Ahead of his departure for Moscow on Thursday for the annual India-Russia Summit at the invitation of President Dmitry Medvedev, the prime minister said his talks with the Kremlin leadership will also cover multilateral issues, notably on ways out of the global economic slowdown.

“I will discuss mechanisms to further expand our bilateral cooperation, particularly in the trade, economic and commercial fields,” Manmohan Singh said in his statement ahead of his departure on the three-day visit.

“Our relations encompass diverse sectors, including nuclear energy, defence, space, science and technology, hydrocarbons, trade and investment and people-to-people exchanges,” the prime minister said without dwelling on the recent protests over nuclear power plant in Tamil Nadu being built with Russian assistance.

In Moscow, the prime minister he is to hold a summit meet with President Dmitry Medvedev on issues such as nuclear energy and hydrocarbons, apart from overseeing the signing of several pacts covering defence, health and science and technology fields.

Manmohan Singh said India’s bilateral relations with Russia were based on “mutual trust, friendship and shared interests” and encompass diverse sectors, including nuclear energy, defence, space, science and technology, hydrocarbons, trade and investment and people-to-people exchanges.

Bilateral trade amounted to $8.535 billion in 2010, witnessing a 15 percent growth from 7.46 billion in 2009. The two countries in 2009 decided to set a target of $20 billion worth of bilateral trade by 2015 with a focus on the fields of energy, pharmaceuticals, IT, steel, hydrocarbons, aerospace and agriculture.

The prime minister, who will be in Moscow till Saturday, will also hold a one-on-one meeting his Russian premier Vladimir Putin, who is at the centre of a political storm in the country over allegations of rigging in the Duma polls Dec 4 following which protests have erupted on the streeets of Moscow and other cities across Russia.

Manmohan Singh said during his talks with the president he would also focus on increased consultations with Russia in international forums.

“I will discuss with Medvedev how to further enhance our consultations in international forums like the United Nations Security Council, G20, BRICS as well as the East Asia Summit which Russia has recently joined. I am convinced that the India-Russia consultation on global issues is more necessary today than ever before.”

He said he would also hold “in-depth exchange of views with the Russian leadership on the crisis facing the global economy and the political developments in our extended neighbourhood”.

This, the prime minister said, included the situation in the “Gulf and Afghanistan and the impact of all this on peace and stability in the world.”

“The perspectives of our countries on these developments are marked by a high degree of convergence.”
Agencies

In a statement issued from New Delhi, Anil Ambani-led Reliance Group, however, said that no charges have been levelled against them by the UK regulators in these proceedings.

The group also said that the five-year-old matter relates to a regulatory action in the UK against a foreign bank’s former employees for misuse of client accounts and unauthorised trades made by them.

British daily Financial Times has reported that “two UBS bankers tried to create an offshore vehicle through which one of India’s most powerful businessmen could illegally invest in securities at home, according to evidence heard in a London tribunal”.

“Anil Ambani, whom bank executives described as a ‘mega-client’, was the ultimate owner behind a Mauritius-based vehicle called Pleuri, the tribunal heard,” the report said, while noting that Indian nationals and companies are not permitted to invest in Indian securities through foreign institutional investors.

“Pleuri was established with the specific objective of investing in Indian stocks, according to evidence presented by the UK’s financial regulator in a case against the former head of UBS’ London-based India desk,” the report added.

Reacting to the report, a Reliance Group spokesperson said that “the matter relates to regulatory action in the UK against former employees of a foreign bank, for unauthorised trades made by them and misuse of a large number of client accounts.

“The bank has already accepted the weaknesses in its internal systems and processes, and settled the matter with the UK regulators by payment of a fine.”

“There are no charges levelled against us by the UK regulators in these proceedings. As such, we are not party to these proceedings, and not represented therein,” he added.

The spokesperson said that “the matter is nearly 5 years old, and has already been closed with the Indian regulators under the consent order framework in January 2011.”

He said that all the aspects reported by the media “including the ownership and/or beneficial status of certain entities investing in India, were considered by the Indian regulators, while passing the consent order in January 2011.”
Agencies

“We are setting up our biggest solar power project at an estimated cost of around Rs 700 crore in Rajgarh district next year. NTPC will sell the entire power generated from this project to Madhya Pradesh,” NTPC official said today.

“The government will soon ink a power purchase agreement with NTPC to procure energy from this project,” the official said.

According to NTPC officials, it has kick-started the process of setting up 5 Mw and 15 Mw solar stations in Orissa, Himachal Pradesh and Andhra Pradesh, but the company’s biggest non-conventional energy project would be set up in Madhya Pradesh.

“In all, we are working on generating over 100-Mw solar power energy projects across the country right now,” they said.
Agencies

NTPC had informed the power ministry that it should be allowed to exit ICVL because coal requirement of NTPC is very different from those of the steel companies like SAIL and RINL, making the venture an unviable investment for it.

International Coal Ventures Ltd (ICVL) is a JV between SAIL, Coal India, Rashtriya Ispat Nigam Ltd, NMDC and NTPC. It was conceptualised by the steel ministry for securing much-needed coking coal and thermal coal assets overseas.

“We have written to the Ministry of Steel…to allow NTPC to exit ICVL based on the presentation made by the company,” Power Secretary P Uma Shankar told reporters. NTPC, in its presentation to the Power Ministry submitted in September, had said that it needs thermal coal and steel companies like SAIL and RINL need coking coal. Hence, there is a clash of interest and they would want to leave the JV.

