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Defence Ministry suspends BEML Chairman VRS Natarajan

The Government has put the Chairman and Managing Director of BEML, V.R.S. Natarajan under suspension following a recommendation by the CBI that he should be kept away from the post to ensure fair investigation regarding the Tatra truck case.The charge of CMD has been given to P. Dwarkanath, the senior most functional Director in BEML.

The CBI is currently investigating into various charges against Natarajan.

In 1997, Tatra Sipox UK had signed the truck supply deal with BEML which was in alleged violation of defence procurement rules which stated that procurement should only be done directly from original equipment manufacturer, reports said.

The CBI has alleged that since Tatra Sipox UK was not the original manufacturer of these all-terrain trucks, the rule that defence procurements should be made from original manufacturer was violated, reports added.

The CBI is investigating the BEML-Tatra deal following former Army Chief General VK Singh's allegations that he was offered a bribe of Rs. 140mn by a former Army officer lobbying for the truck manufacturer to clear the purchase of substandard vehicles.

Suzlon bondholders approve extension for FCCB repayment

Suzlon Group, the world’s fifth largest wind turbine maker, on Monday announced that holders of the June series of FCCBs, in the meetings held on 11th June, 2012 (i.e. today), approved the company’s proposal for an extension of maturity date of the FCCBs until 27th July, 2012.

Speaking on the development, Mr. Kirti Vagadia, Chief Financial Officer – Suzlon Group said: “I am very pleased to inform that our bondholders have approved our request for up to a 45 day extension of maturity on our June tranche of FCCBs. The resolutions were approved by significant majorities, with 100 per cent and approximately 93 per cent of bondholders who voted in the June 2009 and June 2007 series, respectively, being in favour of the extension. We have also received the necessary permission from the RBI for this extension. We believe this underscores the strong relationship we have built with our bondholders and banks, and their confidence in our plans."

“We requested for extension in order to ensure that there is adequate time to obtain the requisite approvals and to close administrative documentation necessary to complete this refinancing exercise. I am happy to report that the process is on track and, along with our plans to divest non-critical assets, we are confident of meeting our near term FCCB obligations."

In Focus Stories

Govt plans to launch 3,000 MW solar power projects

The Government of India is planning to roll out 3,000 MW of grid connected solar power projects in phase 2 of the Jawaharlal Nehru National Solar Mission, according to reports.

Reports stated that the government has plans to set up four solar thermal power projects through the Solar Energy Corporation of India.

The Government will also work on 6,000 MW projects through solar-specific renewable purchase obligation (RPO) scheme, and added that the renewable energy certificate (REC) scheme is expected to “catch on from next year, says report.

Mumbai Metro-1 delayed, to be functional by March 2013

The Mumbai Metro Rail Project, the first phase of which was to be operational by August this year has now been postponed to March 2013, reports said.

“Owing to certain impediments, the project has suffered delays and we hope to make it operational by March next year,” reports said quoting Minister Prithviraj Chavan.

The first phase of the Rs. 23.56bn project, a 12 km east-west Versova-Andheri-Ghatkopar corridor, was to be operational by August.

Construction work on this ambitious project had started in 2007.

Domestic News

L&T bags orders worth Rs10.76bn

L&T Construction has won new orders valued Rs10.76bn across various businesses during the first quarter of 2012-2013.

The Metallurgical & Material Handling IC has bagged an order worth Rs4.07bn from Bajaj Infrastructure Development Corporation Limited (BIDCO) to set up a coal handling system on turnkey basis for their green field 3x660 MW Super Thermal Power Project in Lalitpur, Uttar Pradesh.

The Power Transmission & Distribution IC has secured new orders worth Rs. 6.69bn in domestic and international markets. A major order has been bagged for the construction of 132/33 kV substations and other modification worksin the Middle East.

NPCIL inks pact with Westinghouse Electric

US Secretary of State, Hillary Clinton confirmed  that Westinghouse Electric Co. has signed a memorandum of understanding (MoU) with the Nuclear Power Corporation of India Ltd. (NPCIL).The agreement would pave the way for construction of nuclear power plants in Gujarat.

The US company and the Indian public sector company will work towards preliminary licensing and site development in Gujarat for construction of new reactors, according to reports.Clinton described this development as significant.

The agreement between Westinghouse and NPCIL is proof that tangible progress is being made in the implementation of the nuclear deal, said External Affairs Minister SM Krishna.

NTPC asked for re-allocation of 3 blocks: reports

The NTPC Chairman and Managing Director, Arup Roy Choudhury, has met the Coal Minister, Sriprakash Jaiswal, and asked for re-allocation of three blocks that were de-allocated by the Ministry, according to reports.

Reports stated that the three blocks are Kerandari and Chatti-Bariatu I&II.

Mitsubishi Heavy industries may acquire stake in L&T Shipbuilding: reports

Japanese engineering major, Mitsubishi Heavy industries may acquire stake in Larsen and Toubro's subsidiary, L&T Shipbuilding, according to reports.

L&T Shipbuilding signed an agreement in December last year with Mitsubishi for technological assistance, ranging from design drawings to quality control, report says.

MV Kotwal, president, heavy engineering at L&T reportedly said that the company has not had any discussions with Mitsubishi on the issue, but added that the company will take an appropriate call on the matter if it comes up for discussion.

Govt to step up on payments for infra projects to private players

Areva plans to sign deal With Nuclear Power Corp: reports

India invites Brazilian investment in infrastructure sector

Chief Minister visits MMRDA projects

Neyveli Lignite JV to build 1980 MW plant in UP

Energy is critical for India: BEE

Pipavav Defence signs strategic partnership with DCNS

Adani Power accepts resignation of Ravi Sharma

Elecon Engineering bags two orders

VA Tech Wabag wins new orders worth Rs. 2.7bn

Sanghvi Forging wins orders from Oil&Gas

International News

US solar installations climb 85% in Q1: reports

The U.S. solar industry has installed 506 megawatts of photovoltaic capacity in the first quarter, up 85% over the year-ago period, according to reports.

Reports stated that U.S. now has 4,940 megawatts of installed solar power capacity, the equivalent of about five nuclear reactors and enough power for 775,000 average American households.

Russia, China mull UK power plant purchases: reports

Russian gas monopoly Gazprom OAO and China Guodian Corp are interested in purchasing UK power stations, according to reports.

Reports stated that Gazprom plans to launch a bid for EDF Energy's Sutton Bridge power plant in Lincolnshire, England.

China Guodian Corp. has hired Goldman Sachs Group Inc to bid for General Electric Co.'s Baglan Bay power plant in South Wales, says report.