Connect with us

Businesses

10 Indian companies selected in top 100 list by Indo-Pacific Clean Economy Investor Forum

Published

on

Singapore, June 6 (IANS) As many as 10 Indian companies including start-ups figure among the top 100 climate tech firms selected by the Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, the Commerce and Industry Ministry said on Thursday.

The Indian delegation, led by Secretary, of the Department of Commerce, Sunil Barthwal participated in the inaugural Indo-Pacific Economic Framework for Prosperity (IPEF) Clean Economy Investor Forum, in Singapore from June 5 to 6, which brought together the region’s top investors, clean economy companies, and start-ups to mobilise investments into sustainable infrastructure, climate technology, and renewable energy projects.

The first-of-its-kind Forum resulted in USD 23 billion in investment opportunities for sustainable infrastructure projects in the Indo-Pacific. The coalition estimates that its members, taken together, have over USD 25 billion in capital that can be deployed in Indo-Pacific emerging market infrastructure investments in the coming years, the Commerce Ministry said.

DFC’s Board has also approved an equity investment as part of the USD 900 million Eversource Climate Investment Partners II fund, which will provide capital, management, and expertise to innovative companies using new and existing capabilities to address climate change in India and Southeast Asia.

ALSO READ:  Political stability, robust social security framework brought economic growth: NSE's Ashish Chauhan (IANS Interview)

Barthwal while addressing the investor forum under IPEF underlined the huge investment opportunities that India offers of more than USD 500 billion, particularly in the clean energy value chain including renewables, green hydrogen and EV and its infrastructure transition, by 2030.

During the two-day event, more than 300 participants from financial institutions, multilateral development banks, venture capital funds, project owners, entrepreneurs and government agencies from IPEF partners actively participated under the Sustainable Infrastructure and Climate Tech engagement tracks.

In the Sustainable Infrastructure track, after the screening, four companies (ReNew Power, Avaada Energy Pvt. Ltd, Indusbridge Capital Advisors LLP. Founder, SEIP, and Powerica Limited) from India were shortlisted for pitching their concepts on energy transition, transport and logistics, and waste management/waste to energy to global investors.

Further, in the ClimateTech track, 10 Indian start-ups and companies (BluSmart, Recykal, LOHUM, Sea6 Energy, EVage Ventures Private Limited, Kabira Mobility Private Limited, Batx Energies Private Limited, Newtrace and Alt Mobility, igrenEnergi, Inc.) were selected to pitch their innovative ideas, technologies and solutions that contribute to mitigating or adapting to climate change.

ALSO READ:  Mahindra unveils new nine-seater Bolero Neo+ starting at Rs 11.39 lakh

The IPEF partners and the Private Infrastructure Development Group announced the operational launch of the IPEF Catalytic Capital Fund, which would deploy concessional financing, technical assistance, and capacity-building support to expand the pipeline of quality, resilient, and inclusive clean economy infrastructure projects in emerging and upper-middle-income economies, for instance, projects in development include a renewable energy platform in India.

The Fund’s founding supporters include Australia, Japan, the Republic of Korea, and the United States, which plan to provide USD 33 million in initial grant funding to catalyze up to USD 3.3 billion in private investment.

A coalition of investors, including Singapore’s Temasek and GIC, have committed to injecting USD 25 billion in infrastructure investments in emerging markets that are part of an economic alliance between the US and several Asia-Pacific countries.

The event also witnessed the signing of an Offtake Agreement between Sembcorp Green Hydrogen India Private Limited, Kyushu Electric and Sojitz for the production and export of 200 KTPA green ammonia from India to Japan.

ALSO READ:  Govt sets March 21 deadline for public comments on guidelines to curb greenwashing

The event was attended by Ministers from Singapore and Japan and Shri Barthwal.

The agreement aims to increase the production and export of 200 KTPA green ammonia capacity in Phase-I (a total of 800 KTPA in 4 phases) at Tuticorin Port in India and export to Japan.

The project proposed above would further the objective of the National Green Hydrogen Mission implemented by India towards making India a global hub for the production and export of green hydrogen and its derivatives.

