Latest news with #EIL
Indian Express
a day ago
- Business
- Indian Express
Pune Municipal Corporation to open ‘war room' to monitor progress of civic works
The Pune Municipal Corporation (PMC) has decided to set up a war room to monitor infrastructure projects. 'It is necessary to ensure that the projects are completed on time, the quality of work should be good, and projects should be made operational on time for the benefit of citizens. Thus, a war room is being set up for monitoring the projects,' said Pune Municipal Commissioner Naval Kishore Ram on Thursday. The war room will have a nodal officer of the rank of a deputy municipal commissioner to coordinate between the head of all civic departments and the municipal commissioner. 'The nodal officer will have to collect the updated information every 15 days on the status of projects from the respective civic department in charge and submit it to the municipal commissioner,' Ram added. The municipal commissioner said the war room will focus on getting projects completed on time, and if there are any hurdles in project implementation, then the issue will be raised with the government department concerned. The municipal chief further directed all ward offices and heads of civic departments to get Engineers India Ltd (EIL) to inspect the quality of development works. 'It is mandatory to do third-party quality assurance of civic development work above Rs 5 lakh. The PMC has an agreement with EIL for the period from 2022 to 2027. However, it has been noticed that it is not being strictly followed by many ward offices and civic departments. Elected representatives and citizens have been complaining about it,' said Ram. The project in-charges are either conducting third-party quality assurance through other organisations or the head of the civic department instead of EIL, he added. 'This is very serious and against administrative discipline. If it is not possible to do quality assurance through EIL in exceptional circumstances, then the permission to do it through another agency should be taken from the additional municipal commissioner concerned,' the Pune municipal commissioner stated. Ram also said that additional municipal commissioners should ensure that at least 10 per cent of total civic works executed in a year is randomly checked by the civic vigilance department and the report is submitted to the municipal commissioner's office. The PMC chief added that the project in charge or the department head will be held responsible if discrepancies are found. The Pune Metro, River Front Development (RFD), River Rejuvenation Project through soft loan from Japan International Cooperation Agency (JICA), and the uninterrupted water supply project are among the prominent projects currently being implemented in Pune.
Business Wire
6 days ago
- Business
- Business Wire
CyberCube Launches Portfolio Manager Version 6: Unveiling a New Era of Specific, Actionable Cyber Cat Modeling
LONDON--(BUSINESS WIRE)--CyberCube, the leading cyber risk modeling and analytics business, has released the latest version of Portfolio Manager, its catastrophe model that empowers portfolio-level insights. CyberCube's advanced analytics are used by 75% of the top 40 US and European cyber insurance carriers. Key changes made in Portfolio Manager Version 6 (PMv6) reflect: The evolution of the cyber insurance market from a primarily U.S.-focused market to a truly global one, with modeling capabilities supporting international exposures. Explicit factoring for geographic variation in cloud service provider outages, as well as differences in the origin and spread patterns of global ransomware and wiper malware attacks. The advancement of mitigation as a key consideration in modeling cyber catastrophe risk, recognizing the need to evaluate how protective measures can reduce the impact of large-scale events – an area that has seen less focus compared to resilience against attritional losses. For this release, CyberCube conducted extensive research with internal and external cyber experts to understand what will best prepare organizations to avoid the consequences of catastrophic events, if possible, and to recover as smoothly as possible if they cannot avoid it. The v6 release makes greater use of companies' security scores and introduces several new risk modifiers that users may enter based on underwriting information aligned with NIST and CIS security control frameworks. Jon Laux, CyberCube's VP of Analytics, said: 'This release marks an important step forward for our industry. We expect that over time, the new functionality introduced in this model will inform how (re)insurers understand the primary characteristics of cyber risk during underwriting and exposure management.' Diversification is also a key theme of the v6 release. The cyber insurance market in 2025 remains highly concentrated in the United States, both in terms of the percentage of insureds based in America and the prevalence of American technologies and data centers that act as Single Points of Failure (SPoFs) for organizations worldwide. However, CyberCube anticipates that future market growth will come largely from new geographies across Europe and Asia, and has consequently enhanced and expanded its Enterprise Intelligence Layer (EIL). The EIL is a proprietary dataset representing millions of companies worldwide, built by collecting, curating, and fusing data from multiple public, proprietary, and partner sources. Changes to the EIL reflect the development of the cyber market internationally, with strong growth in data collection focused on countries such as Germany, France, Australia, Spain, Canada, the UK, and Japan. Building on these enhancements to the EIL, PMv6 also captures the geographic variation possible among cloud service provider outages as well as variation in the epicenters and spread patterns of global ransomware and wiper malware attacks. Taken together with CyberCube's updated Exposure Databases, released in 2024, PMv6 equips (re)insurers with actionable intelligence to grow their global cyber exposure with awareness about the potential consequences on their catastrophe exposure. Ashwin Kashyap, CyberCube's Co-founder and Chief Product Officer, said: 'PMv6 represents a major step forward for cyber catastrophe modeling. We have made significant progress in addressing the drivers of diversification and risk mitigation for the benefit of the cyber insurance market. As the market leader in cyber insurance analytics, CyberCube is proud to be the industry's partner as insurers look to expand thoughtfully into new geographies.' For more information about Portfolio Manager, please visit About CyberCube CyberCube is the leading provider of software-as-a-service cyber risk analytics to quantify cyber risk in financial terms. Driven by data and informed by insight, we have harnessed the power of artificial intelligence to supplement our multi-disciplinary team. Our clients rely on our solutions to make informed decisions about managing and transferring cyber risks. We unpack complex cyber threats into clear, actionable strategies, translating cyber risk into financial impact on businesses, markets, and society as a whole. The CyberCube platform was established in 2015 within Symantec and now operates as a standalone company. Our models are built on an unparalleled ecosystem of data and validated by extensive model calibration, internally and externally. CyberCube is the leader in cyber risk quantification for the insurance industry, serving over 100 insurance institutions globally. The company's investors include Forgepoint Capital, HSCM Bermuda and Morgan Stanley Tactical Value.
