Latest news with #JitendraSrivastava
Indian Express
a day ago
- Business
- Indian Express
Kandla port congestion may cause edible oil shortage: Traders to Govt
Traders have warned of edible oil shortages in local markets and supply disruptions as several vessels — mainly carrying Indonesian crude palm oil — remain stranded at Kandla Port, awaiting cargo unloading amid 'heavy congestion'. India is the world's largest importer of palm oil, with monthly imports totalling 750,000 tonnes. Kandla is a key port that supplies major refineries catering to western and northern India. In letters to the government, the Solvent Extractors' Association of India (SEA), representing key stakeholders in the edible oil industry, has said that only two vessels with a combined capacity of 45,000 tonnes are currently discharging cargo, while as many as eight vessels carrying 157,000 tonnes — are waiting for berths. The congestion is particularly concerning as five more vessels, with a total capacity of 159,000 tonnes, are expected to arrive within the next week, it has said. When contacted, Sushil Kumar Singh, Chairman of Deendayal Port Authority (DPA), Kandla, told The Indian Express: 'The congestion is the result of a sudden surge in edible oil vessel arrivals after import duties were reduced in May. At present, six edible oil and six chemical vessels are waiting at anchorage. The average waiting time is 8-10 days. We've tightened operational protocols and are working to address the issue as efficiently as possible.' This comes amid sharp fluctuations in palm oil prices. Traders typically increase purchases when prices drop. Last month, India's palm oil imports hit a six-month high, driven by low domestic inventories and a favourable price gap compared to soybean and sunflower oils, Reuters reported. However, palm oil futures have since surged following the US's proposal to raise biofuel blending mandates. The SEA has warned that the waiting period could increase to 15–20 days, based on the expected vessel line-up. Such prolonged delays 'could lead to a scarcity of edible oil in the local market, impacting the supply chain,' it has said. 'The situation has further deteriorated, as Kandla Port has resorted to pulling out edible oil vessels mid-discharge. In the past week alone, three such vessels — each with just 1,000 to 3,000 tonnes of cargo remaining — have been withdrawn or shifted from berths,' the SEA said in a letter to the Ministry of Consumer Affairs, Food and Public Distribution on June 16, following up on an earlier communication sent on June 11. The congestion has wide-reaching implications as the extended waiting periods are incurring significant demurrage costs, thereby increasing overall import expenses and pushing up edible oil prices for consumers. Jitendra Srivastava, CEO of Triton Logistics & Maritime, said the congestion of shipments at Kandla Port reinforces the need to upgrade India's port infrastructure and optimise maritime logistics at the earliest. 'With vessel wait times reaching up to 48 hours, the ripple effects are felt across the entire supply chain, from exporters to consumers. As trade volumes continue to escalate, there is a pressing need for ports across the country to incorporate smart technologies, automate, and improve berthing and cargo handling capabilities to sustain future demand,' Srivastava said. 'Principal solutions include improved vessel traffic control, enhanced inter-agency coordination, and investment in technological aids such as predictive analytics to enable more effective port flow management. Upgrading berths, modernising the container terminal, and developing warehousing space are equally important to avoid bottlenecks and achieve faster turnaround times,' Srivastava said. 'As per port norms, any vessel pulled out for any reason can only be re-berthed after three days – which, in practice, can take 3-5 days — along with additional port charges for de-berthing, re-berthing, pilotage and other marine services. Meanwhile, the vessel accrues demurrage by the hour and once under demurrage, it continues to incur charges. Ironically, this practice does little to ease the congestion,' SEA said. Total oil imports have fallen over the past seven months. Between November 2024 and May 2025 — the first seven months of the 2024–25 oil year — vegetable oil imports stood at 7,884,768 tonnes, down 9 per cent from 8,678,447 tonnes during the same period last year, SEA noted. Ravi Dutta Mishra is a Principal Correspondent with The Indian Express, covering policy issues related to trade, commerce, and banking. He has over five years of experience and has previously worked with Mint, CNBC-TV18, and other news outlets. ... Read More
Time of India
09-05-2025
- Business
- Time of India
