The article discusses the sinking of the Russian cruiser 'Moskva', the flagship of the Black Sea fleet, and the subsequent handling of information by Russian authorities. The exact number of casualties and the cause of the fire that led to the detonation of the ship's ammunition remain undisclosed by Russia, which is consistent with wartime practices and new laws against 'fake news'. The Russian Defense Ministry released a video showing the crew, but the number of survivors is unclear. Ukrainian and international media have reported the death of the cruiser's captain, Anton Kuprin, but he appears in the MOD video. There are reports of missing conscript soldiers, with families seeking information. The cruiser 'Moskva' was reportedly hit by Ukrainian Neptune missiles, a claim Russia has not confirmed. The loss of the cruiser is seen as a significant blow to Russia's image, but its impact on military operations in the region is debated. The article also touches on the broader context of the information war between Russia and Ukraine.

The article recounts the harrowing experiences of civilians, particularly Natalia Ivanova and her family, during the siege of Mariupol amidst the conflict between Russian and Ukrainian forces. It details their life in bomb shelters, the destruction of their home, and their eventual escape to St. Petersburg. The piece also touches on the controversial actions of Ukrainian troops, the survival of Mariupol zoo animals, and the differing perspectives of residents on who was responsible for the shelling. The author highlights the Russian narrative of avoiding civilian casualties and the Western media's reliance on Ukrainian sources for information on Mariupol. The article further describes the evacuation process, the challenges faced by refugees, and the personal story of Natalia's brother, Alexey, who joined the DPR militia in 2014. The piece ends with a reflection on the ongoing conflict and the uncertain future for those who have fled Mariupol.

The article discusses the significance of Victory Day in Russia, particularly in St. Petersburg, and how it is being affected by the ongoing conflict in Ukraine. It reflects on the historical importance of the day, marking the Soviet Union's victory over Nazi Germany, and the deep scars left by the Siege of Leningrad during World War II. The piece also examines the current societal divide in Russia due to the war in Ukraine, with many Russians questioning the costs and goals of the conflict. The article cites polls from VCIOM and the Levada Center, indicating President Putin's approval rating and the Russian public's concerns about the military campaign in Ukraine. The anticipation for Putin's speech on Victory Day is highlighted, with the expectation that it will be scrutinized for its ability to justify the ongoing military operation.

The article discusses the impact of international sanctions on Russia's IT sector, particularly focusing on Yandex, Russia's largest tech company. Due to the war with Ukraine, Russia has become the most sanctioned country, leading to a projected 10-15% GDP contraction and a potential 39% decline in IT spending. Yandex, often called the 'Russian Google', has seen its stock plummet and is facing challenges due to the suspension of trading on NYSE and Nasdaq, as well as the exodus of tech giants from Russia. Despite these setbacks, Yandex and other domestic tech firms like Sber, VK, and Ozon may benefit from reduced competition. The article also touches on Yandex's potential plans for international expansion and the challenges it faces in retaining a motivated workforce amidst the crisis.

The article reflects on the life and legacy of Mikhail Gorbachev, the last leader of the Soviet Union, following his death on August 30, 2022. Gorbachev is remembered for ending the Cold War and the arms race, and for his role in the dissolution of the Soviet Union. While he is celebrated internationally as a peace ambassador, his reputation in Russia is more complex and controversial. Russian President Vladimir Putin and other officials have expressed their views on Gorbachev's leadership, with some acknowledging his impact on history while others criticize the outcomes of his policies. The article includes reactions from various Russian figures, including politicians, journalists, and a musician, highlighting the diverse perspectives on Gorbachev's contributions to Russia and the world.

The article reflects on the Siege of Leningrad during WWII and draws parallels with the current conflict in Ukraine. It recounts the harrowing experiences of survivors like Valentina Kolesnikova, who was a child during the siege. The article criticizes the comparison made by Western and Ukrainian press between the Siege of Leningrad and the destruction in Ukrainian cities, noting that the defenders of Leningrad and Mariupol employed different tactics. It also discusses the evacuation of civilians during the siege, contrasting it with reports of Ukrainian forces preventing civilians from leaving Mariupol. The piece touches on the use of WWII history in Russian schools and the narrative of fighting against a resurgence of Nazism in Ukraine. The article suggests that unlike during WWII, many Russians today are uncertain about the enemy and the reasons for the war.

The article discusses the missile strike on a train station in Kramatorsk, Ukraine, which resulted in civilian casualties. The attack was initially blamed on Russia, but Russia denied responsibility, suggesting the missile belonged to Ukrainian forces. The article examines the evidence and arguments from both sides, including the serial number of the missile, the direction of the launch, and the history of Tochka-U missile usage by both countries. It also touches on the broader context of the conflict, including the impact on children and the role of media and social media in reporting and shaping perceptions of the war. The article concludes that without undeniable evidence, it is not possible to definitively assign blame for the attack.

The article covers the funeral of 12-year-old Katya Kutubaeva and her grandmother in Donetsk, amidst ongoing missile shelling. Katya, her grandmother, and her ballet tutor were killed by a missile strike, which local authorities attribute to Ukrainian artillery. The article criticizes the international media for selective reporting on civilian casualties in the Ukraine conflict, highlighting that deaths caused by Ukrainian or NATO-supplied missiles receive less attention. It also discusses the use of PFM-1 anti-personnel mines, known as 'petal' mines, in Donetsk, which have caused civilian injuries and deaths. The article suggests that the international media and organizations have largely ignored or misreported the use of these mines and the resulting casualties. The author implies that the narrative of the conflict is distorted by journalists who are not on the ground and lack local knowledge.

The article discusses the Russian military's withdrawal from Kherson, a significant strategic and symbolic setback for Moscow. Despite Russia's initial capture of Kherson without a fight and promises to never leave, Ukrainian forces are now poised to retake the city with minimal resistance. The decision to retreat was made public through a televised military meeting, where Defence Minister Sergey Shoigu ordered the withdrawal based on General Sergey Surovikin's recommendation. The absence of President Vladimir Putin from this announcement was noted. The article explores the military rationale behind the retreat, the potential consequences for the Russian military, and the impact on local residents who may now face persecution by Ukrainian forces. It also touches on the broader implications for Russia's geopolitical strategy and the domestic perception of the conflict. The article includes various reactions from military bloggers, political analysts, and key Russian figures, reflecting a mix of support, criticism, and speculation about the decision to withdraw from Kherson.

Essar Power, part of the Essar Group, is focusing on its Mahan Thermal Power Project in Madhya Pradesh after facing issues with its Salaya plant in Gujarat due to the Supreme Court's denial of compensatory tariffs to plants relying on imported coal. The company, led by CEO K V B Reddy, is close to completing a crucial transmission line for the Mahan plant, which will allow it to supply power across the country. Despite a lack of long-term PPAs in recent years, Essar Power has secured PPAs for about 85% of its capacity. The company is also developing additional capacity, including the Tori plant in Jharkhand and a plant in Odisha, with most having PPAs in place. Funding and coal linkage remain challenges for completing these projects. The power demand is improving, and Essar Power is optimistic about future PPAs. The status of Essar Power Gujarat Limited is uncertain, pending post-election resolutions, and the company is not currently considering selling its transmission assets to Adani Group or others.

The article discusses the recent events surrounding the Wagner group, a Russian mercenary organization, and its founder Yevgeny Prigozhin. After an attempted coup in Russia, Prigozhin's influence seems to be waning, with his company's recruitment halted and contracts being cancelled. The article traces Prigozhin's history from his criminal past to his rise as a businessman and his establishment of the Wagner group. It also covers the group's involvement in conflicts in Ukraine and Africa, and its role in Russian politics. The article ends with Prigozhin's exile and the seizure of his assets, suggesting a significant shift in his fortunes and the status of private military companies in Russia.

Over the weekend, an armed column from the Wagner private military company, led by Yevgeny Prigozhin, marched towards Moscow, signaling a potential challenge to President Vladimir Putin's government. This event, termed the 'march of justice' by Prigozhin, was short-lived but highlighted divisions within Russia. Political scientist Kirill Rogov suggested that such military mutinies could be precursors to more significant upheavals. Putin called for unity, labeling divisive actions as betrayal. The Wagner group took control of a military headquarters in Rostov-on-Don, which resonated with the public's concerns about corruption and the Ukraine conflict. Prigozhin accused Defense Minister Sergei Shoigu of personal ambitions behind the Ukraine invasion. Despite the mutiny, no public support for Prigozhin emerged from Russia's power circles. Putin offered Wagner fighters three choices post-mutiny, and the case against Prigozhin was dismissed. Reports indicate Wagner forces may be accommodated in Belarus, and their heavy weaponry transferred to Russian armed forces.