Additional Secretary, Department of Commerce and India’s Chief Negotiator for IPEF, Rajesh Agrawal said: “The Investor Forum provides an opportunity for Indian companies and start-ups to seek funding and collaborate with global investors, specifically in the CleanTech and Infrastructure development sectors, which will in turn assist India in meeting its Net-Zero target by 2070.”

–IANS

sps/dan

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Businesses

Samsung, Hyundai Motor lead R&D spending despite lower earnings

Published

on

By

Seoul, June 23 (IANS) Research and development (R&D) expenditures by major South Korean companies hit an all-time high last year despite their falling sales amid an economic slowdown, data showed on Sunday.

The country’s top 1,000 companies made investments of 72.5 trillion won ($52.12 billion) combined in 2023, up 8.7 per cent from a year earlier, according to the data from the Ministry of Trade, Industry and Energy and the Korea Institute for Advancement of Technology.

It was the largest ever amount, it showed, reports Yonhap news agency.

The increase came despite their sales falling 2.8 per cent on-year to 1,642 trillion won, and the proportion of corporate R&D investment out of sales rose 4.4 per cent in 2023 from the previous year’s 3.9 per cent.

Tech giant Samsung invested the largest amount in R&D last year with 23.9 trillion won, which was up 14.4 per cent on-year and accounted for 32.9 per cent of the total investment by South Korean companies.

ALSO READ:  India among top countries in artificial intelligence adoption

Leading carmaker Hyundai Motor came next with 3.7 trillion won, which marked 15.6 per cent on-year growth. R&D spending by chip behemoth SK hynix fell 10 per cent year-on-year to 3.6 trillion won.

Home appliances giant LG Electronics increased its R&D expenditure by 10 per cent to 3.3 trillion won, and Samsung Display Co. spent 2.8 trillion won on R&D last year, up 12 per cent on-year.

Kia Corp. was the fifth-largest R&D investor last year with 2.2 trillion won, the data showed.

Of the 1,000 companies, 171 were large conglomerates and 491 were second-tier mid-sized companies. The remaining 338 firms were mid- and small-sized companies.

“The number of mid-sized companies that were among the top 1,000 major R&D investing companies has risen over the past years. The government will extend support for companies to increase investment for innovation,” a ministry official said.

–IANS

na/dan

ALSO READ:  ‘Lifestyle companies experiencing subdued demand across product categories’

Continue Reading

Businesses

Market Outlook: Monsoon, Budget & US GDP data key factors to watch this week

Published

on

By

Mumbai, June 23 (IANS) The outlook of the Indian markets will be guided by monsoon updates, any upcoming budget-related announcements, marco cues, and global factors like US GDP data this week.

Last week, Sensex and Nifty both posted minor gains of 0.20 per cent but it was the third consecutive week when benchmark indices closed with the gains.

On the Domestic front, key factors to watch will be the progress of the monsoon, FII, and DII fund flows, and crude oil prices.

On the global front, economic data like the US Q1 GDP data and the US core PCE price index will be released on June 27 and 28 respectively. The movement of the dollar index and US bond yields will be crucial.

Pravesh Gour, Senior Technical Analyst at Swastika Investmart said that this week, sector-specific movements are anticipated amid budget-related buzz.

“Key factors to watch include the progress of the monsoon, which will be closely monitored for its near-term impact on investor confidence,” he said.

ALSO READ:  Mahindra unveils new nine-seater Bolero Neo+ starting at Rs 11.39 lakh

Arvinder Singh Nanda, Senior Vice President, of Master Capital Services said that in the Nifty index, consolidation persisted for last week, culminating in a weekly close with a minor gain of 35.50 points.

“Daily chart analysis indicates that Nifty has been consolidating within a broad range of 23,400 to 23,700, and this trend is likely to continue,” he said.

Pravesh Gour added that on the derivatives front, the long exposure of FIIs in index futures stands at 57 per cent, whereas the put-call ratio is sitting at the 1.04 mark, both of which point to a bullish tilt in the market.

–IANS

avs/dan

Continue Reading

Businesses

Over $122 million embezzled by financial firms' workers over past 6 years in South Korea: Data

Published

on

By

Seoul, June 23 (IANS) Nearly 170 employees of banks and other financial firms embezzled around 180 billion won combined ($122.21 million) over the past six years in South Korea, but less than 10 per cent has been retrieved, data showed on Sunday.

