The two companies, both public sector 'maharatnas,' signed a memorandum of understanding on Thursday for the JV which aims to enable both companies to achieve their targets in the renewable energy business.
The Sajjan Jindal group power generator in February said it will buy the 1,050 mw Kamalanga project located in Odisha for Rs 5,321 crore from the highly indebted GMR Group.
JSW Energy had said that it will buy the 1,050 mw-Kamalanga power project located in Odisha for Rs 5,321 crore from the highly indebted GMR Group. The deal would have helped GMR pare debt, and added capacity to JSW’s portfolio.
Siemens AG has abandoned its earnings forecast for the ongoing financial year as the Covid-19 pandemic has affected demand and led to a decline in profit. The India operations also witnessed a decline in sales and profit, and deferment of orders in the March quarter, and the management expects the June quarter to be challenging.
In India, the gas and power business would continue to be a part of the listed company Siemens.
In a letter to shareholders, the company said that it will raise up to Rs 53,036.13 crore, of which Rs 39,755.08 crore would be used for paring debt. The company is offering one share at Rs 1,257 to existing shareholders for every 15 held in the company.
The Gautam Adani-led utility firm that sells piped natural gas (PNG) to households and compressed natural gas (CNG) for vehicles hopes to make up for the lost time on new projects once the lockdown is over and is sticking to its capital expenditure plan of Rs 1,500 crore for the current fiscal, its CEO Suresh Manglani has said.
On the liquidity front, the group is comfortably placed for payments for at least a year.
Billionaire Gautam Adani-led Adani group has committed to invest over 70% of its budgeted capex into clean energy and energy-efficient systems so as to become the largest solar player in the world by 2025 and the largest renewable player in the world by 2030.
Besides Ambani, the board of directors, exec committee members and senior staff will also forgo 30-50% pay.
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