The St. Petersburg International Economic Forum (SPIEF) recently concluded in Russia amidst the ongoing war in Ukraine. The forum, which saw participation from over 17,000 people from 130 countries, was less international this year due to the absence of Western delegates and media, who were denied accreditation. The event was addressed by Russian President Vladimir Putin and Algerian President Abdelmadjid Tebboune, with discussions focusing on Russia's economic resilience and growth despite sanctions, and the development of alternative trade routes like the Northern Sea route and the International North-South Transport Corridor. The forum concluded with numerous agreements, but their impact on Russia's real economy remains to be seen.

The article discusses the recent drone attacks in Russia, including one near the Kremlin, which have brought the Ukraine war closer to Russian citizens. The Kremlin has classified the incident as a terrorist attack and an assassination attempt on President Putin, while Ukraine denies involvement. Experts debate the effectiveness of Moscow's air defense systems against such threats. The U.S. has dismissed Russian claims of directing Ukraine to carry out attacks. The article also covers Ukraine's intensified strikes within Russian territory and the political reactions to these events. It mentions the killing of Daria Dugina and Vladlen Tatarsky, suggesting Ukraine's involvement in attacks on Russian soil. The article concludes with comments on the Russian public's limited reaction to the ongoing attacks and the Kremlin's initial portrayal of the conflict.

The article discusses the impact of the Ukraine war and Western sanctions on Russia's ability to continue supplying defence systems to India. Concerns have arisen due to unresolved payment issues between India and Russia. Despite these challenges, experts believe Russia could have advantages in defence exports post-war. India's defence imports from Russia have increased, but payment in roubles is problematic due to the Indian financial sector's slow adoption of new mechanisms and lack of trust in the Russian currency. The upcoming meeting of the India-Russia Intergovernmental Commission on Trade, Economic, Scientific, Technological and Cultural Cooperation (IRIGC-TEC) is expected to address these issues. The article also touches on the decline in Russian defence exports and the shift in India's defence procurement policy towards self-reliance, which affects all foreign defence suppliers in India.

Ksenia Kondratieva reviews 'A Week in the Life of Svitlana,' a novel by Indian author Ajay Kamalakaran, published in 2019. The book explores the life of Svitlana, a Ukrainian woman living in Moscow, as she navigates her identity, personal struggles, and societal expectations. Set against the backdrop of the Russia-Ukraine conflict, the story delves into Svitlana's daily life, her relationships, and her quest for stability. Kondratieva highlights that the novel avoids common criticisms of the Russian government and instead focuses on the personal lives of its characters. The review also touches on Kamalakaran's background and his unique perspective on Russia, gained from his time living there and his fluency in Russian. The article suggests that the book offers insight into the 'Russian soul' and societal issues that are often overlooked by the media.

The article discusses the aftermath of a photograph of Marianna Vyshemirskaya, taken after a maternity hospital in Mariupol was attacked during the Russian invasion of Ukraine. Despite not being physically harmed, Marianna has faced 'unwanted fame' and a year of struggling to be heard. She was a beauty blogger before the war and has since joined a Moscow-based foundation for humanitarian aid. The article covers the controversy surrounding the photograph, including claims by Russian authorities that it was staged, and the recognition Marianna received from various media outlets. It also touches on the broader issues of the war in Ukraine, including the tactics used by the Ukrainian armed forces and the civilian casualties. The journalist interviewed Marianna, who shared her experiences and thoughts on the conflict, the media's portrayal of the events, and her current humanitarian work. The article also explores the challenges Marianna faces in protecting her image from being used for propaganda.

The article discusses the life and impact of Mikhail Gorbachev, highlighting his role in ending the Cold War and initiating reforms in the Soviet Union. Despite being celebrated globally, Gorbachev faced criticism and lived in obscurity in Russia after his political career ended in 1991. The article mentions Russian President Vladimir Putin's critical view of Gorbachev's policies, which he believes led to the collapse of the USSR and subsequent hardships. The article also references the symbolic timing of Gorbachev's death amidst Russia's retreat from democratic changes and the ongoing conflict with Ukraine. Dmitry Muratov, editor-in-chief of Novaya Gazeta and Nobel Peace Prize co-winner, is quoted praising Gorbachev's efforts for peace, despite the current return to conflict.

Russian aluminium tycoon Oleg Deripaska, speaking at the St. Petersburg International Economic Forum, highlighted Russia's need to develop new trade and investment relations with Asian countries, particularly India and China, due to the sanctions imposed following its invasion of Ukraine. Deripaska, the founder of RUSAL, emphasized the necessity of building infrastructure similar to what Russia had with Europe, including logistics routes and trade agreements. He mentioned the need for transport corridors through Turkey, Iran, and the Russian Far East to facilitate trade. Deripaska also discussed the importance of direct trade agreements and bilateral investment treaties between Russia and India, as well as the potential for using digital currencies for settlements. He projected significant growth in Russia's bilateral trade with China and India in the coming years and stressed the importance of Russia's energy resources and technology for India's growing economy.

The article provides an on-the-ground perspective of the situation in the Kherson and Mariupol regions of Ukraine, amidst the ongoing conflict with Russia. It discusses the daily lives and sentiments of the local population, the role of the Russian army, and the activities of the Ukrainian forces, including the Azov Regiment. The interim Russian administration's efforts to maintain city services and the potential annexation of Kherson to Russia are mentioned. The article also covers the destruction in Mariupol, the controversial role of the Azov Regiment, and the reconstruction plans by the Donetsk People's Republic authorities. The piece reflects on the long-term impact of the war on the residents and the uncertain future of the region, highlighting the universal desire for peace and stability among the people affected by the conflict.

The article reflects on the significance of Victory Day in Russia, particularly in St. Petersburg, a city with deep historical ties to the Second World War. The author describes the mixed emotions of the day, with some residents proudly displaying their military might and others expressing dissent or boycotting the event due to the ongoing conflict in Ukraine. The piece touches on personal stories, including a refugee from Mariupol and a woman whose Jewish grandparents fought in the war. The author notes the city's resilience, despite the current suppression of public dissent, and the haunting memories of war that persist in its streets and buildings.

The article discusses how the COVID-19 pandemic is testing Russia's Presidency of BRICS, a group comprising Brazil, Russia, India, China, and South Africa. Despite the challenges posed by the pandemic, the 12th BRICS summit is still planned, with the possibility of being held online. Russian President Vladimir Putin emphasizes the need for BRICS to coordinate foreign policy, especially at the UN. The Valdai Club's report suggests that BRICS could become a significant global governance institution, as it shows unity and cooperation in contrast to other institutions. Experts suggest that the pandemic may help BRICS overcome internal disagreements and slow progress by focusing on practical implementation of projects, such as the BRICS Center for Research and Development of vaccines and an early warning mechanism for infectious outbreaks. However, financial constraints due to the economic impact of COVID-19 are a concern for the group's initiatives.

Russia is facing a dual crisis with a rapid increase in COVID-19 cases and an economic downturn exacerbated by the collapse of oil prices. President Vladimir Putin has announced economic relief measures, but there is criticism that the government could do more given its substantial reserves. Putin has delegated the responsibility of managing the crisis to Prime Minister Mikhail Mishustin and regional leaders, while maintaining his popularity by avoiding unpopular decisions. The crisis has also led to the resignation of three regional Governors and exposed tensions within the Kremlin. Despite the challenges, Putin's approval ratings have increased.

The article discusses the meeting between Russian President Vladimir Putin and Turkish President Recep Tayyip Erdogan in Moscow, where they agreed to a ceasefire in Syria's Idlib region. Despite backing opposing sides in the Syrian conflict, Russia and Turkey have maintained strong trade and defense ties. The leaders also agreed to establish a secure corridor and start joint patrols along the M4 highway in Syria. The meeting was seen as a positive step towards de-escalating tensions and preventing direct conflict between Russian and Turkish forces. The article also touches on the historical context of Russia-Turkey relations and the significance of economic cooperation between the two countries, including deals on defense systems, nuclear power, and gas pipelines.

A court in Penza, Russia, has sentenced seven members of the left-wing activist group 'Set' to a total of 86 years in prison for allegedly plotting terrorist attacks during the 2018 presidential elections and football World Cup. The Federal Security Service (FSB) claims their airsoft games were insurgency training, but families and human rights experts argue the case was fabricated and evidence was obtained through torture. The harsh sentences have been criticized as a sign of the judiciary's inability to challenge powerful entities like the FSB, and as an indicator of the government's intolerance towards dissent. A public petition condemning the verdict has gathered over 3,000 signatures, and commentators have likened the situation to Stalinism. The case has received little coverage in mainstream media, which is largely controlled by the government.

