GoI announces the sale of two dated securities for a notified amount of ₹27,000 crore
The Government of India (GoI) has announced the sale (re-issue) of (i) 6.75% GS 2029 for a notified amount of ₹15,000 crore and (ii) 7.09% GS 2054 for a notified amount of ₹12,000 crore. The auction will be conducted using multiple price method. Both competitive and non-competitive bids for the auction should be submitted in electronic format on the Reserve Bank of India Core Banking Solution (e-Kuber system) on June 20, 2025 (Friday). GoI will have the option to retain additional subscription up to ₹2,000 crore against each security.
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Time of India
2 hours ago
- Time of India
Europe's lithium quest hampered by China and lack of cash
Europe's ambition to be a world player in decarbonised transportation arguably depends on sourcing lithium abroad, especially in South America. Even the bloc's broader energy security and climate goals could depend on securing a steady supply of the key mineral, used in batteries and other clean energy supply chains. But Europe has run into a trio of obstacles: lack of money, double-edged regulations and competition from China, analysts told AFP. China has a major head start. It currently produces more than three-quarters of batteries sold worldwide, refines 70 percent of raw lithium and is the world's third-largest extractor behind Australia and Chile, according to 2024 data from the United States Geological Survey. To gain a foothold, Europe has developed a regulatory framework that emphasises environmental preservation, quality job creation and cooperation with local communities. It has also signed bilateral agreements with about 15 countries, including Chile and Argentina, the world's fifth-largest lithium producer. But too often it fails to deliver when it comes to investment, say experts. "I see a lot of memoranda of understanding, but there is a lack of action," Julia Poliscanova, director of electric vehicles at the Transport and Environment (T&E) think tank, told AFP. "More than once, on the day that we signed another MoU, the Chinese were buying an entire mine in the same country." The investment gap is huge: China spent $6 billion on lithium projects abroad from 2020 to 2023, while Europe barely coughed up a billion dollars over the same period, according to data compiled by T&E. Lagging investment At the same time, the bottleneck in supply has tightened: last year saw a 30 percent increase in global demand for lithium, according to a recent report from the International Energy Agency (IEA). "To secure the supply of raw materials, China is actively investing in mines abroad through state-owned companies with political support from the government," the IEA noted. China's Belt and Road Initiative funnelled $21.4 billion into mining beyond its shores in 2024, according to the report. Europe, meanwhile, is "lagging behind in investment levels in these areas", said Sebastian Galarza, founder of the Centre for Sustainable Mobility in Santiago, Chile. "The lack of a clear path for developing Europe's battery and mining industries means that gap will be filled by other actors." In Africa, for example, Chinese demand has propelled Zimbabwe to become the fourth-largest lithium producer in the world. "The Chinese let their money do the talking," said Theo Acheampong, an analyst at the European Council on Foreign Relations. By 2035, all new cars and vans sold in the European Union must produce zero carbon emissions, and EU leaders and industry would like as much as possible of that market share to be sourced locally. Last year, just over 20 percent of new vehicles sold in the bloc were electric. "Currently, only four percent of Chile's lithium goes to Europe," noted Stefan Debruyne, director of external affairs at Chilean private mining company SQM. "The EU has every opportunity to increase its share of the battery industry." Shifting supply chains But Europe's plans to build dozens of battery factories have been hampered by fluctuating consumer demand and competition from Japan (Panasonic), South Korea (LG Energy Solution, Samsung) and, above all, China (CATL, BYD). The key to locking down long-term lithium supply is closer ties in the so-called "lithium triangle" formed by Chile, Argentina and Bolivia, which account for nearly half of the world's reserves, analysts say. To encourage cooperation with these countries, European actors have proposed development pathways that would help establish electric battery production in Latin America. Draft EU regulations would allow Latin America to "reconcile local development with the export of these raw materials, and not fall into a purely extractive cycle", said Juan Vazquez, deputy head for Latin America and the Caribbean at the OECD Development Centre. But it is still unclear whether helping exporting countries develop complete supply chains makes economic sense, or will ultimately tilt in Europe's favour. "What interest do you have as a company in setting up in Chile to produce cathodes, batteries or more sophisticated materials if you don't have a local or regional market to supply?" said Galarza. "Why not just take the lithium, refine it and do everything in China and send the battery back to us?" Pointing to the automotive tradition in Mexico, Brazil and Argentina, Galarza suggested an answer. "We must push quickly towards the electrification of transport in the region so we can share in the benefits of the energy transition," he argued. But the road ahead looks long. Electric vehicles were only two percent of new car sales in Mexico and Chile last year, six percent in Brazil and seven percent in Colombia, according to the IEA. The small nation of Costa Rica stood out as the only nation in the region where EVs hit double digits, at 15 percent of new car sales.
