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Reliance Infra to receive Rs 595 Cr. From DVC by July end

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Reliance Infrastructure Limited (Reliance Infra) is set to receive a sum of Rs 595 crore from Damodar Valley Corporation (DVC) by July 31.

Pursuant to an order passed by the Supreme Court on May 31, Chairman, DVC has furnished an undertaking on June 6, 2022 stating that DVC will comply with the direction to deposit a sum of Rs 595 crore in cash and Rs 303 crore by way of Bank Guarantee within July 31.

The directions for furnishing an undertaking have been issued to safeguard the interest of Reliance Infra whilst granting extension of time to DVC.

The genesis of this matter is an arbitration dispute between Reliance Infra and DVC, wherein a 3-0 Award was passed in favour of Reliance Infra and an aggregate sum of Rs 1,250 crore approximately comprising cash component of approx Rs 898 crore and release of 6 Bank Guarantees of approximately Rs 353 crore was directed to be paid by DVC.

The Award carries an interest obligation of 12 per cent per annum upon DVC on the sum awarded i.e., Rs 898 crore. The aggregate interest burden upon the tax payers, as accumulated by DVC, as on May 31 is approximately Rs 260 crore.

In terms of the order dated May 31, DVC is now bound by its Chairman’s undertaking to deposit the Award amount of Rs 898 crore, in the mode prescribed, by July 31 albeit after elapse of nearly 2.5 years.

Reliance Infra had also preferred a contempt petition against officials of DVC in view of DVC’s failure to comply with the Supreme Court’s order dated April 25 requiring DVC to furnish the deposit of Rs 595 crore in cash and Rs 303 crore by way of Bank Guarantees within 4 weeks.

The Supreme Court by its order declined to interfere with the Calcutta High Court order dated March 25 which directed DVC to deposit a sum of Rs 898 crore i.e. Rs 595 crore by way of cash and Rs 303 crore by way of Bank Guarantee.

The Calcutta High Court also permitted Reliance Infra to withdraw the sum of Rs 595 crore by furnishing Bank Guarantees of equivalent amount with the Registrar, Calcutta High Court.

In an earlier round of litigation between the parties, pursuant to a direction by the Supreme Court, the Bank Guarantees of Reliance Infra have been released by DVC in December 2021.

The non-release of the Bank Guarantees by DVC till December 2021 entailed an additional interest burden of approximately Rs 107 crore on the tax payers.

International

Extreme marine heatwaves tripled over past 80 years: Study

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London, April 17: The number of days each year that the world’s oceans experience extreme surface heat has tripled over the past 80 years due to global warming, a new study has found.

Researchers found that, on average, the global sea surface saw about 15 days of extreme heat annually in the 1940s, Xinhua news agency reported.

Today that figure has soared to nearly 50 days per year, revealed the study published in the journal Proceedings of the National Academy of Sciences.

Global warming is responsible for almost half of the occurrence of marine heatwaves — periods when sea surface temperatures rise well above normal for an extended time.

The study, produced by a team of scientists from the Mediterranean Institute for Advanced Studies, the University of Reading, the International Space Science Institute, and the University of the Balearic Islands, also found that rising global temperatures are making extreme ocean heat events last longer and become more intense.

“Marine heatwaves can devastate underwater ecosystems. Extended periods of unusually warm water can kill coral reefs, destroy kelp forests, and harm seagrass meadows,” said Xiangbo Feng, a co-author of the study at the National Centre for Atmospheric Science at the University of Reading.

The impacts of marine heat waves extend beyond the ocean. The researcher warns that increased marine heatwaves could, in return, cause our atmosphere less stable leading to more frequent and powerful tropical storms in some regions.

“As global temperatures continue to rise, marine heatwaves will become even more common and severe, putting increasing pressure on already stressed ocean ecosystems. These increased marine heatwaves could, in return, cause our atmosphere less stable leading to more frequent and powerful tropical storms in some regions,” Feng said

Noting that human activities are fundamentally changing oceans, the study called for urgent climate action to protect marine environments.

