ACME Group To Set Up A Green Hydrogen Project At Tata Steel SEZ’s Gopalpur Industrial Park

* Tata Steel SEZ and ACME Clean Energy sign an MOU for the project  

* The total investment in this project by ACME Group is estimated to be Rs 27,000 crore, which will be invested in phases 

* This will be the first green hydrogen project of the state and east coast of India 

* This will be the largest single location green hydrogen and its derivatives manufacturing facility in the country 

Tata Steel Special Economic Zone Limited (TSSEZL) and diversified renewable energy company ACME Group today signed a Memorandum of Understanding (MoU) here to establish a green hydrogen and green ammonia project at the Gopalpur Industrial Park in Odisha, making it the first ever green hydrogen project of the state and also east coast of India. This will be the largest single location green hydrogen and its derivatives manufacturing facility in the country.

Under the definitive agreement, ACME Clean Energy Private Limited (ACME Group) will acquire 343 acres of land in TSSEZL’s Gopalpur Industrial Park (GIP), located in Ganjam district of Odisha, to set up a green hydrogen and its derivatives unit. The total investment in this project by ACME Group is estimated to be Rs 27,000 crore, which will be invested in phases.

The MoU was signed between Manikanta Naik, Managing Director, TSSEZL, and Sandeep Kashyap, Chief Operating Officer, ACME Group, in the presence of Hemant Sharma, IAS, Principal Secretary, Industries Department, Government of Odisha and Chairman, Odisha Industrial Infrastructure Development Corporation (IDCO) & Industrial Promotion and Investment Corporation of Odisha Limited (IPICOL), and Kalyan Mohanty, Executive Director, IPICOL.

Hemant Sharma, IAS, Principal Secretary, Industries Department and Chairman, IDCO & IPICOL, Government of Odisha, said, " We envision Odisha as the hub of Green Hydrogen and Green Ammonia and a leader in the Green Fuel Economy. The state government is firmly committed to green energy, recognizing it as the fulcrum of our future. To catalyze this vision, we're offering best-in-class incentives. Our progressive policy is a testament to our dedication towards a sustainable and prosperous future.”

ACME Group plans to set up a nearly 1.3 MTPA green ammonia production facility at GIP. This green ammonia will be produced from green hydrogen, and the production facilities will be powered by renewable power.

The green ammonia produced at this facility will be exported to markets in the west and east from the existing Gopalpur Port facility, which is near the project site. The utility corridor between Gopalpur Industrial Park and Gopalpur Port provides a dedicated corridor for smooth logistics and pipeline connectivity.

Manikanta Naik, Managing Director, Tata Steel Special Economic Zone Limited, said, "We are glad that with plug-and-play infrastructure, multi-modal logistics connectivity, ready environmental clearance, and a clear land title, Gopalpur Industrial Park, in a very short span since its inception, is fast emerging as the preferred investment destination of India. We would also like to thank the government of Odisha for its industry-friendly policies and incentives that are attracting investments to the state of Odisha."

"We already have some valued clients operational in the industrial park and we are eagerly looking forward to a lot more investors coming forward, adding to the industrial progress of the region, "he added.

TSSEZL, a 100% subsidiary of Tata Steel, is developing its flagship industrial park, Gopalpur Industrial Park (GIP), in Odisha’s Ganjam district. The company aims to develop the GIP as an emerging manufacturing hub for both domestic and export-oriented industries.

Commenting on the MoU, Manoj K. Upadhyay, Founder and Chairman, ACME Group, said, “We would like to express our gratitude to the Chief Minister of Odisha, Shri Naveen Patnaik, the Department of Industries, the Government of Odisha, and other stakeholders for their support to ACME Group’s Green Hydrogen and Green Ammonia project in the state. We have signed MoU with Tata Steel Special Economic Zone Limited (TSSEZL) to set up the facilities. We also thank the Union Minister for Power, New and Renewable Energy, Shri R K Singh, and the Ministry of New and Renewable Energy for their constant support and encouragement to pursue the Green Hydrogen and Green Ammonia project, which will make India a global hub for Green Hydrogen and its derivatives.

This project will enable us to offer Make In India Green Hydrogen and Green Ammonia to domestic and international markets at a competitive price. We are delighted to announce the successful outcome of the recently held Invest Odisha Summit in Tokyo, led by the Hon’ble Chief Minister of Odisha and his delegation, which will be realized through this project. Japan’s IHI signed a preliminary agreement during the summit to invest in a green energy project in Odisha.”

There are five different industrial units already operating in Gopalpur Industrial Park including Tata Steel Mining Limited, Tata Consumer Products Limited, Anadrone Systems Private Limited, East Coast Overseas Private Limited, and Odimet Resources Private Limited.

