Reliance Power to legally challenge Indian clean energy agency's ban
POWER & RENEWABLE ENERGY

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

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.

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.

Next Story
Infrastructure Urban

Minister urges swift removal of obstacles in infrastructure projects

G R Anil, Food and Civil Supplies Minister, highlighted that numerous obstacles impede the initiation of large projects, emphasising the need to eliminate unnecessary protests and misinformation that hinder development. He made these remarks during the inauguration of the organising committee for the Pothencode-Mangalapuram road at the Pothencode panchayat office. The minister expressed the goal of completing the road construction within five months, stating that its completion would resolve traffic issues in Pothencode. He also announced that the Public Works Department (PWD) Minister Moham..

Next Story
Infrastructure Urban

90 Infra Projects Worth Rs 34.17 bn Approved for North East in 4 Years

The Ministry of Development of North Eastern Region (MDoNER) has approved 90 projects with a total expenditure of Rs 34.17 billion under the North East Special Infrastructure Development Scheme (NESIDS) over the past three financial years (2021-22 to 2023-24) and the on-going financial year 2024-25. This announcement was made in a written reply in the Lok Sabha by Sukanta Majumdar, Union Minister of State for Development of North Eastern Region. The NESIDS scheme is categorised into two components: NESIDS (roads): This component focuses on developing physical assets such as roads, bridges,..

Next Story
Building Material

Steel Ministry restricts import of substandard products

The central government has identified instances of substandard steel imports and has taken measures to prevent their entry into the country. The Ministry of Steel stated that cheaper imports tend to lower domestic steel prices and negatively impact both large and small steel producers. According to the ministry, numerous traders and manufacturers have been attempting to bypass the Bureau of Indian Standards (BIS) requirements by making minor alterations to steel grades. Official reports indicate that this appears to be an effort to import inexpensive steel under the guise of different grades. ..

Hi There!

"Now get regular updates from CW Magazine on WhatsApp!

Join the CW WhatsApp channel for the latest news, industry events, expert insights, and project updates from the construction and infrastructure industry.

Click the link below to join"

+91 81086 03000