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Business

US tariff hikes no longer make economic sense: China

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Beijing, April 17: A Chinese foreign ministry spokesperson said on Thursday that the United States’ 245 per cent tariff on certain products from China no longer makes economic sense.

It the US continues to play the “tariff numbers game”, it will pay no attention to it, according to the spokesperson, Xinhua news agency reported.

The statement came in the wake of White House’s statement that China faces tariffs of up to 245 per cent due to its retaliatory action.

China now faces up to 245 per cent tariffs on imports to the US as a result of its retaliatory tariffs, according to the White House Fact sheet.

This came after Beijing ordered its airlines not to take any further deliveries of Boeing jets in response to the earlier US decision to impose 145 per cent tariffs on Chinese goods.

According to the White House, the US President is open to making a trade deal with China, but Beijing should make the first move.

“More than 75 countries have already reached out to discuss new trade deals. As a result, the individualised higher tariffs are currently paused amid these discussions, except for China, which retaliated,” it said.

The White House also accused Beijing of banning exports to the US of gallium, germanium, antimony, and other key high-tech materials with potential military applications.

There are no winners in a trade conflict and the tussle between China and the US raises the risk of economic and geopolitical fallout, a report by S&P Global Ratings said this week.

Home to sizable manufacturing activities, Asia-Pacific is highly dependent on exports to the U.S. and China for growth. At the same time, Asia-Pacific depends on the US mostly for security.

The region could find itself pushed to take sides or walk a delicate line between the two large economies, the report stated.

To counteract tariffs, Asia-Pacific governments are exploring the formation of regional trade blocs or bilateral trade agreements. These efforts could accelerate, expediting the need to relocate supply sources and production.

China’s economic growth is seeing rising downside risk amid rising trade tensions with the US as its export engine falters from weaker global demand. The country’s domestic growth engine remains subdued, given the lingering real estate crisis, which is dragging down confidence.

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Business

India’s rooftop solar energy capacity to reach 25-30 GW by FY27

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New Delhi, April 15: India’s rooftop solar energy capacity is projected to surge from 17 GW to an estimated 25–30 GW between FY25 and FY27, a report showed on Tuesday.

The expansion is driven by India’s broader energy transition goals, with solar power emerging as a central pillar in the country’s clean energy roadmap.

With a total renewable capacity of 220 GW as of FY25 and a national target of 300 GW solar capacity by 2030, rooftop solar, particularly in the commercial and industrial (C&I) segment, is expected to play a pivotal role in this growth, according to the report by CareEdge Ratings.

As of FY25, India’s rooftop solar capacity stood at 17.02 GW, and increasing awareness among businesses about reducing operating costs and meeting sustainability targets is fuelling adoption.

Government incentives, reducing technology costs, and policy support such as net metering and PLI schemes are expected to further accelerate deployment.

Overall, the FY27 projection underscores a transformative phase for India’s solar industry, setting the foundation for sustained expansion through the end of the decade.

“Rooftop solar installations in India have gained momentum. With the growing C&I demand backed by an improving policy ecosystem, we expect the market to reach nearly 25-30 GW over the next two years,” said Tanvi Shah, Director at CareEdge Advisory and Research.

The PM Surya Ghar Muft Bijli Yojana, aimed at installing rooftop solar in 1 crore households with subsidies up to Rs 78,000, is expected to provide strong support to residential adoption. The scheme not only supports low and middle-income households by reducing their electricity bills but also aims to create nearly 17 lakh jobs, boosting the solar value chain.

Recently, rooftop solar initiative has achieved a historic milestone with 10 lakh installations as of March 10, 2025.

Gujarat remains a leader due to its progressive “Surya Gujarat” programme, while Maharashtra has seen strong commercial and industrial demand, especially from MSMEs and urban commercial hubs.

“The rooftop solar segment which currently holds around 20 per cent share of India’s solar mix is gaining importance due to its distributed nature and direct consumer engagement. This is despite utility-scale solar being the dominant contributor,” said the report.

The growth of rooftop solar market in India has witnessed accelerated growth in the recent years. With strong policy backing, falling costs, and growing consumer interest, it is set to emerge as a key pillar in India’s renewable energy transition, said the report.

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