Besides, a Technical Ammonium Nitrate Complex by Deepak Fertilisers & Petrochemicals Corporation Limited, and one L-CNG Conversion Unit by GAIL Gas Limited are being established in the park.

Union Bank of India Successfully Raised Rs 5,000 Crore Equity Capital Via Qualified Institutions Placement (QIP).

Highlights of the Issue 

Allotment of 57.77 crore shares at Rs 86.55 per share (including premium of Rs 76.55 per share) aggregating to Rs 5,000 crore (Five Thousand Crore).  

The QIP received encouraging response from the market & seen participation by diversified investor base which includes Banks, Asset Management Companies, Insurance companies and Foreign Institutional Investors.  

The QIP has been subscribed by 51 investors, mostly long-only investors, which include 13 FPIs & 38 DIIs. 

Considering financials for June 2023, amount of capital raised through QIP issue will augment Bank’s Common Equity Tier I ratio & overall Capital Adequacy ratio, each by about 84 basis points.  

Union Bank of India, 5th largest Public Sector Bank in India, has successfully raised equity capital of Rs 5000 Crore via Qualified Institutions Placement (QIP) on August 25, 2023.  The Issue was opened on August 22, 2023 and received 100% Subscription.  Bank has allotted 57.77 crore Shares at price of Rs 86.55 per share (including premium of Rs 76.55 per share) aggregating to Rs 5,000 crore representing a discount of 4.9945% to the floor price determined as per Regulatory guidelines.  

On the Successful capital raising, Ms. A Manimekhalai, MD & CEO, says “We are delighted to conclude one of the largest equity capital raising issue in public sector banking space in the recent past. This demonstrates the continued faith of investors on the Bank’s growth trajectory and prospects. Bank has received significant & encouraging response from the market & seen participation by diversified investor base which include Banks, Asset Management Companies, Insurance companies and Foreign Portfolio Investors. The QIP Proceeds will augment the Capital base and help us pursue growth opportunities as we endeavour to create value for the Customers & Shareholders”.  

The overall allocation is a mix of 13 FPIs & 38 DIIs, mostly long only investors, thereby also ensuring diversification of the shareholder base of Union Bank of India.  

As at June 30, 2023, Bank’s CRAR & CET1 was 15.95% & 12.34% respectively. Amount raised through this QIP issue will augment Bank’s Common Equity Tier I ratio & overall Capital Adequacy ratio, each by about 84 basis points.  

As on June 30, 2023, the Public shareholding in Union Bank of India stood at 16.51%. Consequent to the Equity capital raising, the public shareholding in the Bank increased to 23.01% and consequently, Shareholding of Government of India becomes 76.99%.  

IIFL Securities Ltd, J M Financial Ltd., Nuvama Wealth Management Limited (formerly Edelweiss Financial Services Ltd.), Yes Securities (India) Ltd., ICICI Securities Ltd. and BNP Paribas were the Merchant Bankers and Book Running Lead Managers (BRLMs) to the QIP issue. The Legal advisors of the transaction were M/s. Crawford Bayley & Co and M/s Saraf & Partners. The Statutory Auditors were M/s R G N Price & Co., M/s Sarda & Pareek LLP, M/s NBS & Co., M/s C R Sagdeo & Co, M/s PVAR & Associates, M/s Gopal Sharma & Co. 

About Union Bank of India: 

Union Bank of India, established in 1919, is one of the largest Public Sector Banks in India with total business of Rs 19.46 Trillion as on June 30, 2023. Union Bank of India has customer base of over 21.8 Crore and operates through 8,558 Domestic Branches, 3 International Branches, 10,195 ATMs and workforce of over 75,300 employees.  Union Bank of India has 9 Subsidiaries/JV/Associates across various Industries viz. Insurance, Banking, Asset Management, Inter alia.

Make This Raksha Bandhan Extra Special With NueGo's “Exclusive 10% Discount On Bus Tickets For Unforgettable Getaways

* With GreenCell Mobility’s NueGo, you can offer your sister an exciting journey this Raksha Bandhan with 10% off on NueGo booking 

This Raksha Bandhan, NueGo by GreenCell Mobility, the leading intercity electric AC bus service in India, is transforming the essence of the festival by ushering in a new era of gifting and experiences. In a novel initiative to create cherished memories, NueGo invites you to surprise your sibling with an impromptu trip to nearby attractions. Embracing the spirit of sustainable living, the company is committed to offering a remarkable 10% discount on bus ticket bookings made through the NueGo website or application, till 31st Aug’23. 

