Pennsylvania-based Houghton International, owned by private equity firm AEA Investors, is among the world's biggest manufacturers of hydraulic fuels, rust preventatives and lubricants for the automotive and steel sectors. The deal is expected to be announced soon as most of the terms have been agreed, the Business Standard newspaper quoted a senior unnamed Hinduja official as saying. The Hinduja group is one of India's biggest industrial houses with interests from banking to chemicals while the Hinduja brothers, who steer the group, are based in London and Indian financial hub Mumbai. A spokesman for the group -- run by chairman Srichand Hinduja, with the help of his brothers, Gopichand, Prakash and Ashok -- could not be immediately reached for comment.
India Today April 13, M. Arun New ways to encourage firms to switch to clean power will decide whether Modi government's ambitious renewable energy targets can be achieved Tucked away 40 km from the city of Satara in Maharashtra is Vankusawade village, at the foot of a giant hill that is part of the Sahyadri mountain range.
An hour-long drive from the city on a dusty road takes you closer to one of the largest wind power farms in Maharashtra. Most of it is run by wind power equipment maker Suzlon, which generates MW from wind turbines installed on the hill since Large corporate houses such as the Tata Group, the Bajaj Group, Dhariwal Industries and the Poonawalla Group own gopichand hinduja business plan in Suzlon's wind park, the highest in India at 1, m above sea level.
The life of each machine, installed on metre-high towers, is 20 years, which means Suzlon will soon start replacing them for newer models that can generate up to 1. This will be critical for the wind power major, which made losses of Rs 1, crore for the quarter ending December and sold its German arm, Senvion, in January this year to pay off part of a Rs 17,crore debt.
Having refocused, the company is no longer eyeing smaller parks-Tanti says large parks give better returns over a longer period.
But balance sheets are minor stakeholders in the larger picture. According to clean energy entrepreneurs such as Tanti, the power produced using wind turbines, solar power, small hydro projects, or even biomass is critical to India's efforts to achieve self-sufficiency in energy and improving its credentials as a user of clean energy.
As much as 58 per cent of the country's power is generated from coal, the dirtiest gopichand hinduja business plan all energy sources, compared to just 12 per cent from renewables. This despite India's large land mass receiving one of the high-est levels of solar exposure, making it ideal for solar projects, and its extensive coastline and high wind velocity making it apt to set up wind farms.
The target for wind power generation has been pegged at 60, MW in the same period.
The Union Budget doubled the cess on coal to Rs a tonne in order to fund clean-environment initiatives. At a renewable energy event, 'RE-Invest ', held in Februarythe government claimed it has receivedMW worth of green energy commitments from banks and other private firms.
SEBs have been straddled with losses of around Rs 2. Reports say that the government's renewable energy goals will also be tested at the UN Framework Convention on Climate Change in October, where it needs to formally place targets for emission reduction to fight climate change.
The government would then need to explain how much energy would be raised from renewable energy sources compared to those raised from burning coal, considered a top contributor to climate change. Sensing a big opportunity, a number of companies have announced plans to either enter the renewables segment or scale up their existing business.
The plan identified eight core 'missions' throughincluding the National Solar Mission. A slew of policy initiatives followed, including notification of renewable purchase obligations making it compulsory for state power distribution companies to buy a certain percentage of their requirement from renewables.
Shying away from green power Despite all these efforts, energy production using clean sources remains abysmally low. One of the major challenges faced by the renewables sector is the lack of adequate and appropriate financing options.
For instance, scheduled banks are reluctant to lend to solar power projects, as it forms part of the power sector where the lending caps have already been exceeded in some cases. Moreover, government institutions such as the Power Finance Corporation and the Rural Electrification Corporation give loans at interest rates as high as The industry is demanding that solar energy be made a priority sector and excluded from the conventional power sector with a different sectoral cap, so that banks are encouraged to lend to the sector.
Tanti suggests that financial institutions should earmark a portion of their lending corpus for renewable projects.
The other issue is the lack of incentive for industrial users to switch to non-conventional power. Take the case of solar power. It costs Rs 6.
The government should encourage the use of renewable power by incentivising small and medium firms to draw power from clusters of wind and solar power, says Tanti, as the power is cleaner and uninterrupted.
Addressing risks There is also a need to incentivise equipment manufacturers, who are bearing the brunt of cheap imports, especially in the solar sector. More than 90 per cent of solar panels come from China, where an excess production capacity of such panels have rendered them as much as 50 per cent cheaper compared to those made in India.
However, the government is unlikely to put curbs on such imports as lower prices help proliferate the use of solar panels in a faster manner.
The government has set lofty goals for itself and the industry with Power Minister Piyush Goyal saying it will make India the world's renewable energy capital. But targets and slogans apart, the real issues that beg attention are creating an increased awareness, making renewable projects more viable, creating better financing options and having a plan that encourages the setting up of solar and wind power clusters to tap the country's full potential.
Addressing those will be key to the country's progress to a green future and meeting its energy needs.Britain’s annual rich list unveiled on Monday has a distinctly Indian flavour with two India-born brothers - Reuben and the Hinduja - grabbing the top two slots as some of the UK’s super-rich.
Hinduja Group, controlled by London-based billionaire brothers Srichand and Gopichand Hinduja, agreed to buy KBL to expand its investment firm business.
MORE REPORTS. The CBI has named the Hinduja brothers among those who accepted the bribe. In a charge sheet filed before a Delhi court, the agency accused London-based Srichand, Gopichand and Prakashchand Hinduja of cheating and corruption.
Bofors scandal returns to haunt Hinduja brothers - The decision taken by the bench of Chief Justice Dipak Misra takes on added significance with recent media reports suggesting a Rs crore kickback for the howitzer deal to the tune of Rs 1, crore.
Their father Parmanand Deepchand Hinduja established the Hinduja group of business in His sons Srichand and Gopichand Hinduja took up the responsibility of international export business. Srichand and Gopichand Hinduja are both Britain citizens while their brother Prakash manages the business from Geneva.
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