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Troubled Meenakshi Energy Ltd becomes wholly-owned arm of Vedanta

27Dec

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Troubled Meenakshi Energy Ltd becomes wholly-owned arm of Vedanta

Anil Agarwal-promoted Vedanta on Wednesday said Meenakshi Energy Ltd has become its wholly-owned subsidiary. The National Company Law Tribunal had earlier approved Vedanta's acquisition of Meenakshi Energy for Rs 1,440 crore. "Meenakshi has allotted 10,00,000 fully paid-up equity shares of Rs 10 each amounting to equity capital of Rs 1 crore to the company, consequent to which, Meenakshi has become a wholly-owned subsidiary of the company with effect from December 27," Vedanta said in a regulatory filing. Vedanta had earlier said that it will acquire bankrupt thermal power company Meenakshi Energy for Rs 1,440 crore through an insolvency process. "This letter is in continuation to the stock exchange announcements made by Vedanta Limited (the company) vid...

Tata Power gets 1st set of BESS from Tata AutoComp for energy storage park

Spread over 22,227 square feet, the newly inaugurated BESS facility will have a capacity of 6 GWH (gigawatt hour) and will serve the emerging energy storage industry Tata Power on Saturday said it has received the first set of Battery Energy Storage Systems (BESS) from Tata AutoComp for its energy storage park. These BESS will be deployed at a 120 MW energy storage park in Chhattisgarh, Tata Power said in a statement. Tata AutoComp, a leading auto components maker, also inaugurated its manufacturing facility for BESS. The Li-ion-based BESS will be manufactured under its joint venture Tata AutoComp Gotion Green Energy Solutions Pvt Ltd. "With the rise of renewables, energy storage has become critical to address the intermittency of solar and wind energy resources...

Adani Group receives certification for India’s largest wind turbine

Adani Wind, the wind energy solutions division of Adani New Industries Limited (ANIL), on Wednesday announced that its 5.2 MW Wind Turbine Generator (WTG), which is India's largest, has received type certification from WindGuard GmbH. The certification enables Adani Wind to start series production for global markets. The certification under the IEC System for Certification to Standards Relating to Equipment for Use in Renewable Energy Applications (IECRE) affirms that the Adani Wind's 5.2 MW WTG meets the highest quality and safety standards and provides international recognition to this turbine. The type certification acknowledges Adani WTG's conformity with the globally recognized IEC 61400 series standards and regulations for design, testing and manufacturing. Wind...