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AmpIn Energy Transition has signed a 25-year Power Purchase Agreement (PPA) for a 6-megawatt peak (MWp) solar project with the Maharashtra Metro Rail Corporation (MMRCL), Nagpur Metro Rail Project. This marks AmpIn's third solar project for a metro rail and its first in Maharashtra. The solar project, spread across 19 sites, is expected to replace 36% of grid power with solar power for Nagpur Metro, resulting in a 41% savings per unit. It is also estimated to offset approximately 7,000 tonnes of CO2 annually, aligning with AmpIn's commitment to sustainable energy initiatives. The project will be developed in two packages of 2.5 MWp and 3.5 MWp, distributed across various locations including metro station rooftop GI sheds, depot building rooftop RCC installations, admin building RCC installations, and station track walls. AmpIn currently has an active portfolio of around 230 MWp of assets and serves 8-9 marquee customers in the state. 
India's agrochemical industry is experiencing significant growth, with a market size of nearly $6 billion in 2022 and a projected compound annual growth rate of 8.5% between 2023 and 2028, reaching almost $9.82 billion by 2028. The country has become the second-largest exporter of agrochemicals globally, surpassing the US with exports valued at $5.5 billion. Government initiatives like "Make In India" and Aatmanirbhar Bharat Abhiyan are driving industry growth by promoting domestic manufacturing and reducing regulatory barriers. India's stringent laws and regulations regarding the manufacturing of chemicals ensure the safety of humans and animals, building trust among consumers worldwide. Collaboration and innovation in the industry, including R&D investments and technology transfer, are further propelling India's agrochemical sector forward. With export revenues projected to reach $10 billion in the coming years, the future of India's agrochemical industry looks promising.
In a recent development, Gujarat has emerged as the largest consumer of natural gas in India, with Maharashtra following closely behind. The Indian Gas Exchange (IGX) is anticipating a significant 35 per cent increase in gas trading on its platform for the current financial year, attributing this growth to heightened demand from gas-fired power plants, city gas distribution networks, fertilizer units, and industries. The MD and CEO of IGX, Rajesh Kumar Mediratta, highlighted that the softening of spot prices in international markets has led to an improvement in the gas market, driving up consumption. Additionally, IGX is in discussions to establish a green hydrogen trading platform in GIFT City, in collaboration with Gujarat State Petroleum Corporation and the International Financial Services Centre, to support the growing green hydrogen production in the region.
Three major companies, Fairfax, Adani Group, and GMR, have shown interest in developing a greenfield airport near Sipasarubali in Puri, India, with a project cost of ₹2,203 crore. The Odisha Industrial Infrastructure Development Corporation (IDCO) floated a tender for a public-private partnership (PPP) in February, with the potential bidders having access to a data room to make their bids by June 4. The airport is expected to have a capacity of handling millions of passengers annually in different phases. The location was chosen for its proximity to Puri and its tourist attractions, aiming to boost tourism and trade in the region. The Adani Group, Fairfax, and GMR already control a majority of airports in India, with plans for further investments in airport development.
In a significant move for Sri Lanka's aviation sector, the cabinet has approved a proposal to hand over the management of Mattala Rajapaksa International Airport to Shaurya Aeronautics Pvt. Ltd. of India and Airports of Regions Management Company of Russia, or an affiliated company, for a 30-year period. This decision marks a shift towards international oversight of the airport's operations. The move comes after the cabinet gave the green light to a proposal submitted by the Minister of Aviation, following a call for Expressions of Interest (EOI) from interested parties. Five institutions submitted offers, with the selected companies set to manage the airport for the foreseeable future. This development signals a new chapter for Sri Lanka's aviation industry, with international players taking the reins at Mattala Rajapaksa International Airport.
In a significant blow to Go First, the Delhi High Court has ordered the Directorate General of Civil Aviation (DGCA) to process deregistration requests for the airline's leased aircraft within five days, grounding a substantial portion of its fleet. This decision comes after a legal battle initiated by aircraft lessors seeking the return of planes leased to the financially troubled airline. The court's ruling effectively cancels previous communications from the DGCA, potentially hindering Go First's revival efforts. Amidst this turmoil, two bids have emerged for the airline, with lenders yet to make a final decision. Responding to the court order, bidders have expressed their commitment to respecting the legal process and strategic objectives. The Ministry of Corporate Affairs has clarified that leased aircraft and engines are exempt from moratorium under the Insolvency and Bankruptcy Code, further complicating Go First's situation.
The Corporate Affairs Ministry is expected to introduce rules next month that will require offshore digital transactions exceeding ₹2,000 crores to obtain approval from the Competition Commission of India (CCI) before proceeding with the combination. This move, part of the Competition (Amendment) Act 2023, aims to regulate high-value transactions in the digital industry and new age enterprises involved in M&A deals. The Election Commission of India may be approached for permission to issue these rules during the ongoing general elections. The new regulations seek to bridge enforcement gaps in the digital industry by focusing on deal values rather than traditional markers like assets or turnover, aligning with global trends. The final norms on determining the "India nexus" are eagerly awaited by the industry, as many digital transactions with high valuations previously escaped CCI scrutiny due to the existing asset and turnover-based thresholds.
Former Secretary in the Coal Ministry, Anil Swarup, discussed the NDA's handling of the coal controversy and production issues in an interview with BusinessLine. Swarup highlighted the crisis faced between 2014 and 2016, attributing it to a shortage of coal rather than the perceived scams. He emphasized the importance of increasing coal production through an auction process and addressing land, environmental, and evacuation issues. Swarup expressed concern over the stagnation in coal production post-increase and criticized the diversion of funds from Coal India's reserves for other government purposes, hindering production growth. He called for a focus on the core work of coal mining to improve the sector's performance.
India, along with Japan, Brazil, and Russia, has called for the termination of safeguard measures on steel imports by June 30, 2024, as scheduled, criticizing the EU and the UK for considering an extension. The EU imposed these measures in 2019 in response to additional duties on steel imports by the US, but now faces global criticism for potentially extending them. China and Korea argue that circumstances have changed, with increased EU demand for steel and a bilateral deal with the US exempting the bloc from tariffs. Brazil emphasizes the need for a multilateral solution to excess steel capacity, while the UK faces scrutiny for continuing safeguard measures post-Brexit without proper justification. The UK Trade Remedies Authority has recommended extending these measures until 2026, prompting concerns from various countries about the lack of evidence supporting the need for such measures.
Cement prices in India are expected to remain flat or slightly lower until the first half of the financial year 2025, as recent price hikes have been put on hold due to slower demand and resistance from dealers. The pricing pressure on cement has been evident in the past quarter, with prices declining and expected to stay lower than previous averages. Analysts predict that prices may only see improvements in the second half of FY25. Despite a projected growth in cement demand for the year, factors such as the upcoming general elections and significant capacity additions in the industry may contribute to a volatile pricing environment. Cement companies like Dalmia Bharat anticipate soft prices in the first half of FY25, with challenges expected in implementing price hikes due to capacity additions and market consolidation.
The Agriculture Ministry has extended the interim approval for the use of pesticide formulations through drones until April 18, 2025, providing a boost to the application of agrochemicals in agriculture, according to industry sources. The move, which was initially approved in April 2022 for a two-year period, allows registered pesticide formulations to be sprayed by drones, including insecticides, fungicides, and plant growth regulators. The crop protection industry has welcomed the extension, with CropLife India emphasizing the benefits of drone technology in agriculture, such as water savings and precision farming. The Ministry's decision aligns with the government's promotion of drone technology in agriculture, aiming to enhance the agrochemical infrastructure and support initiatives like the Drone Didi scheme.
