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REC inks three strategic MoUs for renewables
POWER & RENEWABLE ENERGY

REC inks three strategic MoUs for renewables

REC, a Maharatna CPSE under Ministry of Power, has inked three strategic MoUs in the backdrop of the Madhya Pradesh Global Investors Summit 2023. The summit has drawn interest both at the national and international stage and witnessed participation from more than 314 companies. The fir...

REC, a Maharatna CPSE under Ministry of Power, has inked three strategic MoUs in the backdrop of the Madhya Pradesh Global Investors Summit 2023. The summit has drawn interest both at the national and international stage and witnessed participation from more than 314 companies. The first MoU was signed with the MP Power Management, to extend financial assistance of Rs 150.86 billion for the upcoming Sarani and Amarkantak thermal power projects, system improvement works, technology upgradation, renovation and modernisation. The second MoU was inked with Rewa Ultra Mega Solar. REC will commit a sum of Rs 10 billion as financial assistance for renewable energy projects covering the development of renewable energy parks, projects, and associated infrastructure including power evacuation. This project will be a key addition to realise the renewable energy targets of Madhya Pradesh. The state aims to generate 20 per cent of its electricity through renewable sources by FY2024, 30 per cent by FY2027 and 50 per cent by FY2030. REC aims to become a leading financial services provider in the renewable energy space. Additionally, REC in partnership with World Bank has designed a financing facility for select state owned electricity distribution companies. As a part of this REC-World Bank program, the total volume of financing available shall be $1 billion. Under this umbrella, REC has committed Rs 50 billion to MP DISCOMs to further strengthen the distribution reforms.

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Real Estate

Omaxe to Develop 450-Acre Township in Indore’s Super Corridor

Omaxe has announced a major expansion in Madhya Pradesh with the acquisition of 450 acres along Indore’s Super Corridor for a modern integrated township. The company will invest Rs 12 billion in the multi-phase project, which is expected to generate Rs 25 billion in revenue over three years.  The development will include residential clusters, commercial and retail zones, schools, healthcare facilities, parks, and green mobility infrastructure. The township aims to support the region’s urban growth and rising infrastructure demand, especially with metro connectivity and major road..

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Infrastructure Energy

India’s First CBG Plant with Steel Pipeline Integration Launched

CEID Consultants and Engineering has successfully commissioned India’s first Compressed Biogas (CBG) plant integrated via a steel pipeline into a City Gas Distribution (CGD) network. Located in Batala, Gurdaspur (Punjab), the MEPL Bio-energy facility now directly supplies CBG into Gujarat Gas’ grid, eliminating the need for cylinder-based cascade transport and significantly lowering logistics costs. This breakthrough comes after CEID’s earlier deployment of MDPE pipeline offtake at the same plant. The steel pipeline marks a new industry benchmark, enabling continuous, real-time and ..

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Real Estate

Mittal Builders Plans Landmark Township to Transform Naigaon

Mittal Builders has unveiled a bold urban vision to transform Naigaon into a landmark micro-market in western Mumbai, with plans to unlock 6.5 million sq. ft. of development potential across a 70-acre land parcel. The long-term multi-phase plan has an estimated gross development value (GDV) of over Rs 80 billion. As part of this initiative, Mittal Builders has signed a joint development agreement with The House of Abhinandan Lodha (HoABL) to co-develop a 3 million sq. ft. integrated township, comprising over 4,600 apartments and high-street retail. With a planned investment of Rs 20 billi..

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