Short Stories: February & January 2022

Here is an ongoing chronological summary of short news stories of February and January 2022. These news items have not been covered independently elsewhere on this portal.    

The inauguration of 22 power transmission & distribution projects at Samba in the UT of Jammu & Kashmir was completed on February 14, 2022, at the hands of Lt Governor Manoj Sinha, according to reports. These projects, with a total outlay of Rs.216 crore, will help improve power supply to residential and industrial consumers in the areas of Samba, Jammu, Hiranagar, Kathua, Udhampur and adjoining areas, it is learnt. (February 15, 2022)

 

TK Elevator (TKE) has announced that its multi-purpose facility (MPF) at Chakan, Pune is all geared up to offer “Made in India” escalators to its customers in India. From its state-of-the-art Chakan MPF, TK Elevator will be supplying a comprehensive range of TKE escalators to the Indian market, including its velino, tugela and victoria series of escalators. (February 14, 2022)

 

Torrent Power Ltd, in a statement, said that it has entered into a share purchase agreement with Blue Diamond Properties Pvt Ltd and Balrampur Chini Mills Ltd for the acquisition of 100 per cent equity share capital of Visual Percept Solar Projects Pvt Ltd, a special purpose vehicle that operates 25-mw worth solar power projects in Gujarat. The SPV has 25-year power purchase agreement with Gujarat Urja Vikas Nigam Ltd for electricity generated from the said solar power plants. (February 11, 2022)

 

Three subsidiaries of Adani Green Energy Ltd, namely Adani Green Energy (UP) Ltd, Prayatna Developers Pvt Ltd and Parampujya Solar Energy Pvt Ltd, collectively housing 930 mw of operational solar power projects, have raised Rs.612.30 crore by their maiden domestic bond issuance, on private placement basis. The proceeds from the NCDs will be used to part-refinance existing rupee term loan bearing higher interest cost, Adani Green Energy said in a statement. (February 4, 2022)

 

Bentley Systems Inc, the infrastructure engineering software company, has announced the completion of its acquisition of Power Line Systems—a leader in software for the design of overhead electric power transmission lines and their structures—from private equity firm TA Associates for approximately $700 million in cash (for a debt free business and subject to final working capital adjustments). When announcing its full year 2021 operating results (scheduled for March 1, 2022), Bentley Systems will provide its full‑year 2022 financial outlook, reflecting the inclusion of Power Line Systems. (February 3, 2022)

 

TK Elevator, in a release, said that has been bestowed with the first prize in Industry general category for exhibiting excellence in the arena of Energy Conservation and Management by Maharashtra State Energy Development Agency (MEDA). This award has been conferred on TK Elevator for its exemplary efforts in promoting efficient utilization, management and conservation of energy. Some of the important energy conservation initiatives that played a pivotal role in TK Elevator winning this award are- Its solar plant at MPF (Multi-Purpose Facility) in Chakan, Pune generating 821-kw green energy thereby meeting 66 per cent of its energy requirements; significant reduction in Co2 emission by 771 tonnes/year; similarly reduction in electrical specific energy consumption by 41 per cent and thermal specific energy consumption (PNG) by 31 per cent. (January 25, 2022)

 

Vertiv, in an official release, has announced the appointment of TechnoBind as Vertiv’s National Value Added Distributor in India. This partnership was formed to help Vertiv expand its network of channel partners and establish a stronger foothold in the Indian market. The association with TechnoBind paves the way for Vertiv to be one step closer to its channel, partners and customers, and strengthens the brand’s commitment to supporting them with its extensive portfolio of IT solutions, including racks, rack power distribution units (rPDU), KVM, integrated data centre, IT management, and IT infrastructure. (January 24, 2022)

 

Schneider Electric has earned its place in the top ranks of Corporate Knights’ annual Global 100 list of most sustainable corporations, for the 11th time. The Canadian media and research company examines over 6,900 companies worldwide every year to determine the top 1 per cent most sustainable corporations. Schneider Electric has featured on Corporate Knights’ Global 100 every year since 2012, making it to the top spot in 2021, and fourth this year. This performance is thanks to Schneider’s integration of sustainability into its business strategy. In 2021, Schneider Electric reinforced its sustainability consulting business to support more partners and customers in their own sustainable transformation. The Global 100 methodology is based on 23 key performance indicators, with 50 per cent of the weight of scores assigned to a company’s share of Clean Revenues and Investment.  [January 19, 2022]

