Latest news with #ManojSingh
Time of India
2 days ago
- Business
- Time of India
Adani can't sub-lease its data centre project to another co until it's complete, says Noida
Noida: Noida Authority has ruled out the possibility of sub-leasing its Sector 80 industrial plot to Noida Data Centre Ltd — a group firm of Adani Enterprises Ltd — before the project is declared functional. The decision marks a reversal of the Authority's earlier stance, with officials insisting they would not allow any relaxation from original allotment conditions. According to officials, the plot allotted to Adani in 2021 was still undeveloped and the company had not applied for map approval either. They cited Clause 14-B of the lease deed, which clarified that sub-leasing would be allowed only after the unit obtained an occupancy certificate and became operational. In July last year, the Authority had initially approved the sub-leasing of 10 acres in Sector 80 to Noida Data Centre Ltd — a special purpose vehicle (SPV) formed jointly by Adani Enterprises and EdgeConneX under the AdaniConnex venture. The land, allotted for Rs 70 crore in April 2021, was meant for developing a 50MW hyperscale data park within six years. However, the Authority reversed its decision at a meeting in March this year, following complications over transfer charges. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like O novo dispositivo que os idosos usam para ajudar na neuropatia (dor nos nervos) A arte do herbalismo Undo When the Authority demanded Rs 11 crore as transfer fee, Adani sought a waiver, citing a precedent where the Authority had allowed sub-leasing of its institutional plot in Sector 62 to another SPV without such charges. The company cited the Data Centre Policy of 2021. But although the policy allowed sub-leasing without transfer charges, it also empowered industrial development authorities to levy relevant fees under the UP Industrial Area Development Act, 1976. On June 9, the Authority denied the waiver and conveyed its decision to Adani through a letter, pointing out that the allottee had agreed to these provisions at the time of application and remained bound by them. Chief secretary Manoj Singh, who is also the Authority chairperson, also intervened. He clarified that the Sector 62 case couldn't be compared with that of Adani as it involved different categories of land use. Sector 80 followed industrial plot norms, while Sector 62 was allotted under institutional rules. "Noida Authority's policies for transfer or sub-lease of industrial and institutional plots are entirely different," Singh wrote to Authority CEO Lokesh M. In his letter, Singh also emphasised that the lease deed for the Sector 80 plot — executed in Oct 2021 — explicitly prohibited any kind of transfers before the project became functional. "The allottee was aware of the provisions.... Now, subsequent to signing the lease deed, the provisions of the Para 8.3.i of the Data Centre Policy 2021 cannot be taken recourse to," he wrote. While the IT and electronics department supported Adani's position — arguing that the Data Centre Policy should supersede the lease deed terms — the Authority stuck to its stance. A committee comprising the finance controller, chief legal adviser, and an additional CEO recommended that Adani's request for sub-lease and fee waiver be rejected, also insisting on project completion and the mandatory occupancy certificate. "Granting any relaxation would amount to a post-allotment benefit, which cannot be allowed under current rules," an official said.