Mint
26-06-2025
- Business
- Mint
Six more locations for monster reserves to stock up crude oil for India
India is doubling down to build new strategic petroleum reserves (SPR) at six proposed locations in the quest for energy security in a volatile world, two people aware of the development said. Emergency oil reserves that are stocked up while prices are low and released at times of exigencies are crucial for the world's third-largest energy consumer, which imports 85% of its crude requirements. The government has asked state-run Engineers India Ltd (EIL) to make detailed feasibility reports (DFRs) to build such new reserves at six locations, two people aware of the development said. Of these, one is proposed to be at the Mangalore Special Economic Zone in Karnataka and the other at salt caverns in Rajasthan's Bikaner. State-owned EIL, an engineering and consultancy firm focusing on the energy sector, is expected to submit its reports by the end of the year. 'EIL is doing DFR in six locations, which are close to the coast and refineries; including in Mangalore SEZ, and also salt caverns in Bikaner for strategic purposes. They haven't finalized it, with the study expected to be completed by the end of this year. The plan is to take India's reserve capacity to 90 days. That's the basic requirement," said one of the two people cited above requesting anonymity. Vital reserves During the West Asia conflict, Iran threatened to close the Strait of Hormuz in its territorial waters, through which a fifth of the world's oil cargoes pass. With India consuming 5.5 million barrels of crude oil per day (mbpd), the threat turned the spotlight on 1.5-2 mbpd oil that heads for India through this vital choke point, highlighting the need for an effective SPR programme. 'The information sought is confidential in nature, considering present environment," ISPRL's chief executive officer and managing director L.R. Jain said in an emailed reply to a query. An EIL spokesperson in an emailed response said, 'Above Information is correct to our knowledge. Please note that as part of Phase 1, a capacity of 5.33 mmt of capacity was added."'Feasibility is under advance stage of finalization," the EIL spokesperson added. Queries sent to a spokesperson of India's petroleum and natural gas ministry on late Tuesday remained unanswered. Conflict concerns SPRs are built underground in strategically chosen locations, often near refineries and ports, like rock caverns or salt caverns. India has been stocking up oil ever since opening its first SPR in Visakhapatanam a decade ago; however, the latest push comes against the backdrop of a 10-day conflict in West Asia, home to some of the world's biggest oil fields, exposing vulnerabilities on the energy front. Indian Strategic Petroleum Reserves Ltd (ISPRL), a state-run company, has built reserves totalling 5.33 million metric tonne (mmt) at Vishakhapatnam (1.33 mmt), Mangaluru (1.5 mmt) and Padur (2.5 mmt). The UAE's Abu Dhabi National Oil Co. (Adnoc) has partnered with India's strategic crude oil reserve programme, leasing capacity from the reserves. The government is also looking to secure participation from more global energy majors. In the second phase, SPRs of 6.5 mmt are planned in a public-private partnership mode, at Chandikhol in Odisha (4 mmt) and Padur in Karnataka (2.5 mmt). The six new locations being explored will be in addition to these. India currently has emergency reserves of crude oil and petroleum products equivalent to 77 days of net imports. This includes the capacity at SPRs, as well as the stocks maintained by state-run oil companies. For comparison, member countries of the International Energy Agency (IEA) maintain emergency stocks equivalent to at least 90 days of net imports. This assumes significance for India given its dependence on imported crude, and the fact that oil comprises about 30% of its total imports. In such a scenario, volatility and higher prices impact the country's trade deficit, current deficit and eventually, economic growth. Filling supply gaps India's current SPR capacity of 5.3 million tonnes is enough to meet just 9.5 days of its oil needs. According to data from the standing committee report on petroleum and natural gas submitted to the parliament in December 2024, 3.6 million tonne capacity was filled till October 2024. Crude oil approached nearly $80 per barrel as the Israel-Iran conflict broke out, before easing on Tuesday after the rivals reached a ceasefire. At the time of writing, the August contract of Brent on the Intercontinental Exchange was trading at $67.74 per barrel, higher by 0.92% from its previous close. Similarly, the August contract of West Texas Intermediate (WTI) on the NYMEX rose 0.87% to 64.93 per barrel. Prashant Vasisht, senior vice-president and co-group head, corporate rating at Icra Ltd said: "Given that India does not have a significant domestic production so far, having strategic reserves for emergency situations is important. Because, a geopolitical crisis may stretch from a few days to months, and India needs to ensure that any supply gap can be immediately filled to meet the demand for that period." He added that even considering energy transition, India's demand for petroleum products like petrol and diesel will continue to grow for at least the next 15 