 

Best Power Equipments (India) Pvt Ltd has appointed Munesh Nanik Shahdadpuri as Senior Sales Engineer & Marketing, BPE Indonesia. As a part of BPE’s end-to-end strategic power solutions business in Eastern Asia Pacific, Munesh will be focusing on scaling the operations and will play an active role in boosting the brand’s image with focus on corporates around potential markets of Indonesia, Malaysia and other South-East Asian countries. His experience includes working around the power manufacturing industries for over 15+ years in Indonesia. His past achievements in the field of sales make Munesh an accomplished, results-driven sales engineer & marketing head. Throughout his illustrious career, he has led various large and critical change management processes for various groups he worked with. [January 19, 2022]

 

Tata Power Delhi Distribution Ltd has been recognized with the ‘Best Electronics Security Company- Integrator’ Award at the 31st IISSM Annual Global Conclave, in recognition of its exemplary security infrastructure and safety mechanism. The awards were announced during a virtual award ceremony. The company has implemented the Integrated Security Solution System (ISS) for development of common standards, technology solutions and processes for intelligent networks to provide safe and secure environment to its consumers, employees, internal and external infrastructure, and for efficient power distribution in its network area.  ISS System is a type of multi-layered system that uses different components and threads into one. It encompasses of access control security, perimeter control security, video surveillance security using the integration at single-hand threading.  [January 13, 2022]

 

The stairlift S200 by TK Elevator has been awarded with the “Special Mention” provided by the prestigious German Design Award 2022 for excellent product design in the category “Medical Rehabilitation and Health Care”. Conceived by TK Home Solutions and designed with the internationally renowned Pearson Lloyd design studio, the S200 comprises the latest ergonomics and features to give customers a unique mobility experience at home. The “Special Mention” distinction of the German Design Award pays tribute to consistent design conception and implementation. In each category, the jury awards selected entries with this mark of excellence for innovative design based on their quality. The S200 stairlift offers its users maximum independence and security in everyday life at home. [January 11, 2022]

 

SJVN Ltd has signed an MoU with Infrastructure Development Corporation, (Karnataka) Ltd (iDeCK) for providing consultancy services in renewable energy sector. SJVN and iDeCK will collaborate for the purpose of providing consultancy services for development of solar, wind, hybrid, battery storage energy projects, etc. The two partners will explore to identify potential consumers for purchase of power from various aforementioned projects and conduct due diligence on land title/leasing arrangements besides providing assistance in obtaining clearances for land, provide assistance in obtaining project related approvals and also provide technical consultancy, etc. [January 8, 2022]

 

ReNew Energy Global Plc announced that India Clean Energy Holdings, a Mauritian entity, and a wholly owned subsidiary of ReNew Energy Global Plc (the parent company of ReNew Power Pvt Ltd), has raised $400 million at 4.5 per cent by issuing senior secured dollar notes. These Green Bonds have a tenor of 5.25 years.  These notes were subscribed to by US-, Asia- and EMEA-based investors. So far the company, through its subsidiaries, has raised in excess of $3.5 billion across eight such issuances. The amount raised would be used by ReNew’s subsidiaries to refinance existing high-cost debt, fund capital expenditure in renewable energy assets, etc. [January 8, 2022]

 

Tata Power has secured the highest score among its peers in the Indian power sector in S&P Global’s recently released Corporate Sustainability Assessment (CSA) results. Tata Power has fared well on all ESG (Environmental, Social and Governance) parameters, with a score of 67 out of 100—significantly higher than the average world electric utility sector (comprising both Indian and global electric utilities) score of 38. The S&P Global CSA is an annual evaluation of companies’ sustainability practices since 1999 and has been a credible reflection of companies’ sustainability practices. In this assessment over 10,000 companies from around the world were evaluated on industry-specific and financially material issues. [January 7, 2022]

 

NTPC, according to reliable media reports, is planning to acquire 5 per cent equity stake in Power Exchange of India Ltd (PXIL). Incorporated in 2008, PXIL is India’s first institutionally promoted energy exchange has been providing various electricity trading solutions and connecting buyers and sellers. It is further learnt that NTPC cannot subscribe to more than 5 per cent equity in PXIL as the Central PSU generator is a potential participant (buyer or seller) on PXIL. [January 3, 2022]