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ACME-IHI JV secures $5 billion Japanese support for Odisha green ammonia project
A significant boost for India's green energy ambitions! ACME Group's joint venture with Japan's IHI Corporation has secured a massive $5 billion in Japanese government price support. This funding is earmarked for two key clean energy initiatives, including one of India's largest green ammonia projects in Odisha. This development marks a crucial step towards decarbonising vital industrial sectors.
ACME-IHI JV secures $5 billion Japanese support for Odisha green ammonia project
A significant boost for India's green energy ambitions! ACME Group's joint venture with Japan's IHI Corporation has secured a massive $5 billion in Japanese government price support. This funding is earmarked for two key clean energy initiatives, including one of India's largest green ammonia projects in Odisha. This development marks a crucial step towards decarbonising vital industrial sectors.
Oil finds its way: Supertankers return to Persian Gulf
Supertankers are once again navigating the Strait of Hormuz, a crucial oil route, following a period of disruption due to recent Iran conflict. Shipping data indicates a significant increase in commodity vessel traffic, including oil tankers, signalling renewed confidence among shipowners. This return of large carriers, with a combined capacity of millions of barrels, is vital for global energy markets as hostilities ease ahead of peace talks.
Anti-dumping duty on electrical steel may push transformer costs, impact grid expansion: GTRI
A potential anti-dumping duty on crucial cold-rolled grain-oriented electrical steel (CRGO) imports could significantly hike transformer manufacturing costs and impede India's ambitious power grid expansion plans. With domestic production meeting less than 10% of demand, imposing duties might raise prices without reducing import reliance, impacting vital infrastructure development and renewable energy integration. The probe follows a complaint by JSW JFE Electrical Steel Nashik Pvt Ltd.
Govt extends deadline for bids under Rs 7,280-crore rare earth magnet scheme
Industry demands have prompted the Ministry of Heavy Industries to extend the bidding deadline for its rare earth permanent magnet incentive scheme by a month to July 29. This crucial initiative, with a ₹7,280 crore outlay, aims to build 6,000 Metric Tons Per Annum of integrated manufacturing capacity for these vital magnets. Technical bids will now be evaluated on July 30.
India, Iran revive energy dialogue as ministers meet on BRICS sidelines
India and Iran are exploring new avenues for energy sector collaboration, as announced by Union Minister Hardeep Singh Puri following a meeting with his Iranian counterpart on the sidelines of the BRICS Energy Ministers’ Meeting. This engagement highlights India's ongoing commitment to bolstering its energy security through strategic partnerships with key producing nations. The discussions aimed at fostering mutually beneficial cooperation in the vital energy domain.
Demagnetized giants: Why India’s corporate titans are resisting the pull of a ₹7,280-crore magnet race
India sits on massive rare-earth deposits, yet remains 90% dependent on China for the vital magnets powering EVs and defence systems. As a PLI deadline looms, why are India’s corporate giants demagnetized?
30 India-bound ships cross Strait of Hormuz since Iran war began, 26 more await transit
Thirty ships bound for India have successfully navigated the Strait of Hormuz, a crucial route disrupted by recent geopolitical tensions. An additional 26 vessels are awaiting passage. Among those that transited, a significant portion carried vital energy supplies like LPG and LNG, alongside bulk cargo and crude oil. This development follows a recent agreement, easing concerns over energy imports for India.
MoSPI mulls adding coal assets valuation to national accounts
India's statistics ministry is exploring ways to put a price tag on its non-renewable resources, starting with coal. This move aims to provide crucial data for better policymaking and sustainable growth. By valuing coal reserves using a globally recognized method, the government hopes to understand the true economic worth of these vital assets, moving beyond just physical quantities.
Meta’s $4.5-billion sandbox: what's at stake for Kunal Shah, WhatsApp and Cred
Meta’s landmark $900 million investment in Cred gives it a vital foothold in India’s UPI race and turns the premium fintech platform into a global commercial test bed for WhatsApp’s monetization push.
Indian pharma firms gear up to supply key cancer drug to US
Indian drugmakers are stepping up to help the US combat a critical shortage of ifosfamide injection, a vital chemotherapy drug. Leading companies like Zydus, Cipla, Alkem, and Aurobindo Pharma are in discussions to supply the medicine. The US FDA has reached out to Indian pharmaceutical bodies, seeking manufacturers capable of producing the drug in various strengths to ensure availability for cancer patients.
Eleven India-bound vessels have crossed Strait of Hormuz since signing of Iran-US MoU: MEA
Eleven India-bound vessels have successfully navigated the Strait of Hormuz since the US-Iran agreement on June 17, according to MEA spokesperson Randhir Jaiswal. Ten Indian-flagged ships remain in the Persian Gulf, with two more entering the region. This crucial waterway, vital for global oil transit, has recently faced disruptions, raising concerns about energy supplies and market stability.