Danish energy efficiency products major Danfoss A/S’ $3.3 billion global acquisition of power management company Eaton’s hydraulics division is expected to conclude by the end of this year, said a top official of Danfoss India.
He also said Danfoss India will be investing Rs 25 crore in expanding production here and targets to close 2020 with a turnover of Rs 2,000 crore.
In a big boost to the state’s industry sector, Chief Minister Mr Naveen Patnaik on March 7, 2020 laid the foundation stone of 23 projects and inaugurated three units worth Rs 5,567 crore with a total 9,168 employment opportunities.
A solar power plant by Aditya Birla Renewables Ltd at Harabhanga in Boudh district built at an investment of Rs 352.5 crore, a vegetable oil manufacturing unit by AKM Agro at Khurda with Rs 91.5 crore investment.
Power and Renewable Energy Minister Mr R K Singh said the country needs coal-based plants for now and he is not in favour of shutting them down immediately. He also said that the much-awaited tariff policy could soon be finalised with Home Minister Mr Amit Shah-led group of Ministers agreeing to most of the recommendations at its first meeting on March 6, 2020.
India’s coal-based power generation recorded its first fall in 29 years in 2019 but the fall was likely a one-off event caused by the combination of a large reduction in demand growth and weather-driven increase in hydro generation while wind and solar also played a role, according to a latest study.
Indian electricity demand grew by only 0.8% in 2019 compared to an average annual increase of 7% per year from 2010 to 2018
After waiting for more than five years, the government may finally throw open the doors of the regulated coal sector for commercial mining by the private sector Indian and overseas miners in the first quarter of fiscal year 2020-21.
Government sources said that draft rules, bid documents and agreements for commercial mining has been prepared and it would be finalised by the end of the month after Cabinet approval with auctions starting soon thereafter.
Northern Coalfields Ltd (NCL), is on track to meet its production and despatch target of 106.25 million tonne each in the current fiscal, an official said. The company has hit 100-million-tonne mark for coal production and despatch each for the current fiscal.
Going by the production and despatch figures, it is expected that the company will achieve targets on or before time, the official said. This comes at a time when Coal India is not expected to meet its 660 million tonne production target for 2019-20 fiscal.