Month: September 2024

Tamil Nadu chief minister MK Stalin said that he had met with Ford officials to discuss the future of their closed plant in Maraimalai Nagar near Chennai. On X (formerly Twitter), he said, “Had a very engaging discussion with the team from Ford Motors! Explored the feasibility of renewing Ford’s three decade partnership with Tamil Nadu, to again make in Tamil Nadu for the world!”

The meeting with Ford is part of MK Stalin’s US visit in which he is looking for fresh investments for the state.

It was earlier reported that Ford is looking at a third time India re-entry looking at both ICE (internal combustion engine) as well as EV production, in the CBU (Completely Built Up) form at the Chennai plant.

The Chennai plant may also be used as an export base, it was reported. This comes as Ford India filed for a design patent for its new Endeavour.

Ford exited the Indian market in September 2021 as it failed to keep up with the competition resulting in a massive fall in sales.

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Samsung Electronics is planning to lay off more than 200 executives across various functions in its Indian operations, The Economic Times reported. The decision comes amid slowing business growth and weakening consumer demand in the country.

The layoffs are expected to impact multiple departments, including mobile phones, consumer electronics, home appliances, and support functions. Industry sources suggest that this reduction could affect approximately 9-10% of Samsung’s managerial workforce in India, the report added.

According to the report, the company is offering affected employees a severance package that includes three months of salary as per their employment contract plus an additional month’s salary for each year of service, the report added.

The news has sent ripples through the industry, with some executives reportedly seeking opportunities elsewhere. As one rival home appliance company CEO told ET, “I have received frantic calls and resumes from Samsung India executives for jobs as some of the people who have been laid-off include senior executives as well who are ready to join us even at a substantial lower salary.” 

This development coincides with ongoing labour unrest at Samsung’s Chennai factory. Workers there have been on strike for three consecutive days, disrupting the production of televisions, refrigerators, and washing machines. Despite the strike, Samsung is reportedly attempting to maintain operations at 50 per cent – 80 per cent of the plant’s capacity, as per the ET report.

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Indian Renewable Energy Development Agency (IREDA) on Monday said it has inked initial pacts with SJVN and GMR Energy for the development and implementation of the 900 MW Upper Karnali hydro-electric project in Nepal.

This collaboration aims to enhance regional energy security through the development of renewable energy infrastructure, a statement said.

Pradip Kumar Das, Chairman & Managing Director of IREDA, said, Our investment in this important hydropower project underscores IREDA’s ongoing commitment to advancing renewable energy initiatives. This collaboration not only accelerates the development of Nepal’s hydropower sector but also strengthens regional energy cooperation, supporting our shared goal of sustainable growth.

The project holds strategic importance for IREDA, as it will help harness Nepal’s vast hydropower potential while reinforcing IREDA’s dedication to renewable energy development.

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Shares of Tata Power Company Ltd are in focus on Tuesday morning after the Tata group firm said it has commenced solar cell production its 4.3 GW solar cell and module manufacturing plant in Tirunelveli, Tamil Nadu. The largest domestic single-location facility, which is equipped with advanced TOPCon and Mono Perc technology to enhance solar cell efficiency, is seen bolstering domestic manufacturing of cell and module, adding to India’s solar energy and net-zero goals.

Tata Power shares delivered a flat return in the past one month but have jumped 26 per cent in 2024 so far.

TP Solar, a Tata Power Renewable Energy Limited (TPREL) subsidiary, commenced commercial production from the 2GW solar cell line at its facility. This milestone follows the successful production of solar modules earlier this year. TPREL is a subsidiary of Tata Power Company.

The solar cell production, currently at 2 GW capacity will enhance Tata Power’s ability to meet the growing demand for high-quality, and domestically produced solar components, especially for large-scale capacity-addition projects, Tata Power said in a BSE filing.

“The plant is expected to ramp up production with the remaining 2 GW capacity to be added over the next 4-6 weeks, reaching peak production within the next few months,” the Tata group firm said.

Having a total cell & module manufacturing capacity of 4.3 GW, the module production line at the Tirunelveli plant was commissioned in October 2023 and has produced 1250 MW of solar modules till date.

Tata Power has committed nearly Rs 4,300 crore towards the establishment of the facility. The solar cells and modules produced at the Tamil Nadu facility will initially cater to the company’s ongoing projects, strengthening its supply chain. Tata Power also plans to explore opportunities for wider market distribution.

In addition to the Tirunelveli plant, the company also operates a manufacturing facility in Bengaluru, Karnataka. This facility has a production capacity of 682 MW for solar modules and 530 MW for solar cells. To date, it has supplied a total of 3.73 GW of solar modules and 2.26 GW of solar cells.

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Suzlon Energy Ltd. informed the exchanges on Monday that it has won an order of 1,166 MW from NTPC Green Energy Ltd., the renewables arm of state-run NTPC Ltd.

This is the largest wind energy order in India, the company said in the exchange filing.

Suzlon will install a total of 370 wind turbine generators (WTGs) of S144 equipped with a hybrid lattice tubular (HLT) tower and a rated capacity of 3.15 MW each at two projects of NTPC Renewable Energy and one project of IndianOil NTPC Green Energy Pvt. Ltd. in the state of Gujarat.

The order win takes Suzlon’s total cumulative order book now to its largest every size of close to 5 GW.

“This marks our first direct wind energy order from NGEL, signaling Suzlon’s triumphant return to the PSU customer segment,” Girish Tanti, Vice Chairman of Suzlon Group was quoted as saying.

Suzlon Group CEO JP Chalasani said that while this is India’s largest wind energy order, the project is also the first of many more such between the two companies in the future.

As part of the order, Suzlon will supply the wind turbines and execute the project, including erection and commissioning, in Gujarat as well as undertake operations and and maintenance services post-commissioning.

In an interaction with CNBC-TV18 on September 5, Suzlon Group CFO Himanshu Mody said that there are no further non-core assets that the company intends to monetise.

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