Russian President Vladimir Putin's announcement of major constitutional amendments and the subsequent resignation of Prime Minister Dmitry Medvedev's government has led to significant political changes in Russia. A new Cabinet has been approved by Putin, with Mikhail Mishustin as the new Prime Minister. The reshuffle included new ministers for key departments while retaining ministers for security, defense, and foreign policy. The changes aim to improve the implementation of national development projects. Putin also proposed constitutional reforms to redistribute power from the President to the Prime Minister and Parliament, and to enhance the role of the State Council. These moves are seen as preparations for a transition of power ahead of the 2021 legislative elections and the 2024 Presidential election, with speculation about Putin's future role within the State Council.

On January 7, Russian President Vladimir Putin visited Damascus to meet Syrian President Bashar al-Assad and then proceeded to Turkey to launch the TurkStream gas pipeline with President Recep Tayyip Erdogan. The visit coincided with heightened tensions in the Middle East following the U.S. killing of Iranian General Qassem Soleimani and Iran's retaliatory missile strikes. Russia called for a ceasefire in Libya and showcased its influence in the region. Experts suggest Russia is positioning itself as a stable partner in contrast to the U.S. The visits also have implications for Indo-Russian relations, with potential cooperation in Syria's reconstruction and in the Indian Ocean region. The article suggests Russia's strategic moves could benefit its regional partnerships and influence.

The article discusses the inauguration of a new rail service over the Kerch Strait, connecting Crimea to Russia's mainland, a project that is significant for Russian President Vladimir Putin amidst declining approval ratings. The rail and road bridges are expected to ease travel to Crimea for Russians. The bridge was constructed by a company owned by Putin's ally, Arkady Rotenberg. The annexation of Crimea by Russia led to international sanctions. Additionally, the article covers the recent gas transit deal between Russia and Ukraine, facilitated by Gazprom and Naftogaz, which was reached after lengthy negotiations and compromises. The deal is seen as a potential positive influence on the ongoing conflict between the two nations. The article also touches on the U.S. sanctions on the Nord Stream 2 pipeline project and the meeting between Putin and Ukrainian President Volodymyr Zelensky.

Three expatriates working for IL&FS Transportation in Jammu and Kashmir on the Zojila Tunnel and Z-Morh Tunnel projects have not been paid for three months and are unable to leave due to the non-continuation of their contracts. Richard Arthur Christenson, Andrew Bettison, and Serdar Sanel, who joined the company in mid-2018, have been stuck in Gagangir after the IL&FS crisis emerged in November. Despite attempts to contact IL&FS management and NHIDCL officials, they have received no response or resolution. An IL&FS spokesperson cited liquidity issues and cost reduction measures, including workforce optimization, as reasons for the situation. The expatriates feel ignored and warn others about the instability of employment contracts in India.

Eco Wave Power, an Israel-based company specializing in electricity generation from wave energy, is seeking a strategic partner in India to initiate a pilot project with plans to expand nationwide. Co-founder Inna Braverman has mentioned ongoing discussions with several Indian companies, including the Adani Group. India has a significant potential for wave energy, with a 2014 report estimating over 53 GW of capacity. Eco Wave Power, founded in 2011 by Braverman and David Leb, stands out for commercializing wave energy technology with on-shore installations, avoiding the high costs and environmental issues associated with off-shore power stations. The company has two operational plants, with its Gibraltar project being the only wave energy plant connected to the grid. Braverman highlights the stability and high return on investment of wave energy, with costs potentially dropping below $1 million per MW.

Indian banks are considering designating specific branches to handle all Russia-related business due to US sanctions against Russia. This proposal emerged from a joint meeting between Indian and Russian banks, coordinated by the Indian Banks’ Association in Mumbai. The move aims to make these branches more adept at interpreting sanctions and assisting businesses in navigating them. Senior officials from the RBI, SBI, Canara Bank, Syndicate Bank, Union Bank of India, and Russian banks like Sberbank, Gazprombank, and Vnesheconombank attended the meeting. The sanctions have severely impacted trade finance for Russian banks in India, with domestic banks halting payment processing and bank guarantees. This could delay India's procurement of critical defence equipment from Russia and limit India's supplier options. Indian banks have also rejected a Russian proposal to use a Russian financial messaging system as an alternative to SWIFT. The article suggests that Indian banks are being more conservative than necessary, avoiding transactions with Russian clients that are permitted under US sanctions.

The Solar Energy Corporation of India (SECI) has once again extended the deadline for bid submissions for a 10 GW solar power generation project, now due on October 12. This marks the third extension as the auction has not attracted interest from the industry, with only one bid submitted. Industry representatives find the project unviable, particularly due to the capped tariff of ₹2.75 per unit and the combined risks of generation and manufacturing in a single Special Purpose Vehicle (SPV). Despite the lack of interest, SECI officials have extended the deadline following requests from bidders. The techno-commercial bid opening is scheduled for October 15, 2018.

The Supreme Court of India has vacated the Orissa High Court's interim stay on the 25% safeguard duty on imported solar modules, which will now be levied retrospectively from July 30. This decision affects around 1,000 MW of solar modules imported since that date, with an estimated duty implication of Rs. 500 crore. The duty was initially put on hold by the Finance Ministry despite the Orissa High Court's stay. Solar power developers are hoping that the additional costs will be passed through to distribution companies as per the Ministry of Power's notification. The safeguard duty, recommended by the Directorate-General of Trade Remedies, will be in place for two years, decreasing over time.

State Bank of India (SBI) and other lenders are gearing up to take 11 stressed power assets to the bankruptcy court in response to the Reserve Bank of India's (RBI) deadline for initiating insolvency proceedings. This decision was made after a meeting called by SBI to discuss the insolvency process for these accounts, which were initially intended to be resolved outside the National Company Law Tribunal (NCLT). The lenders' move is also influenced by the recent rejection by the Allahabad High Court of the power companies' plea for relief from the RBI's stringent norms on stressed asset resolution issued on February 12.

Temasek, the Singapore-headquartered investment firm, has increased its investments in India to $1.5 billion this financial year, surpassing its annual average of $1 billion over the past five years. The company has made significant investments in various sectors, including a $775-million investment in Schneider Electric's acquisition of L&T’s electrical & automation business, and other substantial investments in UST Global, Ascendas India Logistics platform, AU Small Finance Bank, and Adani Ports. Temasek is looking to expand its portfolio in India, focusing on finance, infrastructure, logistics, e-commerce, roads, and renewable energy. However, Temasek's Managing Director Promeet Ghosh indicated that the company prefers to invest at the platform level rather than bidding for individual assets.

Solar tariffs in India have hit record lows again with ACME Solar winning a 2 GW project at Rs. 2.44 per unit in a SECI auction. This matches the previous low from May 2017 for the Bhadla Phase-III solar park. The decline in prices is attributed to a change in Chinese solar policy and the anticipation of reduced solar panel costs. Despite the challenges of land acquisition and power evacuation, ACME's CEO, Nikhil Dhingra, believes the tariff is viable. ACME Solar is also considering a more aggressive bid in an upcoming SECI auction and is contemplating an IPO to achieve better valuation, similar to Renew Power's planned Rs. 8,000 crore IPO.

ABB, a multinational automation company, has transformed its India operations from a supply chain center to an R&D hub, serving both domestic and global markets. CEO Ulrich Spiesshofer highlights India's role in ABB's digitalisation strategy, including contributions to industrial automation, cybersecurity, and transport infrastructure. ABB India has increased its export activities, with exports now constituting 15% of its business, aided by government reforms and free trade agreements. The digitalisation opportunity in India is significant, with potential savings of $1 trillion for ABB's customers globally. ABB has invested in local engineering and digital solutions design capabilities in India, hiring over 1,000 people for its global business services center. The company has 47 manufacturing facilities and 22 service centers in India, focusing on digital space. ABB's growth in India is also driven by the electricity value chain, renewable energy, electric mobility, and smart cities.

CleanMax Solar, a Mumbai-based solar developer, is planning to expand its capacity to 1GW in the next two to three years, according to CEO Gajanan Nabar. The company has grown its installed capacity significantly and is considering raising fresh funds after a substantial investment from Warburg Pincus last year. CleanMax Solar has added notable corporate clients and is seeing increased demand from various sectors. However, the growth of the solar market is hindered by inconsistent state policies and the impact on state power distribution companies (discoms). Nabar suggests that a uniform policy and consideration for discoms' revenue losses are necessary for sustainable growth in the solar sector. States like Karnataka have been leading in adoption due to favorable policies, but there is a need for clarity and long-term vision in policy-making to encourage further investment in solar projects.