REC to provide about Rs 2.5 lakh cr finance for renewable energy projects till 2030
New Delhi: State-owned non-banking finance firm REC Ltd will increase its exposure to renewable energy projects by about ₹2.5 lakh crore in next six years to aid India's target of having 500 GW of non-fossil fuel energy by 2030. REC currently has an exposure of about ₹53,000 crore in renewable energy projects with a total loan book of ₹5.67 lakh crore as on March 31, 2025. The company has planned to achieve a loan book of ₹10 lakh crore including ₹3 lakh crore exposure in renewable energy project by 2030. Renewable energy is a key area where the company will focus in the coming six years in view of nation's ambitious target of having 500 GW renewable energy by 2030. Talking to PTI, REC Chairman and Managing Director Jitendra Srivastava said, "Currently, our loan book stands at around 5.67 lakh crore. and we are trying to aim for a loan book of 10 lakh crore by 2030. Out of this, we would like to see the renewable sector touching around 3 lakh crore, which is currently around ₹52,000 crore to ₹53,000 crore. So we are hopeful. We would like to push the sector." He said the company will be fairly aggressive in the renewable energy sector. India's installed renewable energy capacity is about 220 GW as of March 31, 2025, which includes around 48 GW large hydro power project, over 50 GW wind energy and about 106 GW solar projects. India needs to add 50 GW of renewable energy capacity per annum till 2030 to achieve the target of 500 GW. Thus the nation needs a lot of investment and finance facility to achieving this tall order. The government has appointed REC as the nodal agency for implementing roof-top solar scheme ' PM Surya Ghar Yojana '. About the progress on the scheme, Srivastava said, "We have a target of 1 crore households for PM Surya Ghar Yojana, out of which 51 lakh applications have come in. Out of this, 12 lakh people have already received it and we are trying to complete our target of 1 crore households in next two years." About reducing the net credit impaired assets or bad loans, he stated that the company is targeting zero bad loans this fiscal, which has already been brought down to 0.38 per cent from 0.86 per cent a year ago. He also informed that there are 12 cases of bad loans and the company is working on them.
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Business Standard
08-05-2025
- Business
- Business Standard
REC to provide Rs 2.5 trn finance for renewable energy projects till 2030
State-owned non-banking finance firm REC Ltd will increase its exposure to renewable energy projects by about Rs 2.5 trillion in next six years to aid India's target of having 500 GW of non-fossil fuel energy by 2030. REC currently has an exposure of about Rs 53,000 crore in renewable energy projects with a total loan book of Rs 5.67 trillion as on March 31, 2025. The company has planned to achieve a loan book of Rs 10 trillion including Rs 3 trillion exposure in renewable energy project by 2030. Renewable energy is a key area where the company will focus in the coming six years in view of nation's ambitious target of having 500 GW renewable energy by 2030. Talking to PTI, REC Chairman and Managing Director Jitendra Srivastava said, "Currently, our loan book stands at around 5.67 trillion. and we are trying to aim for a loan book of 10 trillion by 2030. Out of this, we would like to see the renewable sector touching around 3 trillion, which is currently around Rs 52,000 crore to Rs 53,000 crore. So we are hopeful. We would like to push the sector." He said the company will be fairly aggressive in the renewable energy sector. India's installed renewable energy capacity is about 220 GW as of March 31, 2025, which includes around 48 GW large hydro power project, over 50 GW wind energy and about 106 GW solar projects. India needs to add 50 GW of renewable energy capacity per annum till 2030 to achieve the target of 500 GW. Thus the nation needs a lot of investment and finance facility to achieving this tall order. The government has appointed REC as the nodal agency for implementing roof-top solar scheme 'PM Surya Ghar Yojana'. About the progress on the scheme, Srivastava said, "We have a target of 1 crore households for PM Surya Ghar Yojana, out of which 51 lakh applications have come in. Out of this, 1.2 million people have already received it and we are trying to complete our target of 1 crore households in next two years." About reducing the net credit impaired assets or bad loans, he stated that the company is targeting zero bad loans this fiscal, which has already been brought down to 0.38 per cent from 0.86 per cent a year ago. He also informed that there are 12 cases of bad loans and the company is working on them.