Mint
5 days ago
- Business
- Mint
ReNew's profit surges fivefold to ₹313.7 crore in Q4
New Delhi: Nasdaq-listed ReNew Energy Global Plc on Monday reported a fivefold year-on-year jump in its profit in the quarter ended March. The net profit for the fourth quarter of FY25 stood at ₹ 313.7 crore ($37 million) compared with ₹ 60.9 crore ($7 million) a year earlier, according to the company's filing to the US Securities and Exchange Commission. The increase was primarily 'driven by higher operating revenues, external sales from our module and cell manufacturing operations, and lower tax incidence, partially offset by higher scale linked financing costs & depreciation, including costs attributable to external sales from our module and cell manufacturing operations, and lower resource availability," the filing said. ReNew Energy's total income during the period under review was ₹ 3,439.1 crore, nearly 39% higher than ₹ 2,477.6 crore a year earlier. The total revenue includes external sales from the module and cell manufacturing operations worth ₹ 991.4 crore. For the financial year 2024-25, the company reported a total income of ₹ 10,907 crore, compared with ₹ 9,653.1 crore in FY24. As of 31 March 2025, ReNew Energy said its portfolio comprised 17.3 gigawatts (GW) of green energy capacity, compared to 13.5 GW a year earlier. In the ongoing financial year (FY26), the company has signed 1.2 GW of power purchase agreements, taking the total portfolio to 18.5 GW along with a 1.1 GWh battery energy storage system. In addition, the company has 6.5 GW of solar module manufacturing and 2.5 GW of cell manufacturing. On the proposed delisting, the company said that a special committee led by Manoj Singh, the lead independent director and comprising six independent non-executive ReNew directors, would consider the non-binding proposal and the active discussions are ongoing with the consortium of Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Ltd (trustee for the Platinum Cactus A 2019 Trust, a wholly owned subsidiary of the Abu Dhabi Investment Authority), and Sumant Sinha, the founder, chairman and CEO of ReNew. The consortium had offered to acquire the listed shares of ReNew. On 11 December 2024, the company announced that it had received the non-binding proposal to acquire the entire share capital not already owned by members of the consortium for $7.07 per share. The special committee has retained an independent financial advisor, Rothschild & Co, and independent legal counsel Linklaters LLP, the statement said. 'Active discussions with the Consortium are ongoing and the Special Committee will provide an update to the market on the outcome as soon as reasonably practicable."
Mint
6 days ago
- Business
- Mint
ReNew's profit surges fivefold to ₹313.7 crore in Q4
New Delhi: Nasdaq-listed ReNew Energy Global Plc on Monday reported a fivefold year-on-year jump in its profit in the quarter ended March. The net profit for the fourth quarter of FY25 stood at ₹ 313.7 crore ($37 million) compared with ₹ 60.9 crore ($7 million) a year earlier, according to the company's filing to the US Securities and Exchange Commission. The increase was primarily 'driven by higher operating revenues, external sales from our module and cell manufacturing operations, and lower tax incidence, partially offset by higher scale linked financing costs & depreciation, including costs attributable to external sales from our module and cell manufacturing operations, and lower resource availability," the filing said. ReNew Energy's total income during the period under review was ₹ 3,439.1 crore, nearly 39% higher than ₹ 2,477.6 crore a year earlier. The total revenue includes external sales from the module and cell manufacturing operations worth ₹ 991.4 crore. For the financial year 2024-25, the company reported a total income of ₹ 10,907 crore, compared with ₹ 9,653.1 crore in FY24. As of 31 March 2025, ReNew Energy said its portfolio comprised 17.3 gigawatts (GW) of green energy capacity, compared to 13.5 GW a year earlier. In the ongoing financial year (FY26), the company has signed 1.2 GW of power purchase agreements, taking the total portfolio to 18.5 GW along with a 1.1 GWh battery energy storage system. In addition, the company has 6.5 GW of solar module manufacturing and 2.5 GW of cell manufacturing. On the proposed delisting, the company said that a special committee led by Manoj Singh, the lead independent director and comprising six independent non-executive ReNew directors, would consider the non-binding proposal and the active discussions are ongoing with the consortium of Abu Dhabi Future Energy Company PJSC-Masdar, Canada Pension Plan Investment Board, Platinum Hawk C 2019 RSC Ltd (trustee for the Platinum Cactus A 2019 Trust, a wholly owned subsidiary of the Abu Dhabi Investment Authority), and Sumant Sinha, the founder, chairman and CEO of ReNew. The consortium had offered to acquire the listed shares of ReNew. On 11 December 2024, the company announced that it had received the non-binding proposal to acquire the entire share capital not already owned by members of the consortium for $7.07 per share. The special committee has retained an independent financial advisor, Rothschild & Co, and independent legal counsel Linklaters LLP, the statement said. 'Active discussions with the Consortium are ongoing and the Special Committee will provide an update to the market on the outcome as soon as reasonably practicable." The statement said the ReNew executive management's primary focus will be to continue to ensure the effective management of the company, in addition to helping evaluate the process as required by the special committee.