Power producers and transmission companies are set to discuss revisions to India's first offshore wind tender with Power and New & Renewable Energy Minister RK Singh. The tender, issued by MNRE in April, is for a 1,000 MW offshore wind farm at the Gulf of Khambhat. Industry players have proposed changes to the tender structure, seeking relaxed norms for domestic bidders and a separation of power generation and transmission to reduce tariffs and execution timelines. Companies like Renew Power, Mytrah Energy, and Adani Group, as well as international firms such as Vestas and Enercon, are interested in bidding. Concerns have been raised about the high cost of power and the experience requirements for domestic bidders, which could limit competition and increase costs.

Indian banks are considering the creation of an asset management company (AMC) to manage stressed power assets in light of the Reserve Bank of India's (RBI) stricter rules on non-performing assets (NPAs). This idea was discussed at a meeting convened by the State Bank of India following the RBI's deadline for resolving stressed assets by August 27. The banking industry sees potential in turning around good power sector assets that are currently undervalued. Discussions have been held with public sector units like NTPC and NHPC to manage these assets, but no agreements have been reached. The RBI's new regulations could impact over 50,000 MW of thermal power capacity, with about half under immediate stress. Assets are being categorized based on their viability and potential for quick sale or need for NCLT intervention.

Indian renewable energy companies are expanding their operations abroad due to a slowdown in domestic tendering for solar and wind projects. Despite the government's goal of 175 GW renewable capacity by FY2022, the bidding activity has decreased, leading companies like Tata Power and Hindustan Power to explore markets in Vietnam, West Africa, the Middle East, and Southeast Asia. Industry experts attribute the domestic market's lack of activity to aggressive tariff bidding and the implementation of GST. Additionally, potential anti-dumping duties on imported PV modules and increased PV module prices are causing concern. Companies are finding higher tariffs and less competition in international markets, which could lead to better margins. Gensol Group, for example, is already present in nine countries, while Hindustan Powerprojects is working on projects in various countries and expects to complete 270 MW projects outside India by the end of 2018.

French Ambassador to India, Alexandre Ziegler, expressed confidence in India's growth and the increasing investments from French companies, which are about €1 billion annually with cumulative investments around €20 billion. Investments have been made in various sectors including defence, car manufacturing, energy, aviation, and aeronautics. Bilateral trade between France and India is expected to rise from €10 billion to €12-13 billion. France is also keen on expanding military ties with India, including the Rafale deal, and is actively involved in the energy sector, particularly in renewable energy and the Jaitapur nuclear power project. Ziegler highlighted the ongoing negotiations for the nuclear project and the advantages of nuclear energy over renewable sources in terms of consistent power generation.

Tata Power reported a 44% drop in Q2 net profit, attributed to losses at its Mundra plant and other factors. Despite growth in renewable assets and international projects, the power sector's challenges hinder profitability. Anil Sardana, MD & CEO, discussed the lack of power demand growth in India, attributing it to efficient devices and insufficient economic growth, particularly in manufacturing. He acknowledged the power sector's value destruction due to a combination of bad policies and decision-making. Sardana highlighted the company's focus on debt resizing and plans to grow non-fossil capacity, looking beyond India to Africa, the Middle East, SAARC, and South-East Asia. He expressed concern over falling renewable tariffs and the sustainability of aggressively bid projects.

Tata Power's net profit fell by 44% in Q2, with significant losses at its Mundra plant in Gujarat and other one-off impacts. Despite growth in renewable assets and success in international projects, the power sector's overall challenges hinder profitability. Anil Sardana, MD & CEO, discussed the issues of power demand growth in India, attributing it to efficient devices and lack of economic growth in manufacturing. He also mentioned the value destruction in the power sector due to a combination of bad policies and decision-making. Sardana highlighted the company's focus on debt resizing and potential acquisition of stressed assets. Tata Power aims to grow in renewables, looking beyond India to Africa, the Middle East, SAARC, and South-East Asia. Sardana expressed concern over falling renewable tariffs and the sustainability of aggressive bids in the long term.

Reliance Infrastructure, part of the Anil Ambani-led Reliance Group, has won an EPC contract for the third and fourth units of the Kudankulam Nuclear Power Project in Tamil Nadu. The project, which marks RInfra's entry into the nuclear power sector, includes comprehensive work from design to commissioning, with a 56-month deadline. RInfra outbid major Indian EPC companies with a ₹1,000 crore bid, securing the contract over competitors like BHEL, L&T, and Tata Projects. The construction of unit 3 has begun, and unit 4's foundation work is underway, with a six-year completion timeline. The total cost for both units is estimated at ₹39,800 crore. Russia's Atomstroyexport has delivered the first shipment of equipment for the project. Additionally, India and Russia have signed agreements for the construction of units 5 and 6, with negotiations ongoing for these units.

The International Solar Alliance (ISA) is considering the launch of an insurance mechanism to reduce the risks associated with solar power projects. This announcement may come during the RE-INVEST 2017 Summit in New Delhi. The ISA, proposed by Indian Prime Minister Narendra Modi, has gained support from around 40 countries, with 15 ready to ratify its framework. The alliance aims to support India's solar exports and develop manufacturing in project countries to cut costs. Despite the potential, experts note that the ISA has yet to make a significant impact on the ground. The Exim Bank of India is scouting for solar projects for ISA participation, and India has offered a concessional credit line to Africa, promoting the 'Make in India' initiative. However, awareness and prioritization of solar energy remain challenges in developing countries.

The Gensol Group, an Ahmedabad-based company specializing in solar project services, is expanding its operations internationally due to a flat domestic market in India. Anmol Jaggi, the founder and director, stated that the company is now present in around 9 countries, including Indonesia, Philippines, Oman, and several African and Eastern European nations. Gensol's international portfolio ranges between 250-300 MW for design and engineering. Despite the stagnant Indian market, Jaggi sees potential growth in power demand through the government's push towards e-mobility. Gensol, which began as a carbon credit advisory, now offers a range of services and has worked with major solar developers. In 2015, Gensol formed a joint venture with Spanish firm Solarig and has since secured OEM contracts for 2100 MW of solar power.

The article discusses the Indian government's plan to invest ₹6.92-lakh crore in the development of over 83,000 km of roads over the next five years. Despite this financial commitment, industry experts are concerned about the feasibility of achieving these ambitious targets, citing past shortcomings such as missed road construction and awarding targets, execution delays, and funding issues. The Ministry of Road Transport and Highways and the National Highways Authority of India (NHAI) have faced challenges with land acquisition and project execution. Analysts from Motilal Oswal project an increase in NHAI's awarding and construction activities, while CRISIL and ICRA highlight the importance of bid-ready projects and the challenges of land acquisition under the Bharatmala programme. The article suggests that while government policy measures have improved lender confidence, the private sector's involvement is crucial for the sector's vibrancy.

The article discusses the ongoing insolvency proceedings of 12 stressed accounts in India, identified by the RBI. It focuses on whether company promoters can regain control during the bidding process. Essar Steel Ltd, part of the Essar Group, is highlighted with its promoters, the Ruias, participating as bidders. The article mentions the first insolvency resolution under the Insolvency and Bankruptcy Code (IBC) for Synergies-Dooray Automotive Ltd, and the liquidation of Pune-based Innoventive Industries Ltd after the rejection of resolution plans. Experts like Mamta Binani and Aparna Ravi comment on the IBC's stance on promoters' participation and the nascent stage of insolvency resolution in India.

Hindustan Powerprojects Pvt Ltd, a Delhi-based company, is expected to finalize a deal by November to sell some of its solar assets to Macquarie Asia Infrastructure Fund. The deal is currently undergoing due diligence, with particular attention to land issues in India. Post-deal, Hindustan Power will retain less than 300 MW of its installed solar capacity and has 150-200 MW under construction. The company aims to have 2 GW of operational capacity globally by 2022. This deal signifies MAIF's entry into India's renewable energy sector, having previously invested in Hindustan Power's thermal plant in Madhya Pradesh. Australian businesses, including the Future Fund, have shown interest in India's infrastructure, but no investments have been made by the Future Fund to date.