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Business Standard
02-05-2025
- Business
- Business Standard
Triton Logistics aims to grow turnover to ₹500 crore in 2 to 3 years
Triton Logistics & Maritime is aiming to increase its turnover to Rs 500 crore from the current Rs 150 crore in the next two to three years, its CEO Jitendra Srivastava said on Friday. "Triton is still in a very early stage. Right now, we're touching around Rs 150 crore in turnover. The aim is to scale this up to Rs 500 crore in the next two to three years," the CEO said. The company which specialises in freight forwarding, logistics, and global supply chain management with end-to-end solutions plans to scale up its turnover by investing into a lot of services and solutions, he said. "Our business plan is focused around two main pillars - geography and industry. On one hand, we are looking at which geographies we want to expand into, on the other hand, we are identifying industries where we can deliver tailored solutions," he explained. Apart from that, the company is putting a lot of effort into digitalisation and that's a major area where Triton Logistics & Maritime is investing heavily. "The goal is to stay close to the business and provide solutions that are driven by technology. That's a very significant part of our growth strategy," he said. There are three to four industries where the company is strategically focused, the CEO said. "Pharma and healthcare is one of them. Then we are also looking at automotive components and chemicals, both dangerous (DG) and non-dangerous (non-DG)," he said. The logistics needs of every product and every industry is different, and the company is customising its solutions accordingly. "The US is one of our strongest and most strategic Gulf is another strategic region for us," he said. Triton Logistics & Maritime delivers expertise in end-to-end logistics and supply chain services. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Mint
22-04-2025
- Business
- Mint
IAS Jitendra Srivastava takes over as REC chief as co expands across infra
New Delhi: Jitendra Srivastava, a 2000 batch Indian Administrative Service (IAS) officer from the Bihar cadre, took over as chairman and managing director (CMD) of REC Ltd on Tuesday, the government-owned power finance company said in a statement. On 18 April, the appointments committee of cabinet (ACC) approved the appointment of Srivastava as the new CMD of the Delhi-based company. This appointment has been made in the rank and pay of additional secretary to the government of India, under the ministry of power. Srivastava succeeds Vivek Kumar Dewangan, whose tenure at the helm ended last month. REC noted that over the years, Srivastava has held several key administrative and leadership roles, both in the central government and the government of Bihar. Earlier, he served as secretary to the government of Bihar in its Home Department and Public Health Engineering Department (PHED). In his career, he has held important assignments in sectors such as finance, power, education, public health and infrastructure. His deep understanding of grassroots governance, combined with his experience at the central level, makes him well-equipped to steer REC's strategic objectives and support India's growing power and energy needs, the company said. He holds a B.A. (Honours) in Economics from Delhi University's Hansraj College and an MBA (Finance) from Cochin University of Science and Technology. The appointment comes at a time when REC is diversifying its operations across infrastructure projects apart from its focus areas of power and renewable energy. Earlier this month, REC entered into a memorandum of understanding with the Mumbai Metropolitan Region Development Authority to provide financial support of ₹ 1 trillion for infrastructure development in the Mumbai Metropolitan Region. For the quarter ended December, REC reported a 15% year-on-year increase in its net profit to ₹ 11,574.25 crore. The company's total revenue from operations in the December quarter was ₹ 41,033 crore, compared to ₹ 34,827.57 crore a year ago. Shares of REC Ltd on the BSE closed at ₹ 440.25 apiece on Tuesday, down 0.55%. First Published: 22 Apr 2025, 07:55 PM IST