Celebrating the bond between siblings and the importance of eco-conscious choices, NueGo is proud to present an innovative approach to Raksha Bandhan gifts. This year, as Raksha Bandhan spans over two days, it's the perfect opportunity to present your sister with an unforgettable journey to nearby tourist destinations. With this offer, you’d be able to travel across multiple routes such as Delhi-Chandigarh, Delhi-Dehradun, Delhi-Agra, Delhi-Jaipur, Delhi-Ludhiana, Indore-Bhopal, Hyderabad-Vijayawada, Bengaluru-Tirupati, Chennai-Pondicherry, Chennai-Tirupati and more! 

The campaign is ingeniously aligned with NueGo's vision of promoting clean and sustainable modes of transportation, without compromising on the thrill of exploration. With the 10% discount on bus ticket bookings made exclusively through the NueGo website or app, siblings can seize this limited time offer to create memories that last a lifetime. 

Redefine Raksha Bandhan this year by giving your sister the gift of a memorable journey. Join NueGo in making a sustainable difference, one adventure at a time. 

High-Grade Silicon Steel For E-mobility: Vitesco Technologies Cooperates Closely With Baosteel

* Companies signed a strategic cooperation agreement  

* Partnership on new materials based on high grade non-oriented silicon steel 

* Jointly contributing to ambitious sustainability goals 

Vitesco Technologies, a leading international provider of modern drive technologies and electrification solutions for sustainable mobility, signed a strategic cooperation agreement at its China headquarters with Baosteel, a leading steel conglomerate based in China. By making joint efforts on new materials based on high grade non-oriented silicon steel, the two companies aim to help sustainable mobility, promote the development of e-mobility technology, and create a model of shared value in the industry.  

“The success and growth of Vitesco Technologies in this fast- developing market depend to a large extent on the strong support of our partners. Stepping into this cooperation with Baosteel, I believe we will strengthen our activities and goals in the area of technologies and sustainability,” said Gregoire Cuny, head of Vitesco Technologies China. 

“The cooperation between Baosteel and Vitesco Technologies is a valuable process of win-win results. In 2018, we started the cooperation on the materials of motors on the EMR3 platform. Today’s strategic cooperation agreement will bring our partnership to a higher level and make more contributions to the e-mobility industry,” said Hu Hong, member of the Standing Committee of the Party Committee and deputy general manager of Baosteel. 

Upgrading products with high-grade silicon steel 

High grade non-oriented silicon steel, one of the cooperation targets, can be used in stator and rotor laminations for drive motors, and its high magnetic induction intensity as well as low iron loss features can significantly improve the efficiency and stability of motors. Furthermore, both parties will jointly carry out the development collaboration on related new materials and technology design to expand the use of this high-grade silicon steel in the automotive field.   

The technical achievements are expected to be utilized in Vitesco Technologies’ e-drive systems and thermal management systems in the future. The high-quality performance brought by the electromagnetic performance and mechanical properties will help Vitesco Technologies to continuously provide leading electrification solutions.

Partnering for sustainability and carbon neutrality goals 

Sustainability is at the core of Vitesco Technologies’ strategy. At the same time, carbon peak and carbon neutrality are also important goals to Baosteel. Based on this common concept, both parties will work together to explore carbon reduction measures and actively pursue their ambitious sustainability goals.  

Vitesco Technologies has set itself the goal of achieving carbon neutrality in production and operation by 2030, and to realize carbon neutrality in the entire value chain by 2040 at the latest.

SSBeauty By Shoppers Stop Presents #ShowStoppers'23, The “Ultimate Beauty Festival”

* Redefine your beauty with the SSBeauty Campaign and win an iPhone 15 every day! 

Shoppers Stop, India's leading fashion and beauty destination, is thrilled to announce the launch of its highly anticipated beauty festival, ShowStoppers’23 during the festive season. From August 25th to September 10th, 2023, beauty enthusiasts across the nation are invited to immerse themselves in a world of inspiration and celebration of beauty. SSBeauty Showstoppers ’23 not only celebrates beauty but also offers shoppers a daily chance to win the latest iPhone 15. They have also released a concept video to promote the campaign. 

This interactive beauty festival brings to you a mix of edutainment content like tutorials, live sessions, and the best of offers from renowned brands such as Lakme, Colour Cosmetics, and Honasa consumers and skincare brands like Aqualogica and BBlunt. 

