points
Reuters