According to the data from the Financial Supervisory Service (FSS), a total of 168 officials from the country’s financial firms pocketed 178.92 billion won combined from 2018-2023.

The amount of stolen money came to 5.67 billion won in 2018 but surged to 15.69 billion won in 2021 and 82.76 billion won in 2022 before falling slightly to 64.26 billion won last year, reports Yonhap news agency.

But a mere 9.8 per cent, or 17.45 billion won of the total, has been redeemed, indicating that their embezzlement has caused damage to corporate profits and ultimately to customers.

In 2022, the FSS announced a set of measures to strengthen internal control, but critics have said that they are far from enough to prevent such cases.

ALSO READ:  Political stability, robust social security framework brought economic growth: NSE's Ashish Chauhan (IANS Interview)

This year alone, 11 officials have been caught for pocketing 1.51 billion won combined, and 6.7 per cent of the amount has been retrieved, the data showed.

There have been renewed calls for stronger rules and supervision after a Woori Bank employee in his 30s was arrested earlier this month on charges of embezzling around 10 billion won by forging corporate documents.

The FSS is considering the introduction of a new law that holds CEOs of financial firms accountable for such embezzlement and similar crimes by their officials.

–IANS

na//dan

Continue Reading

Businesses

GST Council waives interest, penalty on notices to taxpayers under Section 73

Published

on

By

New Delhi, June 22 (IANS) As part of several taxpayer-friendly decisions, the GST Council on Saturday recommended the waiving of interest and penalty in cases of tax demand notices that have been sent under Section 73, of the GST Act, Finance Minister Nirmala Sitharaman said after the meeting.

“In the case of demand notices issued for 2017-18, 2018-19, 2019-20, interest and penalty will be waived off, if tax is paid by March 31, 2025,” Nirmala Sitharaman said.

The GST Council has also recommended that the time limit to avail input tax credit in respect of any invoice or debit note under section 16(4) of the CGST Act filed up to the 30-11-2021 for the financial years 17-18, 18-19, 19-20 and 20-21 may be deemed to be 2011 to 2021.

So for the same requisite amendment retrospectively with effect from 1 July 2017, the Finance Minister said.

In order to reduce tax litigation which is expected to benefit both taxpayers and the government, the GST council recommended a minimum limit for filing appeals of Rs 20 lakh for the appellate tribunal, Rs 1 crore for the High Court and Rs 2 crore for the Supreme Court.

ALSO READ:  Gurugram: Govt earns Rs 1756 crore from liquor shop auction

In another taxpayer-friendly measure, the GST Council has decided to introduce Form GSTR 1A to enable taxpayers to add information they have missed when filing Form GSTR 1.

The new form can also be used to correct mistakes that they have made while filing their particulars in form GSTR 1.

–IANS

sps/pgh

Continue Reading

Businesses

Govt rolling out pan-India biometric authentication to prevent GST fraud

Published

on

By

New Delhi, June 22 (IANS) The Goods and Services Tax (GST) Council at its 53rd meeting on Saturday decided to roll out pan-India Aadhaar-based biometric authentication to check fake invoicing used to fraudulently claim input tax credit (ITC) by unscrupulous elements, Finance Minister Nirmala Sitharaman said.

Two pilot projects for biometric authentication have already been carried out successfully and now the facility will be rolled out nationwide in a phased manner, the Finance Minister said at a press conference.

To facilitate GST registration, Aadhaar biometric authentication will become mandatory for new registrations across the country, she added.

“This will help us to combat fraudulent input tax credit claims made through fake invoices,” FM Sitharaman said.

FM Sitharaman also said that a Group of Ministers (GoM) for reationalising GST rates has been set up, which will submit a status report in the next meeting.

Bihar Deputy CM Samrat Choudhary will chair the GoM.

FM Sitharaman said that while a lot of decisions were taken at Saturday’s meeting, not all GST issues could be included in the agenda.

ALSO READ:  Gurugram: Govt earns Rs 1756 crore from liquor shop auction

The GST Council will meet again after the Budget Session of Parliament is over to take up these issues.

The meeting is likely to be held in mid-August, she added.

–IANS

sps/pgh

Continue Reading

Trending