Mr. Biju Kassim, President of Beauty at Shoppers Stop, expressed his excitement about the event during the launch. "Beauty is more than just skin deep," he says, "It’s a celebration of individuality and self-expression. With #ShowStoppers'23, we are strengthening our dedication to beauty in all its manifestations. Our goal is to encourage inclusivity and embrace the various facets of beauty. We are convinced that ShowStoppers'23 will relate with every beauty buff and motivate them to explore, develop, and celebrate their unique identities." 

One of the most intriguing aspects of ShowStoppers'23 is the daily giveaway of the coveted iPhone 15. This exciting addition adds another layer of expectation and excitement to the festival, making it an unmissable event for beauty enthusiasts. 

As Shoppers Stop continues to set new standards in the fashion and beauty industries, #ShowStoppers'23 demonstrates our unwavering dedication to excellence, inclusivity, and innovation. 

Shoppers Stop Limited Announces “Changes In Its Leadership Positions”

Shoppers Stop Limited announced the promotion of Mr.Kavindra Mishra, Chief Commercial Officer and CEO Homestop, as its Executive Director & CEO, subsequent to the resignation of its Managing Director & CEO, Mr. Venu Nair. 

Mr. Kavindra Mishra has been promoted as Executive Director& Chief ExecutiveOfficer - Based on the recommendation of the Nomination, Remuneration and CorporateGovernance Committee, the Board of Directors of the Company(“the Board”), at its Meetingheld today, i.e. on August 24, 2023, approved the promotion and appointment of Mr. Kavindra Mishra (DIN: 07068041) as an Additional Director of the Company w.e.f. September 1, 2023. He has also been appointed as an Executive Director & Chief Executive Officer of the Company for a period of 3 (three) years effectiveSeptember 1, 2023, subject to approval of shareholders of the Company. 

A brief profile of Mr. KavindraMishra is given below : 

The Chairmanof the Company, Mr. BS Nagesh said that “I am delighted that Mr. KavindraMishra, has been promoted as the Executive Director and CEO of the Company. In the last five months he has taken over the charge of Homestop and the commercial part of the Shoppers Stopbusiness. His skills as a Business Leader, strategic expertise and overall understanding of the retail industry is an excellent fit for leading the Company as its CEO and setting high standards. Under his leadership and guidance, I am confidentabout the futuregrowth of the Company” 

Resignation of Mr. Venu Nair, Managing Director and Chief Executive Officer – Mr. Venu Nair has tendered his resignation from his position, effective from the close of business hours of August 31, 2023, due to personal reasons, to enable him to spend more time with his family and explore other options. 

The Board of Directors of the Company at its meeting held today has accepted his resignation and placed on record their appreciation for the contribution made by him during his tenure. He has been instrumental in strengthening the business in the post Covid era, by growing its strategic pillars of fashion, beauty and expansion of the Company’s retail network. He leaves a much-strengthened Shoppers Stop. To ensure a seamless transition, he will continue to guide and advicethe CEO over the next 6 months,in his capacity as a Company official. 

Mr. B.S.Nagesh, Non-Executive Chairman of the Company will handhold during the transition period. He will also mentor and coach the Executive Director & Chief Executive Officer of the Company. 

Suzlon Wins A 201.6 MW Order From O2 Power Private Limited (Teq Green Power XI Private Limited)

* One of the largest order of the new Suzlon 3 MW series turbine

* Suzlon to supply 64 of their largest wind turbines with a rated capacity of 3.15 MW each

* Project to be completed in 2025, with a total installed capacity of 201.6 MW

* This Project will enable O2 Power to provide electricity to ~1.66 lakh households and curb ~6.55 lakh tonnes of CO2 emissions per year

Suzlon Group, India’s largest renewable energy solutions provider, today announced a significantly large new order acquisition for its 3 MW series of wind turbines from Teq Green Power XI Private Limited, part of O2 Power Private Limited. Suzlon will install 64 of its largest wind turbine generators (WTGs) with a Hybrid Lattice Tubular (HLT) tower and a rated capacity of 3.15 MW each for the 201.6 MW wind power project. The project is expected to be commissioned in 2025. 

Suzlon will supply the wind turbines (equipment supply) and execute the project including erection and commissioning. Suzlon will also provide operation and maintenance services post-commissioning.

Girish Tanti, Vice Chairman, Suzlon Group said, “We are delighted to welcome Teq Green Power XI Private Limited, part of O2 Power Private Limited as our esteemed customer through this project. As corporate India embraces renewable energy and India’s ambitions to be carbon neutral, we are committed to partnering with them every step of the way. With an extremely conducive policy environment this order from Teq Green Power XI Private Limited is a testament of India Inc’s commitment to building a sustainable India. The Suzlon 3 MW series is the next stage evolution of our proven technology, customized for the Indian wind regime and 3.15 MW is one of the largest wind turbines in the country today.” 

