Solar Power Becoming Increasingly Important in India

India’s government plans to draw 40% of the country’s energy from renewables by 2030, and it is because of the government’s commitment that India is about to become the biggest market for solar energy, said San Jose, CA-based SunPower CEO Tom Werner.

Prime Minister Modi wants to spend $3.1 billion on state aid for India’s solar panel manufacturing industry to increase India’s photovoltaic capacity and create an export industry, according to Bloomberg.

Kamuthi Solar Power Plant

The World Economic Forum says SunPower isn’t the only company taking note. Having acquired San Mateo, CA-based SolarCity,  CEO Elon Musk of Tesla is also interested in the solar energy sector in India, and might enter the market as early as this summer.

April 29, 2017   No Comments

India Launches South Asia Satellite GSAT-9

India’s Space and Research Organization (ISRO) launched the first South Asia Satellite, on May 5. Speaking on the occasion, Prime Minister Modi said that the satellite will help partner countries in effective communication, better governance, better banking and education in remote areas, more predictable weather forecasting and efficient resource mapping. It will link people to medical services through telemedicine and facilitate quick responses to natural disasters.

ISRO’s chairman A. S. Kiran Kumar said that the satellite, with a lift-off mass of 4,839 pounds, carried 12 ku-band transponders, and had a mission life of more than 12 years.

Polar Satellite Launch Vehicle

Polar Satellite Launch Vehicle

Each of the participating countries — Afghanistan, Bangladesh, Bhutan, India, the Maldives, Nepal and Sri Lankawill be able to use a dedicated transponder with a capacity of 36 to 54 Mhz for its own internal consumption, and will be responsible for content generation and its usage, reports the Livemint. Pakistan chose to opt out of the project and is not part of the participating countries.

April 26, 2017   No Comments

Australia Readies Uranium Supply for India

At a joint news conference in New Delhi with visiting Australian Prime Minister Malcolm Turnbull, and Prime Minister Narendra Modi, Turnbull said Australia was looking forward to the first export of Australian uranium to India as soon as possible. “We have worked closely with India to meet our respective requirements for the provision of fuel for India’s civil nuclear program,” he said. “Now we are working with India to secure timely conclusion of a quality Regional Comprehensive Economic Partnership, which would provide a significant boost to regional confidence,” he added.

Indian Prime Minister Modi said that cooperation between the two countries in the energy sector, including renewable energy, was on the upswing.

Turnbull and Modi at Akshardham Temple

The two leaders inaugurated a research center on nano and bio technology. At the event, Modi said that the Australia-India Research Fund of nearly $100 million “has focused on collaborative research projects in the areas such as nano-technology, smart cities, infrastructure, agriculture and disease control.”

April 20, 2017   No Comments

Modi to Visit USA to Meet President Trump Soon

United States National Security Advisor H. R. McMaster met Prime Minister Narendra Modi in New Delhi in the third week of April setting the stage for a bilateral visit by India’s Prime Minister in the next few months, possibly as early as June.

US and India Flags

Trump and Modi will meet anyway in early July during the G-20 summit in Hamburg, Germany. However, both Indian and American government sources confirmed the possibility that Modi may travel to the U.S. for a stand-alone bilateral visit in June or July, reports the Indian Express.

April 20, 2017   No Comments

KKR likes India’s new Bankruptcy Code

New York City-based Kohlberg Kravis Roberts, a multinational private equity firm, specializing in leveraged buyouts, proactively engaged with India’s Federal government on the new bankruptcy code. The Code seeks to consolidate and amend laws relating to reorganization and insolvency resolution of corporate persons, partnership firms and individuals in a time-bound manner.

KKR produced a white paper on the subject after co-chairman Henry Kravis told Narendra Modi that India lacked proper bankruptcy laws during the latter’s first visit to the U.S. in 2014, soon after becoming prime minister.

I have never seen a government move so fast,” Kravis said. “He (Modi) was back in New York six-nine months later and he told me ‘we’re doing it’. And now what I hear from the lawyers is that it is a pretty darn good code.” The bankruptcy code was approved by India’s Parliament in May last year.

Signboard on Bankruptcy
The Economic Times says: Kravis’ prescription is this: Quantify bad loans as per their fair-market value and not by oft-used matrices like replacement costs, and sell them to asset reconstruction companies with a haircut. That will affect the net worth of the banks and that’s where the government needs to step in to recapitalize balance sheets by selling shares to lower state ownership to below 51%.

“You just place a threshold and say across every industry if the loan is substandard by a certain value or percentage then it goes into the pool and the government tells the banks that we bridge your equity. Banks have to go back to lending once again. In India, they are still the main source of capital.”

April 16, 2017   No Comments