Business Standard
3 hours ago
- Business Standard
ITCONS E-Solutions secures Rs 2-cr order from Power Grid Corporation
ITCONS E-Solutions announced that it has secured an order worth Rs 2.19 crore from Power Grid Corporation of India for the supply of 23 highly skilled manpower resources on a contractual basis. The total contract value stands at Rs 2,19,89,056.97 for a period of two years, commencing from 1 July 2025 and concluding on 30 June 2027. ITCONS E-Solutions is engaged in the business of recruitment and staffing services. Power Grid Corporation of India has been established by the Government of India (GoI) as the central transmission utility of India. The firm is a Maharatna 'company under the Ministry of Power, GoI. As of 31 March 2025, the Government of India owned a 51.34% stake in the company. On Friday, shares of ITCONS E-Solutions declined 0.56% to close at Rs 506.35, while shares of Power Grid Corporation rose 2.38% to end at Rs 293.10 on the BSE.
Time of India
3 hours ago
- Time of India
RBIs project financing norms will have negligible impact on banks, NBFCs: Report
The relaxation in project financing norms by the Reserve Bank of India ( RBI ) to banks and NBFCs will have a negligible impact on the profitability on their profitability and balance sheet, according to a report by Motilal Oswal. "We believe the impact of the revised norms on bank/NBFC profitability will be negligible, as the existing book remains unaffected," the report added. However, the report added, "For new project loans, any incremental provisioning cost is likely to be passed on to borrowers, especially in a declining rate environment, through yield adjustments." Play Video Pause Skip Backward Skip Forward Unmute Current Time 0:00 / Duration 0:00 Loaded : 0% 0:00 Stream Type LIVE Seek to live, currently behind live LIVE Remaining Time - 0:00 1x Playback Rate Chapters Chapters Descriptions descriptions off , selected Captions captions settings , opens captions settings dialog captions off , selected Audio Track default , selected Picture-in-Picture Fullscreen This is a modal window. Beginning of dialog window. Escape will cancel and close the window. Text Color White Black Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Text Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Opaque Semi-Transparent Transparent Caption Area Background Color Black White Red Green Blue Yellow Magenta Cyan Opacity Transparent Semi-Transparent Opaque Font Size 50% 75% 100% 125% 150% 175% 200% 300% 400% Text Edge Style None Raised Depressed Uniform Drop shadow Font Family Proportional Sans-Serif Monospace Sans-Serif Proportional Serif Monospace Serif Casual Script Small Caps Reset restore all settings to the default values Done Close Modal Dialog End of dialog window. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Here's The Average Price of a 6-Hour Gutter Guards Upgrade Read More Undo The report added that RBI's final project finance guidelines are a positive for banks and NBFCs, especially when compared to the stricter 2024 draft. The apex bank on Wednesday issued the final Reserve Bank of India (Project Finance) Directions, 2025, which lays down the comprehensive framework for income recognition, asset classification, and provisioning norms for project loans under implementation. Live Events The most notable relief came from the significantly eased provisioning requirements, which were cut to just 1 per cent during construction compared to 5 per cent proposed earlier and as low as 0.4 per cent post Date of Commencement of Commercial Operations (DCCO). These new guidelines will come into effect from October 1 current year. The draft guidelines proposed an enabling framework for the regulated entities (REs) for financing project loans, while addressing the underlying risks. RBI said that it received feedback from nearly 70 entities, including banks, NBFCs, industry bodies, academicians, law firms, individuals, and the Central Government. As per to new rules, the RBI introduced a principle-based regime for stress resolution in project finance exposures, applicable across all regulated entities (REs), ensuring a harmonised approach. The report stated that the easing norms reduce capital drag while still maintaining prudence. "Overall, the final norms strike a balanced approach, enabling continued flow of project finance with minimal impact on the profitability or balance sheet strength of lenders," the report further added.