NTPC said, meanwhile, that it has received the approval from the Power Ministry to pull out from ICVL. “They (Power Ministry) have agreed to our request of exiting the ICVL, the matter would now go to the Cabinet… when I don’t know,” CMD NTPC Arup Roy Choudhury told reporters.

On being asked, who would take NTPC’s place in the JV company, Choudhury said, “We cannot decide that.”

ICVL was set up was to secure at least 10 percent of the coal requirements of SAIL and RINL, that is five million tonnes per annum, by acquiring or picking up a stakes in overseas mining properties. It was also expected to meet the requirement of joint venture partners CIL, NTPC and NMDC.

NTPC requires thermal coal for firing its power plants and SAIL needs coking coal for steel-making.

The availability of coking coal is more compared to thermal coal, which is beneficial for steel companies. At the same time, NTPC is also sourcing coal on its own.
Agencies

“A lawyer representing UK’s financial sector regulator has named Anil Ambani owner of ‘illegal’ Mauritius-based investment vehicle Pleuri, which invests in Indian stocks,” reports suggests.

The Financial Service Authority (FSA), the UK market and financial services regulator, in proceedings before a tribunal claimed that the family of the Mumbai-based billionaire was the source of funds used by an offshore entity to buy shares of his group companies.

All frontline ADA group stocks – Reliance Capital, Reliance Infrastructure, Reliance Power and Reliance Communications are down 3% each on the Bombay Stock Exchange.
Busienss standard

“We have set for ourselves an ambitious target of 9% annual growth in GDP in the 12th Five-Year Plan. This high rate of economic growth would require our energy consumption also to increase rapidly,” he said at the National Energy Conservation Day celebrations here.

The government has targeted 9% annual expansion in the country’s GDP over the next five years, even though the country’s economy is passing through a difficult phase.

The Centre recently reduced the GDP growth forecast for the ongoing 2011-12 financial year to 7.5% (plus/minus 0.25%), as against the earlier projection of around 9%.

Singh said since the country relies on imports for a large component of its energy requirement, it is vital to “re-double” efforts to enhance energy efficiency as a step toward reducing the energy intensity of the national GDP.

“Since we are largely dependent on fossil fuel, any improvement in energy efficiency of our thermal power generation plan would help reduce the energy intensity of our GDP,” the Prime Minister said.
Agencies

The board of directors of the company has fixed December 15, 2011 as the record date for determining shareholders of the company who would be entitled to receive on a proportionate basis, for every one fully paid-up equity share of Rs 2 each held in Areva T&D India Ltd., the transferor company, one fully paid-up equity shares of Rs 2 each of Smartgrid Automation Distribution and Switchgear Limited, the transferee company.

The trading volumes on the counter more than doubled, with a combined 971,620 shares changing hands so far, against an average sub-450,000 shares traded daily in the past two weeks.
Business Standard

“The project financing comprises equity of Rs 110 crore and rupee term loans of Rs 255 crore,” Tata Power said in a statement. The Mithapur project is being developed by Tata Power Renewable Energy Ltd, a subsidiary of Tata Power.

“Tata Power Renewable Energy Limited has successfully tied up the entire debt requirement through a consortium of domestic lenders, namely State Bank of India and Export Import Bank of India with SBI Capital Markets Ltd acting as the sole financial advisor and arranger,” the statement said.

According to the company, the first loan disbursement was received on December 8. “The signing of the financing agreements is a significant milestone for the project… We look forward to participating in many such initiatives in solar power,” Tata Power Managing Director Anil Sardana said.

Tata Power has inked a Power Purchase Agreement (PPA) for the project with Gujarat Urja Vikas Nigam Ltd
Agencies

The GMR Group is setting up the 2×384-MW combined cycle power plant adjacent to its existing plant at Vemagiri.

The first unit has been commissioned in a record time of 24 months. The second unit is expected to be commissioned by February, 2012, GMR said in a statement. This GMR project was identified as a XI Plan project and accordingly, was shortlisted for gas allocation by the government of India.

It is expected that gas will be made available to this project shortly, the statement added. In another development, GMR Kamalanga Energy Limited (GKEL), another GMR Group company, has executed an agreement for supply of 260 MW of power to Bihar State Electricity Board (BSEB) under Case I bidding.

GKEL Managing Director K V V Rao said with this agreement, the company has tied up buyers for 85% of its power capacity under the tariff policy. “This makes GKEL eligible to avail mega-power status under the new power policy of the government of India. GKEL is the first power project in the country eligible to receive mega power status under the new policy,” Rao added.

GKEL is presently executing a 1,050 MW (3×350 MW) coal-based thermal power project at Kamalanga, in Orissa’s Dhenkanal District.

Besides BSEB, GKEL has executed power purchase agreements with Grid Corporation of Orissa, Haryana Power Generation Corporation and Power Trading Corporation. GKEL is expected to commence power supply from its first unit in mid-2012.
Agencies

The contract is worth about Rs. 43 crore.  It is also the single largest overseas order received by NTPC, making its foray as an overseas O&M operator. NTPC would offer O&M services for the 2×120 MW Gas-based Siddhirganj Peaking Power Plant near Dhaka.

“Services to be provided by NTPC includes Transition Management & Take Over services, O&M of owner’s facility, Recruitment & Training of owner’s staff, Health, Safety, Quality and Environment Management for a period of six years,” NTPC said in a statement.

EGCB would get funds for this O&M services from the International Development Association (The World Bank). India’s largest power producer, NTPC has an installed capacity of 35,354 MW, while 13,588 MW is under construction.
Agencies