JP Chalasani, Chief Executive Officer, Suzlon Group said, “We are happy to announce our first order from Teq Green Power XI Private Limited, part of O2 Power Private Limited. With increasing commitment to renewables and rising demand, it is heartening to see more customers joining the Suzlon family. At Suzlon our customers are at the heart of everything we do. This order demonstrates the trust that customers have in Suzlon’s expertise as well as our 3 MW series of products. We believe that our 3 MW series will be a true game changer for the sector to accelerate and scale up wind energy installations in the country in line with our national targets of 500 GW non-fossil fuel installations by 2030.”

Parag Sharma, Founder and Chief Executive Officer, O2 Power Private Limited said: “This partnership with Suzlon for their 3.15 MW turbines for our wind energy project, represents a milestone in our capability enhancement goals, and reflects our determination to work with the best available technologies in our nation-building journey. Clean energy generated by this wind park will play a massive role in providing reliable green power to key industries, while contributing greatly to India’s net-zero goals. We look forward to creating many more similar milestones in the future.”

Rakesh Garg, Founder and Head Wind, O2 Power Private Limited said: “We are committed to contributing significantly to India’s renewable energy targets and are delighted to partner with Suzlon and glad to have them as our partners in continuing our journey towards greener future with this project. Suzlon is closely aligned to the ideology of O2 Power of building a sustainable India through cost-effective, made in India, renewable energy solutions of highest quality and safety standards.”

The Suzlon 3 MW series

The largest renewable energy solutions provider in India, The Suzlon Group is proud to announce its 3 MW series of wind turbines. With the primary objective of increasing generation, reducing the cost of energy, and contributing to an Aatmanirbhar Bharat, this series marks a significant milestone for the company and the country’s wind energy sector.

Suzlon’s 3 MW turbines feature a 144-meter rotor diameter and are designed to unlock low wind sites and deliver improved energy yield suitable for all Indian wind regimes. With local content of up to 85-90% by its serial launch, this series proves Suzlon’s commitment to innovation and self-reliance.

The S144 wind turbine generator is one of the largest in India, extendable up to 3.15 MW, depending on site wind conditions, available at a hub height of 140 meters going up to 160 meters by its serial launch. At 160 meters hub height the S144 will also be India’s tallest wind turbine. Suzlon’s S144 fleet will deliver a remarkable 40-43% higher generation over Suzlon’s current model, the S120 – 2.1 MW wind turbine, showcasing its ability to optimize wind resources at higher altitudes and make low-wind sites viable.

Furthermore, the 3 MW turbine generators feature the time-tested Doubly Fed Induction Generator (DFIG) technology and the SB 70.5 carbon fiber blade engineered and developed by Suzlon. This world-class technology provides the capability to utilize thinner aerodynamic profiles, resulting in excellent performance in low-wind sites, and a significant increase in generation yield per unit of land.

As a leader in the renewable energy sector, Suzlon’s 3 MW series of wind turbines is a testament to the company’s dedication to delivering sustainable and cost-effective renewable energy solutions for the future. We are confident that the 3 MW – S144 technology will contribute significantly to the country’s renewable energy and net-zero targets.

About O2 Power Private Limited

O2 Power, a renewable energy company, aims to scale up to a sizeable portfolio capacity with good quality off-takers including greenfield projects and selective M&A. Since 2020, the company has built a pipeline of ~2.5+ GW of renewable energy assets that is diversified across off-takers and spreads across major renewable energy states of India serving both commercial and industrial customers.

On a strong growth trajectory with a solid foundation, O2 Power has thereby secured its rightful place amongst energy industry peers as one of the fastest growing renewable energy organizations in the country.

About The Suzlon Group

The Suzlon Group is one of the leading renewable energy solutions providers in the world with more than

20 GW* of wind energy capacity installed across 17 countries. Headquartered at Suzlon One Earth in Pune, India; the Group comprises of Suzlon Energy Limited (NSE: SUZLON & BSE: 532667) and its subsidiaries. A vertically integrated organisation, with in-house research and development (R&D) centers in Germany, the Netherlands, Denmark and India, Suzlon’s world-class manufacturing facilities are spread across 14 locations in India. With over 28 years of operational track record, the Group has a diverse workforce of nearly 6,000 employees. Suzlon is also India’s No. 1 wind energy service company with the largest service portfolio of over 14 GW of wind energy assets. The Group has ~6 GW of installed capacity outside India. The 3 MW Series wind turbine technology platform is the latest addition to its comprehensive product portfolio.

*Global installations of Suzlon manufactured wind turbine generators. Data as on 30th June 2023.