The article discusses the expected growth in the renewable energy sector in India, with an anticipation of 10 deals worth ₹2,500-3,000 crore in the next 12 months. Despite smaller deal sizes compared to the previous fiscal year, the number of transactions is predicted to increase. The article highlights various companies and deals in the pipeline, including KCT Group's potential sale of wind and solar assets, Orient Green Power Company's biomass operations sale, ReNew Power Ventures' talks with Orange Renewable, and Hindustan Powerprojects' plans to divest solar capacity. It also mentions Actis LLP's potential sale of Ostro Energy and Engie's negotiations with Equis Energy. Industry experts like Gundu Sabde, Sapna Seth, and Siva Subramanian provide insights into the market dynamics, including the secondary market growth, asset depreciation, and strategic acquisitions by large players.

L&T Hydrocarbon Engineering Ltd (LTHE), a subsidiary of Larsen & Toubro, has won a ₹1,150 crore contract for ONGC’s Daman Development Project. This follows a recent ₹1,700 crore EPC order from Kuwait Oil Company. LTHE has seen a significant turnaround in its business, with a 19% revenue growth last fiscal year and improved margins. The company's CEO, Subramanian Sarma, discussed the industry's outlook and LTHE's transformation plan, which includes business consolidation to be completed by March 2018. LTHE's order book was ₹23,026 crore as of June 30, with over half of the revenue coming from international markets.

The article discusses how the Indian government's investment in the road sector has been more beneficial for small and mid-size construction companies than for large conglomerates. Data from the National Highways Authority of India (NHAI) indicates that the top-10 recipients of contracts during the fiscal year 2016-17 received over 50% of the total projects, valued at around ₹60,000 crore. Large companies like L&T and Tata's subsidiary TRIL received fewer contracts, with industry experts suggesting that the size of contracts is too small for larger companies to maintain healthy margins. The NHAI's preference for the Hybrid Annuity Model (HAM) is expected to continue this trend. Notable comments from industry executives, including MV Satish of L&T and Rohan Suryavanshi of Dilip Buildcon, highlight the current state and expectations for the road sector. Despite missing previous targets, analysts anticipate an increase in momentum for project awards and construction in the current fiscal year.

Essar Power Gujarat Ltd (EGPL), an SPV of Essar Power, is facing financial challenges with its 1200 MW coal-based power plant in Salaya, Gujarat. The lenders, led by State Bank of India, have converted part of EGPL's debt into equity, taking over 51% of the company's shares. This move follows the Supreme Court's denial of compensatory tariffs to coal-based plants, which has affected EGPL and other companies like Tata Power and Adani Power. EGPL's debt stands at ₹4,500 crore, and the company is seeking solutions, including a request to Gujarat Urja Vikas Nigam Ltd (GUVNL) for renegotiating power purchase agreements or taking over equity. The power industry is currently facing issues such as cancellation of coal mines, lack of coal linkages, and reluctance from Discoms to sign new PPAs, impacting Essar Power's projects.

Larsen & Toubro (L&T), an infrastructure and engineering conglomerate, is implementing a strategy to increase its return on equity from 13% in FY16 to 18% in the next three to four years. This strategy includes restructuring within the group, monetizing non-core activities, optimizing costs, improving resource efficiency, reducing project time and cost overruns, and enhancing competitiveness and productivity. L&T's CFO, R Shankar Raman, discussed the progress towards the five-year plan's targets, the reduction of the working capital ratio, and the misinterpretation of the company's layoff numbers in the media. Raman also highlighted the company's focus on turning around loss-making projects and the challenges in improving payment cycles, especially with the recent introduction of GST in India.

Maharashtra's industries and commercial power consumers are still facing high energy rates despite the state's push for renewable energy. The state government, in collaboration with the Power Grid Corporation of India, is establishing a renewable energy centre to improve forecasting and scheduling. A €12-million loan from Germany's KfW Development Bank is being negotiated to create a green corridor for renewable energy transportation. Additionally, a solar park and a wind auction are planned. Despite these efforts, industry experts are doubtful about the cost benefits due to additional charges by Discoms. CleanMax Solar's Sushant Arora highlights the disparity in charges and suggests that without addressing cross-subsidisation and transmission losses, tariffs will not significantly decrease. The state is also considering subsidy removal for some agricultural consumers and is piloting solar power feeders for agriculture pumps. Decentralised power sources are seen as a potential solution for industries to reduce energy costs, but challenges such as net metering policy caps and bureaucratic hurdles persist. Open access to solar power is hindered by surcharges, making it uneconomical for many customers.

Indian Energy Exchange Ltd (IEX), India's first and largest power exchange, anticipates a tripling of trade volumes in the next three to five years, driven by increased interest from state distribution companies in the spot market. Satyanarayan Goel, IEX's Managing Director and CEO, expressed optimism about market growth, citing a CRIS report and the potential for the short-term market to double in size. Despite challenges such as low demand and transmission congestion, IEX has seen a compound annual growth rate of 15% over the past four years. The exchange, which also plans to introduce trading in renewable energy, faced a setback when its proposal for spot trading of renewable energy was dismissed by the Central Electricity Regulatory Commission. IEX competes with Power Exchange India Ltd and is backed by private equity.

Lanco Infratech Ltd, an infrastructure company, has been facing financial difficulties, with its COO, Finance, T Adibabu, attributing the situation to delayed decisions by lenders. The company reported a significant loss in the first quarter and has been affected by the invoking of pledged shares by lenders. Lanco Infratech's debt exceeds ₹44,000 crore, making it the second-largest among the 12 stressed accounts identified by the RBI. The National Company Law Tribunal initiated insolvency proceedings against the company, but Adibabu claims they were seeking turnaround solutions before that. The completion of their power projects is dependent on lender support, and they have partnered with DivyaSree Developers for a real estate project. R Venkataraman of Alvarez & Marsal commented on the prospects of resolution plans in such insolvency cases.

Larsen & Toubro's Chairman AM Naik has criticized the Indian government's economic policies, specifically demonetisation and the implementation of the Goods and Services Tax (GST), for slowing down the country's economic growth. He pointed out that the government's focus on elections and vote-catching promises to the social sector has resulted in a lack of funds for development. Naik also mentioned that the private sector's excessive investment in public-private partnership (PPP) projects around 2004-05 has contributed to the current economic situation.

Anil Manibhai Naik is stepping down as the CEO of Larsen & Toubro after over five decades with the company, transitioning to a non-executive chairman role for the next three years. In an interview with BusinessLine, Naik discusses his succession planning, having identified SN Subrahmanyan as his successor 12 years ago. He reflects on his leadership style, his commitment to mentoring future leaders, and his involvement in philanthropy. Naik also touches on his regrets about not spending enough time with his family and his decision to avoid politics in favor of honest work. He outlines his plans to restructure L&T, sell off non-core businesses, and focus on defence facilities and market capitalization growth. Naik criticizes past government policies and banking practices but remains optimistic about India's economic future. He hopes to be remembered for transforming and protecting L&T from takeover threats.

The article discusses the recent spike in the average spot power tariff on the Indian Energy Exchange (IEX) and its implications for merchant power plants in India. Despite the increase in tariffs, experts believe this rise is temporary due to seasonal demand, coal shortages, and reduced hydro and nuclear generation. Companies like JSW Energy and Jaiprakash Power Ventures may see short-term benefits, but the overall merchant capacity of 50 GW is expected to remain under pressure. Industry experts from ICRA, Feedback Infra, and PWC weigh in on the situation, suggesting that the tariff spike will not sustain in the long term due to moderate demand and surplus thermal capacity. The article also touches on the use of energy trade in exchanges for short-term demand-supply matches and the inefficiency of using it for long-term decision-making.

Larsen & Toubro (L&T) is planning to monetize five assets through an infrastructure investment trust (InvIT), aiming to raise ₹3,500-4,000 crore, as stated by L&T's CFO R Shankar Raman. L&T IDPL, a subsidiary of L&T, has applied for InvIT registration with SEBI. The move follows the public listing of two other InvITs, IRB InvIT Fund and IndiGrid Trust, which are currently trading below their issue prices. L&T delayed its InvIT offering to ensure investor readiness and maintain its brand reputation. The company, which has CPPIB as a partner in L&T IDPL, is focusing on realistic valuations for asset recycling to generate capital.

The article discusses the challenges faced by lenders in selling their stakes in stressed power assets in India, such as those of Jaiprakash Power Ventures Limited. Despite taking substantial haircuts, the lack of optimism in the power industry, particularly regarding the ability of State distribution companies to sign new power purchase agreements (PPAs), is hindering the sale process. Even major power players like Tata Power and Adani Power are struggling to sell their assets. The article mentions that banks may need to take a ₹2.4 lakh crore haircut to clear their balance sheets, which is about 60% of the value of the top-50 non-performing assets in the infrastructure and power sectors. CRISIL Infrastructure Advisory's Sameer Bhatia suggests that the resolution of these issues may take 1 to 1.5 years, and the success of initial deals could lead to more transactions.

