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L&T loses legal battle against KPCL over Sharavathi pumped storage project in Karnataka

The Karnataka High Court dismissed an appeal by Larsen & Toubro (L&T) against Karnataka Power Corporation Ltd (KPCL) regarding the tender process for the Rs 8,3... The Karnataka High Court dismissed an appeal by Larsen & Toubro (L&T) against Karnataka Power Corporation Ltd (KPCL) regarding the tender process for the Rs 8,300 crore Sharavathi Pumped Storage Power Project, affirming KPCL's authority and the legitimacy of the tender process. L&T objected to the 21-day tender period, arguing it was unusually short compared to the typical 90 days. The project, with a capacity of 2,000 MW, is crucial for addressing Karnataka's electricity shortage, as the state experienced a peak demand of 16,950 MW in August 2023. Karnataka aims to double its power generation capacity to 60,000 MW within seven years, focusing significantly on renewable energy, which currently accounts for 63% of its power generation. Initiatives like increased subsidies for solar pump sets in agriculture and feeder-level solarization are part of the state's efforts to promote sustainable energy.

Railways sets eyes on having 200 Gati Shakti Cargo terminals

The Indian Railways plans to set up 200 additional Gati Shakti Cargo Terminals (GCTs) to boost freight revenue, decongest rail networks, and enable faster passe... The Indian Railways plans to set up 200 additional Gati Shakti Cargo Terminals (GCTs) to boost freight revenue, decongest rail networks, and enable faster passenger train movement, following the successful implementation of the first 100 GCTs. These terminals, developed through public-private partnerships on both Railway and non-Railway land, are designed to handle bulk cargo and are projected to require ?12,000-14,000 crore in private investment. By expanding GCTs, Railways aims to increase its freight traffic share from 29% to 35% by 2030 and support the country's economic growth. The initiative is part of the PM Gati Shakti National Master Plan, aiming to develop multimodal logistics facilities and reduce logistics costs.

REC Ltd secures Japanese green loan of Rs 3,200 crore

REC Limited, a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, secured a significant Green Loan of Japanese Yen (JPY) 6... REC Limited, a Maharatna Central Public Sector Enterprise and leading NBFC under the Ministry of Power, secured a significant Green Loan of Japanese Yen (JPY) 60.536 billion (Rs. 3,200 crore). This loan, backed by an 80% guarantee from SACE, Italy's Export Credit Agency, marks a pioneering collaboration between Indian and Italian entities in sustainable financing. Participating banks from Asia, the USA, and Europe highlight the global interest in this initiative, emphasizing REC's commitment to stringent environmental standards and renewable energy projects. REC's Chairperson anticipates further collaborations, showcasing the growing Indo-Italian partnership in green energy financing.

Current Affairs

L&T loses legal battle against KPCL over Sharavathi pumped storage project in Karnataka

Railways sets eyes on having 200 Gati Shakti Cargo terminals

REC Ltd secures Japanese green loan of Rs 3,200 crore

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