India, UK to invest 500 million for clean energy projects
The Dollar Business Bureau India and the UK on Tuesday agreed to set up clean energy projects with combined investments of £500 million. On Tuesday, UK Chancellor of the Exchequer Philip Hammond who is leading a high-profile trade delegation to India, met Finance Minister Arun Jaitely and expressed commitment to invest in India’s clean energy needs. In the first phase, the two countries will invest £120 million each in the joint fund. They, however, vow to raise about £500 million. According to Jaitley, “The Green Growth Equity Fund will be a sub-fund of NIIF. “We have established the NIIF. Our first major step in the fund has been taken and there is going to be a sub-fund. With the NIIF participating in it, ...
IKEA to double source euro 600 mn from India
The Dollar Business Bureau Ikea said it will double source the products from India to nearly euro 600 million in coming three to four years. Juvencio Maeztu, CEO, Ikea India was speaking to reporters after the ground breaking ceremony, of IKEA India’s first store of nearly 4 lakh sq. ft with an investment of Rs 700 crore in Hyderabad. The Dy.Chief Minister of Telengana Govt, Mohammed Mahmood Ali and the State’s Chief Secretary Rajiv Sharma were present during the ceremony. The completed store is likely to be open in the autumn of 2017. The company has bought 13 acres of land in Hi Tec city, the software hub of Hyderabad. Ikea broke ground after nearly 3 years of bureaucratic wrangling in India. The Swedish ...
India, China spent more in renewable tech
The Dollar Business Bureau Emerging economies like India, China and Brazil have invested more in renewable technologies last year than the developed countries, US secretary of state John Kerry said on Tuesday, adding that much of the world’s money was used on fostering renewable energy technologies than it did on fossil fuel plants, and that happened despite the low price of coal, oil, and gas. “And make no mistake: This is not only happening in industrialized countries. In fact, emerging economies like China, India, and Brazil invested even more in renewable technologies last year than the developed world,” Kerry said, emphasising that China alone has invested more than $100 billion dollars. Speaking at Bloomberg New Energy Finance Summit in New York on Tuesday, ...
TCCL and IREDA sign pact for RE projects
Tata Cleantech Capital(TCCL) and Indian Renewable Energy Development Agency (IREDA), have come into an agreement where they would collectively develop a financial mechanism innovative. Through this innovative they are aiming at customers and new projects in the renewable energy space. With regard to the agreement, KS Popli, CMD, IREDA said, “The arrangement will help TCCL (Tata Cleantech Capital) syndicate to down sell transactions co-underwritten and co- financed with IREDA, while we will be able to churn our portfolio and reach the objective of a development institution by extending loans to newer projects and newer customers.” He also added that this memorandum of understanding will help distribute risk, leverage the underwriting capacities, and share opportunities. Another point to be noted is that both ...