The article discusses the impact of India's demonetisation and the appreciation of the ruble on Alrosa, Russia's state-controlled diamond mining company. Despite a decline in revenue, EBITDA, and net profit in the first half of 2017, Alrosa's Vice-President Yury Okoemov remains optimistic about direct trade with India, which is expected to increase due to reforms like demonetisation and GST. Alrosa has long-term contracts with Indian companies and plans to revise and potentially expand these contracts. The company is also looking to increase its presence in the Asia-Pacific market, with a new diamond cutting and polishing factory launched by India's KGK Group in Vladivostok and plans to open an office in Mumbai's Bharat Diamond Bourse by the end of 2017.

The article discusses the concerns in the solar industry regarding the potential imposition of anti-dumping duty on solar cells in India. This comes at a time when the viability of solar projects with low tariffs is being questioned due to rising solar module prices from China. The lowest tariffs were based on the assumption that prices would continue to drop, but recent increases due to demand-supply mismatch and other factors have cast doubt on this. Industry experts like Animesh Damani, Manish Karna, Jasmeet Khurana, and Sunil Jain provide insights on the price trends and the impact of potential US tariffs on Chinese imports. The article also highlights the risks posed by India's domestic policies, especially if anti-dumping duties are imposed, which could make projects unviable and disrupt the industry. The lack of a complete manufacturing supply chain in India for solar panels is also discussed as a significant challenge.

The article discusses the hesitancy of Russian defence companies to engage with Indian private sector firms despite India's defence industry opening up to private players. Russian suppliers prefer to work with Indian public sector companies due to concerns over experience and expertise. The article notes that Russia, a major supplier of arms to India, has not been very active in signing MoUs with Indian private companies like the Tatas and L&T. Jayant Patil of L&T and Russian industry experts provide insights into the situation. The article also mentions the Stockholm International Peace Research Institute's data on India's arms imports and highlights Russia's technology transfers to India, including licensed manufacturing of Su-30MKI fighters and the Brahmos missile project. Victor Kladov from Rostec Corporation comments on Russia's commitment to technology transfer and the 'Make in India' initiative.

India is facing challenges in balancing its power grid due to the increasing share of fluctuating renewable energy sources. As the country aims for a renewable energy target of 175 GW by 2022, experts warn that the grid's stability could be compromised. The Indian grid, which is manually managed and often experiences shortfalls, will need to adapt to the variability of renewables. Experts like Kuljit Singh from EY and Kameswara Rao from PwC suggest that thermal power, which is currently cheaper than new storage technologies, should be used in conjunction with renewables to maintain grid reliability. Lalit Jain from Hindustan Powerprojects and Sanjay Aggarwal from Fortum India emphasize the need for a holistic approach and flexibility in thermal plants. Animesh Damani from Artha Energy Resources highlights the importance of digitization for efficient grid management. The article suggests that savings from the declining cost of renewable energy could support thermal generators in their role of balancing the grid.

India is facing challenges in balancing its power grid due to the increasing share of fluctuating renewable energy sources. As the country aims for a renewable energy target of 175 GW by 2022, experts warn that the grid's stability could be compromised. The Indian grid, which is manually managed and often experiences shortfalls, will likely struggle with the variability of renewables. Experts like Kuljit Singh from EY and Kameswara Rao from PwC suggest that thermal power, which is currently cheaper, should be used in conjunction with renewables to maintain grid stability. They also recommend that utilities continue signing long-term PPAs and that thermal plants increase their flexibility. Lalit Jain from Hindustan Powerprojects and Sanjay Aggarwal from Fortum India emphasize the need for a holistic approach to grid management and the potential role of hydro power. Animesh Damani from Artha Energy Resources highlights the importance of digitization for efficient grid management and notes that private players are beginning to participate in the market.

Australian companies are actively seeking investment opportunities in India's infrastructure sector, with a particular interest in the smart cities project. Over 40 infrastructure companies participated in the Australia Business Week in India (ABWI) to explore partnerships and investments. While trade between the two countries has been dominated by commodities, Australian firms are now looking to diversify their presence in India. Grayson Perry, Trade Commissioner of the Australian Trade & Investment Commission, highlighted the potential for growth in infrastructure, which currently represents a small fraction of bilateral business. Australia's sovereign wealth fund, the Future Fund, is also looking for investment opportunities in Indian infrastructure. Additionally, Australia is inviting Indian companies to participate in its own infrastructure development, with significant investments planned.

Larsen & Toubro's subsidiary, L&T Infrastructure Development Projects Ltd, has applied to the Securities and Exchange Board of India to establish an infrastructure investment trust (InvIT). While analysts had predicted that L&T could raise about Rs 2,000 crore through the InvIT, the company has not confirmed the issue size. The move comes after the first two InvITs in India, IRB InvIT Fund and IndiGrid Trust, declared their first dividends, which were in line with expectations. Other infrastructure firms are also considering InvITs, but some are adopting a cautious approach due to the lukewarm performance of the initial offerings. InvITs are seen as a way for infrastructure developers to unlock capital and reduce debt.

NEXTracker, a US-based solar tracker manufacturer, is expanding its manufacturing operations to India, aiming to support the 'Make in India' initiative and serve both domestic and export markets. CEO Dan Shugar announced that the company will commence high-value manufacturing in India in the upcoming quarter, having already delivered large equipment for commissioning. NEXTracker has partnered with APL Apollo Tubes Ltd and other local steel fabricators to increase local steel use in their products. The company, which entered the Indian market two years ago, has completed 21 projects with a capacity of over 1 GW and is among the top five markets for NEXTracker globally. Despite the nascent stage of India's solar tracker market and competition from European and domestic companies, NEXTracker is optimistic about future business volumes.

Dilip Buildcon Ltd, a road developer based in Bhopal, has announced the sale of 24 road assets worth ₹10,500 crore to the Chhatwal Group Trust, which operates the Shrem Group in Mumbai. The deal is valued at ₹1,600 crore and includes 14 operational projects, four under construction, and six hybrid-annuity model projects. Dilip Buildcon has invested ₹682 crore in these assets and plans to invest an additional ₹841.6 crore. The company aims to focus on its EPC business and is monetizing its road asset portfolio, which is the largest annuity portfolio in India. The sale will provide Dilip Buildcon with funds for expansion and growth. The company has seen a 60% growth in revenue and a 46% increase in EBITDA in the first quarter of the current fiscal year, with an order book of ₹16,000 crore across 13 states.

Tata Power is planning to raise up to ₹7,000 crore through non-convertible debentures for a year, as discussed in their 98th annual general meeting in Mumbai. Tata Group Chairman N Chandrasekaran highlighted three priorities: resolving issues at the Mundra plant in Gujarat, reducing high debt, and simplifying the corporate structure. The Mundra plant has been struggling due to a Supreme Court ruling preventing it from charging higher tariffs after a change in Indonesian coal regulations. Tata Power has proposed selling 51% equity of the Mundra plant for ₹1, but a decision is pending. The company's debt is a concern, with gross debt at ₹48,816 crore. Tata Power aims to simplify its structure, which currently includes over 90 subsidiaries and associate companies. It also targets increasing its non-fossil based generation capacity, with its renewable energy arm working on projects totaling nearly 326 MW.

Prashant Ruia, Director of Essar Group, discusses the group's recent deleveraging, including the sale of Essar Oil, which has significantly increased shareholder value. Ruia remains optimistic about the oil industry's future, despite the rise of renewables. He also touches on the ongoing insolvency process for Essar Steel and the repayment of debt to Indian and foreign lenders. Ruia highlights the reduction of the group's debt and the completion of their capital expenditure program. He believes that Essar's growth is closely tied to India's progress and sees potential in the renewable energy sector. Additionally, Ruia comments on the challenges faced by thermal power plants in India due to overcapacity and insufficient demand.

The article discusses the completion of a $12.9 billion acquisition deal where Russia's Rosneft, along with a consortium led by Trafigura and UCP, purchased a 49.13% stake in Essar Oil Ltd (EOL) from Essar Group. Despite the deal providing Rosneft with an opportunity to enter the Asia-Pacific market, there is an indication that the company lacks a clear vision for its operations in the Indian market. Rosneft has not planned to establish a significant presence in India, and while it has nominated four members to the EOL board, it does not intend to run the refinery directly. The deal is reported to have political motivations, with both Russian and Indian governments pushing for it. Additionally, Rosneft is looking to expand internationally, especially given the Western sanctions imposed on the company due to the conflict in Ukraine.

