Reliance Power to legally challenge Indian clean energy agency's ban

12 Nov 2024 CW Team

India's Reliance Power said that it will legally challenge a three-year ban by the country's top renewable energy agency from participating in its clean energy project tenders. Solar Energy Corporation of India Limited (SECI) said that it had banned Reliance Power and its units after the state-owned agency found the endorsement of a bank guarantee to be fake while scrutinising a bid for a tender. The ban comes as Reliance Power, a coal power generator, is looking to expand into the domestic and overseas renewable energy sector. "The Company and its subsidiaries acted bonafidely and have been a victim of fraud, forgery and cheating conspiracy," Reliance Power said in a statement. The company, run by Reliance Group Chairman Anil Ambani, said it had already lodged a complaint against the third party that arranged the bank guarantee with the economic offence wing of the Delhi Police. It did not name the third party. Indian companies are increasingly looking to set up clean energy projects as the country targets 500 GW of renewable energy by 2030 as part of its 2070 net zero goal, up from the current installed capacity of about 154 GW. In August, Anil Ambani was banned from the securities market for five years and fined about $3 million by the Indian markets regulator on charges of diversion of funds.

Real Estate

07 Jul 2026

Pecan Realty Completes Rs 1.5 Billion Transactions

Pecan Realty has recently completed four institutional transactions worth over Rs 1.5 billion over the past two years, strengthening its position as an execution-led real estate platform. The deals include resolution-led acquisitions, structured finance transactions and capital partnerships across its development portfolio.The transactions covered acquisitions through the National Company Law Tribunal process and helped provide repayment or exits to both private and public sector lenders. The company said the deals demonstrate its ability to resolve complex project situations, work with instit..

SNN Estates Expands North Bengaluru Housing Project

SNN Estates has announced an expansion of its SNN Estates Felicity residential project in North Bengaluru following strong buyer demand, with 75 per cent of the first-phase inventory sold within three days of launch.The developer will add 76 apartments in the new phase, taking the project's estimated revenue potential to around Rs 1,000 crore upon completion of Phase 2.Spread across 6.5 acres in Rachenahalli, near Manyata Tech Park, the project comprises 604 apartments in 1.5, 2, 2.5, 3 and 4 BHK configurations. The development includes a 50,000-sq-ft clubhouse with amenities such as sports co..

SCG Drives ASEAN Industrial Transformation Strategy

SCG is strengthening its focus on ASEAN as a key growth region by advancing industrial transformation, enhancing competitiveness and building resilient regional value chains. Thammasak Sethaudom, President and Chief Executive Officer, SCG, highlighted the need for industries to continuously develop capabilities, strengthen resilience and deepen regional cooperation to achieve sustainable long-term growth.SCG views ASEAN as an important growth engine alongside China, supported by favourable demographics, trade connectivity and investment flows. With ASEAN’s GDP projected to grow by around 4.7..