logo
Nagpur solar capital? Waaree, Reliance, B'luru firm seek land for solar panel projects

Nagpur solar capital? Waaree, Reliance, B'luru firm seek land for solar panel projects

Time of India17-06-2025
Nagpur: The solar power equipment manufacturing sector is set to expand in the city with more players entering the fray. After Avaada Electro began production last month, three more companies are set to start operations at Butibori.
Reliance Infrastructure has put up a request before Maharashtra Industrial Development Corporation (MIDC) to acquire over 1,000 acres of land. Waaree Energies, which has been allotted 300 acres in Butibori Industrial Estate of MIDC, has applied for an additional 700 acres, said sources. A Bengaluru-based company, Powerin Urja, has also put up a request for 200 acres near the city.
MIDC has initiated the process of acquiring land on behalf of the companies, said sources.
The three companies plan to manufacture solar panels, a key component for generating solar power. The developments indicate Nagpur will soon emerge as a hub for solar power equipment manufacturing, said sources.
Last month, Avaada Electro, the first in the sector to start operations, began manufacturing solar panels and emerged as the first to make 720Wp solar panels in the country. The company also plans to manufacture solar cells by October.
by Taboola
by Taboola
Sponsored Links
Sponsored Links
Promoted Links
Promoted Links
You May Like
Guayaquil: Inicia hoy con Amazon CFD y construye un segundo ingreso.
InvestIQ
Registrarse
Undo
Making cells in Nagpur will eliminate dependence on China, said sources.
Ashish Kale, chairman of Association of Industrial Development (AID), said this is expected to draw more players to Nagpur and open opportunities for local industries, especially in light of the rising demand for alternative energy.
"Avaada has started production in record time. With this, other companies are expected to follow suit. Moreover, incentives offered by the state govt are much more lucrative compared to other states, on account of refunds available on state goods and service tax (SGST)," said industrial consultant Julfesh Shah.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Infosys ADR shares jump over 3% on NYSE after IT major's net profit rises 9% YoY to  ₹6,921 crore. Details here
Infosys ADR shares jump over 3% on NYSE after IT major's net profit rises 9% YoY to  ₹6,921 crore. Details here

Mint

time6 minutes ago

  • Mint

Infosys ADR shares jump over 3% on NYSE after IT major's net profit rises 9% YoY to ₹6,921 crore. Details here

Infosys ADR Shares: India's second-largest IT company, Infosys Ltd's American Depository Receipt (ADR) shares jumped over 3% to $18.83 on the New York Stock Exchange (NYSE) after Wall Street opened on Wednesday, 23 July 2025. The Infosys ADR shares rose over 3% to $18.83 at the US market open, compared to $18.26 at the previous market session on Wall Street. The company announced its April-June quarter results after the Indian stock market closed on Wednesday. As of 11:12 a.m. (EDT), the shares of the IT major were trading 1.48% higher at $18.53. After hitting its intraday high levels, the ADR stock dropped to its current level as of the early market session. ADR shares are tools that foreign companies use to leverage a special certificate issued by a US bank to trade on the US stock market, similar to other regular US-based companies. India's second-largest IT company, Infosys, posted a 9% rise in its consolidated net profits to ₹ 6,921 crore for the first quarter of the 2025-26 fiscal year, compared to ₹ 6,368 crore in the same quarter in the previous fiscal year. However, the company's net profits dropped 1.6% on a sequential basis in the April-June quarter. Infosys' revenue from core operations increased 7.5% to ₹ 42,279 crore in the April-June quarter of the financial year ended 2025-26, supported by consistent deal momentum and sustained demand for digital transformation services from global clients. According to Mint's earnings coverage, the company also revised its 2025-26 fiscal year constant currency revenue growth guidance, raising the lower end to 1% while retaining the upper end at 3%. Infosys ADR shares trading on the NYSE have given US market investors more than 68% returns on their investment in the last five years. However, the shares were down 15.13% in the last one-year period. On a year-to-date (YTD) basis, the IT major's ADR stock has dropped 17.19% and is trading 2.91% lower in the last five market sessions on Wall Street. The shares hit their 52-week high at $23.63, while the 52-week low level was at $15.82. The shares are trading above their year-low levels, and the company's market capitalisation stands at $75.52 billion as of the stock market session on Wednesday, 23 July 2025. Read all stories by Anubhav Mukherjee Disclaimer: This story is for educational purposes only. The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.