The India Electronics and Semiconductor Association (IESA) is opening its first overseas office in Taipei, Taiwan, to promote India as a manufacturing hub for electronics and semiconductors. The inauguration will be attended by IESA Chairman Ashwini K. Aggarwal, Mignonne Chan, and delegates from Andhra Pradesh, Chhattisgarh, and Kerala. This move follows a 2015 MoU with Taiwan Electrical and Electronic Manufacturers’ Association (Teema) to foster investment between Indian and Taiwanese ESDM companies. Recently, 14 Taiwanese companies explored investment opportunities in Bengaluru. IESA aims for a $350 million investment in three years and plans to open a second office in Japan. India's ESDM industry is growing rapidly, with expectations to exceed $100 billion by the end of 2017 and potentially reaching $171-228 billion by 2020.

The Indian solar power industry is at odds over the proposed anti-dumping duty on solar panel inputs from China, Malaysia, and Taiwan. Indian manufacturers, represented by the Indian Solar Manufacturer’s Association (ISMA), support the duty to protect against cheap imports, which make up 80% of the market. They argue that the duty will encourage domestic investment and manufacturing. However, power developers are concerned that the duty will increase solar tariffs, making solar power less competitive against thermal power and potentially increasing costs for consumers. The Directorate General of Anti-Dumping (DGAD) is in discussions with the industry, with initial outcomes expected soon. The industry anticipates a duty that could raise tariffs significantly, while developers are seeking exemptions for ongoing and future projects bid before the imposition of any duty.

Larsen & Toubro (L&T) has sold its entire stake in L&T Cutting Tools to IMC International Metalworking Companies BV, a subsidiary of Berkshire Hathaway Inc. The transaction is part of L&T's strategy to divest from non-core businesses, and it is expected to be completed within the next 90 days. The deal is valued at ₹174 crore. L&T Cutting Tools, which is part of L&T’s EWAC Alloys business, has a manufacturing facility in Ankleshwar, Gujarat. Its revenue last financial year was ₹169.5 crore, making up about 0.15% of L&T’s consolidated revenue.

Tata Power, a major company within the Tata Group, has seen a significant increase in profits in the first quarter of the current fiscal year, with profits rising from ₹72.5 crore in Q1 FY17 to nearly ₹164 crore. This growth is attributed to the company's power generation and distribution core business, as well as its renewable energy subsidiaries, particularly after acquiring Welspun Energy's renewable assets in 2016. Tata Power Renewable experienced substantial growth in sales, Ebidta, and profit after tax. However, the company is cautious about further expansion in the renewable sector due to increasing competitiveness and low investment returns. Additionally, the Mundra Power project continues to be a financial burden, with the company proposing to sell a majority stake to the government for a nominal amount to mitigate losses.

The article discusses the slowdown in new solar auctions in India, which could potentially lead to a further reduction in solar power prices. Developers, particularly those backed by private equity funds, are eager to build their assets despite lower internal rates of return (IRRs). The government's target of 100 GW of solar capacity by 2022 is behind schedule, causing increased competition for projects. The IRRs in the solar sector have decreased, and there is a temporary pause in the announcement of new bids. Industry experts predict a rise in solar capacity this financial year, but the numbers are below the government's target. Companies like Tata Power and Adani Green Energy have built large renewable portfolios, while PE-backed firms like ACME Solar and SBG Cleantech have placed the lowest tariff bids in recent auctions. The article also highlights the importance of confidence in projects with adequate infrastructure and payment security for aggressive bidding.

JSW Energy, part of the JSW Group, is expanding into new business areas such as electric vehicles, energy storage, and charging infrastructure. The company's board has approved a capital expenditure of ₹3,500-4,000 crore over the next three years for these new ventures. Despite the challenges in the thermal power industry due to renewable energy sources, JSW Energy aims to maintain its focus on its core power business, optimizing thermal and hydro capacity, and securing more Power Purchase Agreements. The company is also looking to deleverage its debt, with CFO Jyoti Kumar Agarwal discussing refinancing options. In the recent financial quarter, JSW Energy saw a decline in revenue and net profit, attributed to lower generation from coal-fired plants and subdued merchant realizations.

IL&FS Transportation Networks Ltd (ITNL) has announced its intention to raise ₹3,500 crore through the issuance of non-convertible debentures. The resolution for this fundraising will be discussed in the company's upcoming AGM on August 29. ITNL reported a decrease in revenue from operations in the first quarter of the current fiscal year, earning ₹954 crore compared to ₹1,163 crore in the same quarter of the previous year. The company's net profit, however, increased to ₹24.7 crore from ₹18 crore. Executive Director Mukund Sapre indicated a shift in focus towards EPC contracts due to a lack of new BOT projects. ITNL has won the Zojila tunnel project bid in Jammu and Kashmir and is the lowest bidder, with a bid significantly lower than competitors like L&T, Reliance Infra, and Jaiprakash Associates. The company is also working to reduce its debt, having divested several road assets and refinanced debt for two SPVs, leading to significant interest savings.

Prashant Jain, the Joint MD and CEO of JSW Energy, remains optimistic about the thermal power sector despite challenges such as the growth of renewable energy and stagnant demand. Jain predicts that industrial demand will pick up due to government focus on low-income housing and the rise of electrical mobility. He also believes that power demand will increase significantly by 2022. Jain discusses the future of thermal power, expecting plant load factors to improve and short-term prices to rise as demand grows. He acknowledges that only efficient power plants that can operate at lower tariffs will survive in the future. JSW Energy is preparing for this by securing long-term PPAs and focusing on low-cost hydro assets, grid management, and energy storage as growth areas.

Seven infrastructure developers have been awarded contracts for the construction of Mumbai Metro’s Metro Line 2B and Metro Line 4. Reliance Infrastructure, in a joint venture with Italy's Rizzani de Eccher S.p.A, and L&T secured two packages each, with contracts estimated between ₹1,200-1,400 crore. Other winners include NCC Infra, Simplex Infrastructures, JMC Projects, the joint venture of Tata Projects and China Harbour Engineering Company (TPL-CHEC), and J Kumar Infraprojects. Tata Projects confirmed winning a package for Metro Line 4. The Mumbai Metropolitan Region Development Authority (MMRDA) estimates the cost of Metro Line 2B at ₹10,980 crore and Metro Line 4 at ₹14,500 crore, with a 30-month completion target for the elevated viaducts and stations.

Larsen & Toubro (L&T) has secured a contract worth ₹3,375-crore from Metro Express Ltd, a Mauritius government entity, to construct an integrated light rail transit system in Mauritius. The project includes a 26-km metro line with 19 stations, along with associated infrastructure such as viaducts, bridges, track works, and systems for traction, ticketing, and passenger information. The project, which is L&T's first in the African metro and railway sector, is expected to be completed in 48 months and is funded by a grant and credit line from the Government of India. L&T's international orders have decreased due to a slower investment cycle in West Asia, but the company is exploring opportunities in other markets like Bangladesh and Sri Lanka.

The article discusses the recent dividend distributions by the first two infrastructure investment trusts (InvITs) in India, IRB InvIT Fund and IndiGrid Trust, and their impact on the market. IRB InvIT Fund announced a dividend distribution of ₹90 crore, while IndiGrid Trust distributed 0.92 paise per unit. Despite these distributions, both InvITs are trading below their issue prices. Market analysts had expected a 12 percent internal rate of return from IRB InvIT, setting a benchmark for future InvITs. Infrastructure players are currently observing the performance of these InvITs before launching their own. Several companies, including MEP Infrastructure Developers and Reliance Infrastructure, are planning to launch their InvITs, while L&T is still considering the option. The article suggests that investor interest in InvITs may increase as they demonstrate the ability to manage and distribute dividends effectively.

NTPC, India's state-run power giant, had set an ambitious goal to reach a generation capacity of 128,000 MW by 2030, with a significant increase in renewable energy capacity. However, the company's progress towards this target is questionable, as it currently has only 845 MW of renewable capacity, primarily solar. In the first quarter, NTPC commissioned a 16 MW wind farm and a 245 MW solar project. Despite this, analysts are skeptical about NTPC's ability to meet its targets, citing a history of falling short in both renewable and thermal power segments. The company's total installed capacity is 51,635 MW, with thermal power constituting 38,755 MW. The power industry is facing challenges such as falling solar and wind power prices, overcapacity, and low demand, which could delay new thermal projects. NTPC also experienced a slight decrease in commercial power generation in the quarter ending June 30. The company's Board has approved a fund-raising initiative of ₹15,000 crore through non-convertible debentures at the annual general meeting.

