• Adani wins the final approval to begin work on Carmichael coal mine project in Australia. The mine is set to become the largest coal mine in Australia, with approval to produce up to 60 million tonnes of coal annually, and 2.3 billion tonnes over the life of the mine.
  • The National Highways Authority of India (NHAI) has invited bids for the third round of toll-operate-transfer (TOT) auctions, to raise a minimum of Rs 4,995 crore.
  • Bids were invited for nine national highway stretches for a cumulative length of 566 km in Bihar, Jharkhand, Tamil Nadu and Uttar Pradesh.
  • The government introduced the TOT model in 2016 to monetise publicly funded highways.
  • Under TOT Model, investors make a onetime lump sum payment in return for long-term toll collection rights.
  • Government had raised Rs 9,681 crore in round 1 of TOT auctions.
  • Round 2 was scrapped in February 19 due to tepid response.
  • Union Power Minister R K Singh removed a major hurdle in the implementation of the government’s flexible generation scheme.
    On June 13, 2019, he stated that power procured through this scheme would meet renewable purchase obligations (RPO), even if the renewable generation units are not located near the thermal plants with which buyers have signed power purchase agreements (PPAs).
  • The power Ministry, in April last year, had allowed thermal power generation companies (gencos) the flexibility of using renewable energy sources and to set up renewable power plants at their existing power stations, or anywhere else, to allow power distribution companies (discoms) to meet their RPOs through existing PPAs.
  • The Indian rupee on June 11, 2019 recovered 21 paise to settle at 69.44 against the US dollar in line with strong Asian currencies and rally in domestic equities.
  • The Australian government is set to sign off on the groundwater management plan for the Adani Group’s Carmichael coal mine project. Adani Group is set to begin work on the $2-billion project, after fighting environment groups for close to a decade.
  • The coal mine will be connected to the Abbot Point port by a 388-km-long rail line, estimated to cost some $3.3 billion, for exporting the coal.
  • The proposed Carmichael mine will be constructed in the North Galilee Basin, more than 300 km from the Queensland coastline and approximately 160 km north-west of Clermont in regional Queensland.
  • The Carmichael mine will be one of 125 coal mines in Australia and in its first stage will produce 10 million tonnes of coal annually. The mine is only slightly larger than existing mines in the Hunter Valley and the Bowen Basin.
  • The Carmichael mine, through mining taxes and royalties, will generate billions of dollars for the government in its first 30 years of operation.
  • In a huge relief to engineering goods exporters and others that use steel to manufacture products, steel-makers like JSW, SAIL and Tata Steel have agreed to charge these bulk consumers the same price for the raw material at which they are exporting it to other countries.