Time of India
15-06-2025
- Automotive
- Time of India
Road cave-in creates 6ft deep crater in Aliganj
1 2 3 Lucknow: A major accident was averted on Saturday after a large crater suddenly formed in the middle of the road in Aliganj's Sector J, just moments after a city bus carrying over three dozen passengers passed. The crater was about 8 ft in radius and 6 ft deep—large enough to engulf a small car. According to officials, the collapse was caused by a damaged underground sewage pipeline located nearly 12 ft below the surface, which led to soil erosion. The road, a busy connector between Purania and Ram Ram Bank Chauraha, is used by over 15,000 commuters daily and falls under the jurisdiction of the Public Works Department (PWD). "A pit about 6 ft deep was formed due to soil erosion, likely caused by leakage in a 600 mm diameter sewer line. The incident occurred around 5:30 pm, and we estimate that repair work will take five to seven days," said a Lucknow Municipal Corporation (LMC) official. Locals, who placed bricks and tree branches to mark the area and prevent accidents, expressed concern over the recurring nature of such incidents. "This is the second cave-in in the area in the last three years," said Manoj Singh, a local. Kundan Singh, a nearby shopkeeper, recalled the moment of collapse: "It felt like an earthquake or explosion. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Pinga-Pinga e HBP? Tome isso 1x ao dia se tem mais de 40 anos Portal Saúde do Homem Clique aqui Undo Thankfully, no other vehicle was there—it could have been tragic." Locals are demanding long-term solutions and stricter monitoring of underground pipelines to prevent further damage. "Repair work on the damaged sewer line is currently in progress and being carried out on priority to prevent any further inconvenience to the public," said additional municipal commissioner Lalit Kumar. "Our teams are working round-the-clock to complete the restoration of the underground pipeline, which was likely damaged due to erosion caused by leakage. Once this underground repair is completed and the site is secured, we will formally inform the PWD to begin mending and resurfacing the road. Ensuring public safety and restoring normal traffic movement is our priority," he said. Follow more information on Air India plane crash in Ahmedabad here . Get real-time live updates on rescue operations and check full list of passengers onboard AI 171 .
Indian Express
15-05-2025
- Politics
- Indian Express
‘Time international bodies take over their nuclear facility': In J&K, Rajnath calls Pakistan ‘irresponsible and rogue nation'
Defence Minister Rajnath Singh Thursday called on international bodies to take over Pakistan's nuclear facility so that its nuclear bluff is called for ever. Interacting with the troops at Army's 15 Corps Headquarters in Srinagar during his first visit to Jammu and Kashmir after 'Operation Sindoor', the defence minister questioned Pakistan's ability to handle nuclear weapons. This comes days after a ceasefire between India and Pakistan following border escalations in the aftermath of India's strikes in Pakistan-occupied Kashmir and Pakistan. The strikes came days after a terror attack in Pahalgam, in which 26 people – mostly tourists but also a local – were shot dead by terrorists on April 22. India's precision strikes on terror infrastructure have proved that it will not succumb to any nuclear blackmail, he said. 'From the land of Srinagar, I want to raise this question whether nuclear weapons are safe in the hands of such an irresponsible and rogue nation,' he asked while interacting with the troops in Srinagar. 'The whole world has seen how irresponsibly Pakistan has threatened India. It is high time that an international body – the International Atomic Energy Agency — takes over the supervision of Pakistan's nuclear facility'. The defence minister, who was accompanied by J&K's Lt Governor Manoj Singh, reviewed the overall security scenario and combat preparedness of the Army and paid tributes to the soldiers who sacrificed their lives for defending the country's frontiers and the civilians killed in the Pahalgam attack. He also visited areas affected by Pakistan's shelling. Calling 'Operation Sindoor' the biggest operation against terror, he said India 'would go to any extent' to end terrorism and asked Pakistan to stop harbouring terrorists. India's precision strikes in retaliation to the April 22 terror attack, followed by intense mortar and artillery shelling and drone and missile attacks by Pakistan.