The article discusses the shift from feed-in tariffs to competitive bidding in India's wind power sector and its implications. Competitive bidding has led to a significant reduction in wind power tariffs, making it nearly as cost-effective as coal power. The first wind auction in India saw tariffs drop by 16.8%, and the second auction was oversubscribed, indicating further tariff reductions are expected. Analysts and industry players, including Vikram Kailas of Mytrah, suggest that while there may be short-term revenue pressures, the long-term outlook is positive due to technological improvements and better efficiency. However, challenges such as lack of quality standards, policy clarity, and issues with Discom payments and grid curtailment remain. Companies like Suzlon, Inox, and Siemens Gamesa did not comment, while Sunil Jain of Hero Future Energies highlighted that profitability is still possible with current interest rates, but the uptake of wind power by the states is a concern.

IL&FS Transportation Networks Ltd (ITNL) has reportedly placed the lowest bid for the construction of the Zojila tunnel in Jammu and Kashmir, as per the tender by the National Highways and Infrastructure Development Corporation (NHIDC). The financial bids were opened in New Delhi, with ITNL, Larsen & Toubro, Jaiprakash Associates, and Reliance Infrastructure as the eligible bidders. ITNL's bid was surprisingly lower than the reserve price of ₹5,600 crore, which was already reduced by nearly half. The Zojila tunnel project, valued at ₹10,000 crore, is challenging due to its high-altitude location and aims to provide year-round connectivity between Srinagar and Leh-Ladakh. This tender marks the government's fifth attempt to award the contract for the project.

The Global Infrastructure Hub, a G20 initiative, released a report indicating that India is underperforming in infrastructure investment compared to its peers. India ranks lowest in road, water, and airport sectors, and second-lowest in ports and telecom. However, it leads in the rail sector and is second in electricity. The report highlights significant investment gaps in roads ($79 billion), telecom ($167 billion), electricity ($163 billion), and water ($117 billion) sectors. India's total infrastructure investment needs are estimated at $3.9 trillion by 2040, which could rise to $4.5 trillion to improve its performance. The report suggests that the private sector must play a significant role in closing these investment gaps, despite challenges in the ease of doing business in India.

The acquisition of the 500 MW Bina thermal power plant in Madhya Pradesh by JSW Energy Ltd from Jaiprakash Power Ventures Ltd (JPVL) for ₹2,700-crore is likely to be called off due to JPVL's lenders, including ICICI Bank, IDBI, Punjab National Bank, and others, not approving the deal. The process has been delayed since 2015 due to JPVL's debt restructuring. JSW Energy's Joint MD and CEO, Prashant Jain, remains committed to the transaction. JSW Energy has also acquired a 1,000 MW thermal plant from Jindal Steel & Power Ltd, aiming to increase its capacity to over 5,500 MW. However, the company's focus has shifted to improving return on equity rather than capacity expansion. JSW Energy is considering entering the renewable sector and is looking at grid management and energy storage. The company has faced a decline in power sales and profits due to a lack of long-term power purchase agreements (PPAs) and falling spot market tariffs, but Jain is optimistic about securing more PPAs in the future.

The International Finance Corporation (IFC), part of the World Bank Group, is considering an investment of $5-6 billion in sustainability projects in India. Jun Zhang, the IFC Country Manager for India, revealed that IFC invested $1.96 billion in the previous financial year, surpassing its $1.2 billion target. Investments included $450 million in infrastructure, with a focus on renewable energy and waste water projects. IFC has also been involved in significant transactions in the solar energy sector and has partnered with Tata Capital to create Tata Cleantech. Additionally, IFC invested in India's first SEBI-recognised green bonds through L&T Infrastructure Finance. Zhang highlighted the potential of the green bond market in India and IFC's interest in innovative financing options like masala bonds and green housing.

NHPC, India's largest hydro power producer, is planning to raise approximately ₹5,500 crore through corporate bonds. A portion of this, ₹494 crore, will be raised through 'W' series bonds on a private placement basis, as part of a larger ₹4,500-crore issue approved in 2016. NHPC's board will discuss this and another proposed ₹5,000 crore bond issuance in a meeting on July 27. The latter requires shareholder approval at the next AGM. NHPC has signed a 35-year PPA with BSES Rajdhani Power for seven hydro power stations, totaling 2,400MW capacity. Despite concerns over the financial health of State discoms, NHPC has maintained operational efficiency and has set a generation target of 24,000 MU for the current financial year.

JSW Energy Ltd has postponed the acquisition of the 500 MW Bina thermal power plant from Jaiprakash Power Ventures Limited until December 31, 2017, due to pending approval from JPVL's lenders. The deal was initially set to conclude by May 31, 2017, with an estimated enterprise value of Rs 2,700 crore. Additionally, JSW Energy's purchase of a 1,000 MW thermal power plant in Tamnar, Chhattisgarh from Jindal Steel & Power Ltd is expected to be completed by June 30, 2018. JSW Energy is also looking to expand, aiming for a 10,000 MW capacity and has received shareholder approval to raise funds through debentures and equity options. Despite a challenging fiscal year with reduced power demand and profits, the company is exploring opportunities in the power sector and next-generation technologies.

The article discusses the increasing acceptance of the Hybrid Annuity Model (HAM) by banks for funding road sector projects in India. HAM was introduced to reduce the equity burden on developers and has been gaining traction with financial institutions. The National Highways Authority of India (NHAI) releases 40% of the project cost, with the developer funding 10-15% and the rest raised as debt. The model mitigates risks such as construction and time overruns, and land acquisition issues. India Ratings and Research (Ind-Ra) reports that 60% of HAM projects awarded up to December 2016 have achieved financial closure, and banks are showing increased interest in financing these projects. The NHAI has shifted its focus towards HAM and EPC models, with several new projects up for bidding.

Rosatom, the Russian state-owned nuclear energy corporation, has begun construction on the second stage of the Kudankulam nuclear power plant (KNPP) in Tamil Nadu, India, with Units 3 and 4 expected to be completed by 2022 and 2023. The CEO of Rosatom South Asia, Alexey Pimenov, discussed the potential of nuclear energy in India, the competitive cost of power from KNPP, and the future roadmap for Units 5 and 6. India's nuclear power capacity is projected to reach 15,000 MW by 2024. Rosatom is also exploring opportunities in renewable energy, nuclear medicine, and other non-power sectors in India. They are considering supplying technology for wind projects and have ventured into the carbon fibre market through partnerships with Indian companies.

Adani Power is facing delays in the separation of its Mundra power plant due to a lack of necessary regulatory approvals. The Board of Approval for Special Economic Zones, under the Commerce Ministry, deferred the proposal for asset transfer to Adani Power's subsidiary, citing uncertainties over lender approval and noting that the transaction did not include debt transfer. The slump sale was approved by Adani Power's Board of Directors on June 6, subject to various approvals. The company aims to create a 'clean platform' for efficient funding and investment in expansion. The backdrop includes challenges faced by power companies like Adani Power, Tata Power, and Essar Power due to changes in international coal prices and a Supreme Court decision denying compensatory tariffs, leading to negotiations with stakeholders for the long-term sustainability of the Mundra plant.

Hindustan Powerprojects has encashed bank guarantees worth ₹500 crore from Lanco Infratech due to unmet obligations at Anuppur thermal power plant. Subsequently, Lanco has been accused by its sub-contractors, such as Kelvion India, of encashing their bank guarantees to raise funds. The RBI has directed IDBI Bank and other lenders to initiate insolvency proceedings against Lanco. Lanco's spokesperson claims the encashments were due to the sub-contractors' lack of progress. Lanco's Executive Chairman, L Madhusudhan Rao, has urged banks not to honor Hindustan Power's encashment of guarantees, alleging misuse. The Delhi High Court has rejected Lanco's injunction against Hindustan Power. Lanco is expected to enter NCLT for insolvency proceedings, with debts exceeding ₹44,000 crore. In 2015, Lanco sold a thermal power project to Adani Power but failed to significantly reduce its debt.

Morgan Stanley released a report on the impact of cheap, clean energy on global utilities, with a focus on India. The report downgraded the industry view of India Utilities due to the disruption caused by renewable energy, particularly solar power, which is pressuring power prices and margins for unhedged generators. Companies like JSW Energy, NTPC, and Adani Power are expected to face earnings pressure in the near term. The report also discusses the potential future phases of disruption, including risks to coal-based contracts and the expiration of long-term contracts. Morgan Stanley upgraded Tata Power and maintained a positive outlook on PGCIL due to their advantageous positions in the renewable sector. Conversely, NTPC, Adani Power, and BHEL were downgraded due to the challenges posed by the growing renewable sector. India Ratings & Research also released a report maintaining a negative outlook on the thermal power sector due to non-remunerative tariffs and muted power demand.