Angel One, LivWell announce ₹4 billion JV for digital life insurance
Angel One, LivWell announce ₹4 billion JV for digital life insurance

Business Standard

time6 minutes ago

  • Business Standard

Angel One, LivWell announce ₹4 billion JV for digital life insurance

Angel One on Wednesday said it proposes to enter a joint venture with LivWell, a Singapore-based lifestyle and wellness-focused insurtech, to set up a digital-first life insurance company, subject to regulatory approvals. Angel One is proposed to hold a 26 per cent stake in the company, with the remaining 74 per cent to be held by LivWell Holding Company PTE Ltd. In its press release, the company said: 'Angel One, India's leading FinTech platform, proposes to enter into a JV with LivWell to promote a digital-first life insurance company, subject to regulatory approvals. The proposed company, with a capital infusion of Rs 4.0 billion, is being co-promoted by Angel One Ltd (26 per cent) and LivWell Holding Company PTE Ltd (74 per cent), with a shared vision of redefining access to life insurance in India through technology and trust.' The proposed company will see a capital infusion of Rs 4 billion from both entities. LivWell is backed by Olympus Capital, an Asia-focused private equity firm with over $2.6 billion invested. Wilf Blackburn, former regional chief executive officer of Prudential Asia, is proposed to chair the venture, while Nikhil Verma, former deputy CEO of Aviva Vietnam, is proposed to lead as CEO. Angel One and LivWell aim to address underinsurance in the country with 'simple, reliable and protection-led offerings, backed by seamless digital experiences. The JV will focus on operating on a digital-first architecture, leveraging tech-driven automation and personalisation to make insurance affordable, accessible and aligned to real-life needs,' the release said. Ambarish Kenghe, group CEO at Angel One Limited, said: 'As India embraces digital financial services, insurance too must be accessible, transparent and seamlessly delivered through trusted platforms. This partnership also deepens our offerings across the financial lifecycle—bringing us closer to delivering a seamless, end-to-end experience across savings, investing and protection. The products sourced from this JV will help strengthen our digital distribution framework for the protection segment, further fortifying our long-term association with our clients.' 'At LivWell, we have seen how protection products, when delivered with simplicity and purpose, can drive meaningful impact at scale. In our first market, Vietnam, embedded, digital-first insurance models have demonstrated strong potential for scale, proving that trust and reach can go hand in hand. India presents a unique opportunity not just because of the protection gap, but because consumer expectations have fundamentally evolved. With Angel One's digital reach and market credibility, we see a strong alignment to build a next-generation digital insurer that is relevant to today's customers, accessible and future-ready,' said Nikhil Verma, CEO, LivWell.

US-based Invesco sell Oberoi Realty, Lodha Developers shares for Rs 3,202 crore
US-based Invesco sell Oberoi Realty, Lodha Developers shares for Rs 3,202 crore

News18

time13 minutes ago

  • News18

US-based Invesco sell Oberoi Realty, Lodha Developers shares for Rs 3,202 crore

New Delhi, Jul 23 (PTI) Investment management firm Invesco on Wednesday divested more than 2 crore shares of real estate firm Oberoi Realty and Lodha Developers for a total of Rs 3,202 crore through open market transactions. The US-based investment firm through its affiliate Invesco Developing Markets Fund offloaded a little over 1 crore equity shares or 2.95 per cent stake in Oberoi Realty, bulk deal data on the BSE showed. The company sold shares at Rs 1,754.26 apiece, taking the deal value to around Rs 1,883.21 crore. As of the June quarter, Invesco Developing Markets Fund owned a 3.01 per cent stake in Oberoi Realty. In a separate bulk deal on the NSE, Invesco Developing Markets Fund sold 95.25 lakh shares or nearly 1 per cent stake in Mumbai-based Lodha Developers. Shares were disposed of at Rs 1,384.93 apiece, taking the total value to Rs 1,319.24 crore. Meanwhile, SBI Mutual Fund bought 40.94 lakh shares or 1.13 per cent equity stake in Oberoi Realty for Rs 718.18 crore. The shares were acquired at an average price of Rs 1,754.10 per piece on the BSE. Details of the other buyers of Oberoi Realty's shares could not be ascertained on the BSE. Also, details of the buyers of Lodha Developers' shares could not be identified on the National Stock Exchange (NSE). Shares of Lodha Developers (Macrotech) plunged 7.65 per cent to close at Rs 1,332 apiece on the NSE while the scrip of Oberoi Realty fell 3.23 per cent to close at Rs 1,766.60 apiece on the BSE. On Monday, Oberoi Realty reported a 28 per cent decline in its consolidated net profit to Rs 421.25 crore for the quarter ended in June on lower income. The net profit stood at Rs 584.51 crore in the year-ago period. Its total income fell to Rs 1,073.98 crore in the first quarter of this fiscal from Rs 1,441.95 crore in the corresponding period of the preceding year. On the operational front, the company has sold properties worth Rs 1,639 crore in the April-June quarter of 2025-26 fiscal. PTI HG HG MR (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: July 23, 2025, 21:15 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store