Author: MM Desk

India will be the driving force behind global green energy growth, aiming for an electrolyser manufacturing capacity of up to 100 GW by 2030, said Union Minister Pralhad Joshi. The Minister for New and Renewable Energy made these remarks while inaugurating an electrolyser manufacturing facility in Doddaballapur, Karnataka. “India has the potential to lead in green energy growth worldwide. The demand for green hydrogen will drive the need for electrolysers in India. By 2030, we expect to have an installed electrolyser capacity of 60 GW to 100 GW,” he stated. Electrolysers are essential for producing green hydrogen. Green hydrogen is…

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Quantum Energy, an EV maker from Telangana, aims to boost its production to 50,000 units per year by the end of FY25, up from 6,000 units last year. The company is benefiting from the Rs 500 crore Electric Mobility Promotion Scheme (EMPS), which offers subsidies for electric two-wheelers and e-rickshaws. Quantum Energy has already sold 10,000 units in the first four months of this fiscal year, seeing growth in both B2B and B2C segments. The company plans to expand its product range, adding new models to its B2C Plasma electric two-wheelers and Bziness electric scooters, aimed at e-commerce deliveries. With…

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Sagar Cements plans to reach 6.5 million tonnes of production in FY25, said Joint Managing Director Sreekanth Reddy. “The expansion at our Dachepalli unit is on track. We aim for 6.5 million tonnes in FY25. The board has approved setting up 6 MW solar power plants at our Gudipadu and Dachepalli units, supporting our ESG goals,” Reddy stated. The Hyderabad-based company reported a 5% revenue increase to ₹560 crore in Q1 FY24, compared to ₹549 crore in the same quarter last year. The company reported a loss of ₹32 crore, improving from a ₹42 crore loss in the previous year.…

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Prime Minister Narendra Modi has lauded Lockheed Martin’s dedication to the “Make in India, Make for the World” initiative, highlighting the company’s contributions to India’s defense capabilities. This includes advanced technologies in aerospace, naval systems, missile defense, and strategic capabilities. Lockheed Martin CEO Jim Taiclet met with PM Modi, reinforcing their commitment to strengthening US-India defense ties. The joint venture with Tata Advanced Systems in Hyderabad, which produces C-130J empennages, is a testament to this collaboration. The C-130J aircraft are crucial to the Indian Air Force. The Pentagon has recognized the deepening partnership between the US and India, with initiatives…

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BASF, the world’s largest chemical producer from Germany, is very optimistic about India’s automotive market. The company recently opened a polyurethane technical development center in Navi Mumbai. This center will support applications in transportation, construction, footwear, appliances, and furniture. “We have a strong history with polyurethane in India. This new center will help us bring more innovations and support our customers better,” said Andy Postlethwaite, Senior Vice President, Performance Materials at BASF. Electric Mobility Postlethwaite noted that while India’s footwear market is unique, the automotive industry is also important. BASF has been preparing for the shift from internal combustion engines…

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Swiss liftmaker Schindler aims to employ as many people in India as it does in China, CEO Silvio Napoli told Reuters. “Our strategy has always been to manufacture where we build, install, and maintain, as long as there’s enough scale,” he said. The company may need to build more training centers in India, in addition to the three it already has. He added that the size of the Indian market justifies Schindler’s expansion. He predicted that the Indian market would continue to grow. “India has a similar population to China but is still only one-sixth or one-seventh the size of…

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Rail Vikas Nigam Limited (RVNL) has signed a Memorandum of Understanding (MoU) with United Construction Limited from Israel. After this announcement, RVNL’s stock rose by 12% from its intra-day low of Rs 569.80 on the BSE. The MoU is for both companies to work together on projects in Israel in areas like Railways, Mass Rapid Transit Systems (MRTS), Tunnels, Highways, Bridges, Airports, Ports, Irrigation, Power Transmission, and Solar and Wind sectors. In a separate announcement, RVNL stated that a tribunal awarded Rs 584.22 crore to its joint venture, Krishnapatnam Railway Company Limited (KRCL), in an arbitration case against the Ministry…

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Gujarat is set to begin chip manufacturing soon, announced Chief Minister Bhupendra Patel on Friday. He assured that the government will provide all necessary support to the industry. Speaking at the ‘Gujarat SemiConnect Conference 2024’ in Mahatma Mandir, Patel highlighted the state’s new semiconductor policy and partnerships with major companies like Micron Technology, Tata Electronics, and CG Power. Semiconductors, essential components of electronic devices, are being developed in Gujarat to boost sectors like communications, healthcare, and clean energy. Patel noted that Gujarat is the first state in India to implement a dedicated semiconductor policy. Since its launch in 2020, Micron…

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The Schmersal Group has started a new subsidiary called Schmersal Vietnam Co. Ltd. in Ho Chi Minh City. On June 1, 2024, Nguyen Huy Truong started his role as Country Manager at Schmersal Vietnam in Ho Chi Minh City. With over 19 years of experience in industrial automation and mechanical engineering, he has worked for several renowned international automation technology manufacturers. His goal is to establish the new subsidiary in Vietnam on a strong foundation to achieve sustainable growth in the region. “The establishment of the new subsidiary in Ho Chi Minh City is an important strategic step for the…

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KPI Green Energy Limited has received an order for a 100-MW hybrid solar power project from Aether Industries Limited. The project will be completed in stages during the 2024-25 fiscal year, according to a company announcement on July 19. Despite this new order, KPI Green Energy’s shares dropped 5% to ₹1,016.80 on the National Stock Exchange on July 19. The stock had initially opened at ₹1,080, its 52-week high, but it could not maintain the gains and fell throughout the day. Earlier, on July 5, KPI Green Energy signed a power purchase agreement with Gujarat UrjaVikas Nigam Limited for a…

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