years. "So, the expansion of strategic reserve capacity is critical for India," Vasisht added. Amit Kumar, Partner and Leader, Energy & Renewables at Grant Thornton Bharat said, "India needs to increase its strategic reserves significantly to reach the targeted 90 days of storage, and to ensure that in case of a crisis, the reserves can be used. However, these reserves come with huge investment requirements, and the government may also look at getting in global players, which would help in hedging their investments." Expenditure According to industry estimates, building reserves of 1 mt requires capital expenditure of ₹2,500 crore. In November 2021, India agreed to release 5 million barrels from its reserves to cool global crude oil prices, in coordination with other major oil consumers including the US, China, Japan and South Korea. Also, India bought oil at $19 a barrel in 2020 to fill its reserves, and in the process, saved $685.11 million. 'Government and OMCs (oil marketing companies) evaluate, from time to time, the possibility of augmentation of storage capacities based on technical and commercial feasibility. Assessment of new sites for establishing additional petroleum reserves is a continuous process," minister of state (MoS) in petroleum and natural gas ministry Suresh Gopi informed the Lok Sabha in a written reply on 20 March, according to a government statement. India imports around 244 million tonnes of crude oil annually, accounting for over 85% of its total crude oil requirement. It has the option to source crude oil from 39 countries. In the backdrop of the West Asia crisis, New Delhi evolved an oil sourcing strategy that involves bypassing the Strait of Hormuz via two pipelines; tapping into the global reserves of Adnoc and Saudi Aramco; and significantly increasing imports from the US, as reported by Mint earlier. The two pipelines, which run east to west across the Arabian peninsula, was planned to be tapped if Iran closes the Strait. The first is Adnoc-operated 360-km Habshan-Fujairah strategic oil pipeline with a 1.5 million barrels per day (mbpd) capacity that opens to the Gulf of Oman; and the Saudi Aramco-operated 1,200-km East-West crude oil pipeline with a 5 mbpd capacity that offers access to the Red Sea.
Time of India
30-05-2025
- Business
- Time of India
EIL eyes project management roles in thermal revival, offshore wind and nuclear sectors
New Delhi: Engineers India Ltd (EIL) is exploring opportunities in offshore wind and nuclear sectors as part of its diversification strategy beyond oil and gas. The company is in talks with players in the wind energy space to take up offshore wind projects and is also evaluating entry into small modular reactor (SMR) projects, CMD Vartika Shukla said on Thursday. 'To meet the demand gap in the power segment there are several thermal power plants which are reviving and which earlier we were not looking at. So we are also talking to some (power generation companies). We are looking at a PMC (project management consultancy) role for those projects. We do see that. We also see in the non oil and gas power sector, opportunities in offshore wind,' she said while addressing the media. India currently has an installed nuclear power capacity of 8.18 GW and the government aims to triple it by 2032. The long-term target is to reach 100 GW of nuclear power capacity by 2047. The company reported a consolidated net profit of Rs 279.81 crore for the March quarter, more than double the Rs 115.52 crore posted in the same quarter last year. Total income rose 22.2% year-on-year to Rs 1,046.57 crore. For FY25, EIL secured an order inflow of Rs 8,214 crore — the highest ever for the company — leading to an order book of about Rs 11,700 crore. According to the company, around 36% of the order inflow came from energy efficient infrastructure projects, such as high-end data centres, laboratories, and academic complexes. 'Share of its diversified business segments has increased significantly with around 36% of the order inflow shared by energy efficient infrastructure segment in the past fiscal,' the company said in a statement.
New Indian Express
29-05-2025
- Business
- New Indian Express
EIL to diversify into power and semiconductor sector
State-owned Engineers India Limited (EIL) is diversifying itself from oil and gas to other sectors, including the power sector, mining, nuclear power, and semiconductors, said chairman and managing director (CMD) Vartika Shukla. Shukla, speaking at the fourth-quarter results, also mentioned that EIL is in talks with companies to build clean rooms for semiconductor manufacturers in the country. 'We are in talks with three companies to provide clean rooms for semiconductor manufacturers,' said Shukla. In the year 2024-25, the engineering consultancy and project management company secured an order inflow of Rs 8,214 crore, which is an all-time high in EIL's journey so far, leading to a robust order book position standing at around Rs 12,400 crore. The share of its diversified business segments has increased significantly, with around 36% of the order inflow shared by the energy-efficient infrastructure segment in the past fiscal. The contribution of order inflow from international businesses grew significantly, reaching around Rs 1,077 crore, the highest in the last decade.
