Latest news with #RVUNL
Time of India
16-07-2025
- Business
- Time of India
Rajasthan to attract ₹11,200 crore investments as Cabinet clears formation of three energy sector JVs
In a Cabinet meeting chaired by Chief Minister Bhajan Lal Sharma on Monday at the Chief Minister's Office, the Rajasthan government approved several key decisions aimed at boosting urban development, medical tourism, renewable energy, and employee welfare. A major highlight of the meeting was the approval for the formation of three joint venture (JV) companies in the energy sector, expected to bring ₹11,200 crore in investments to the state. According to Minister Jogaram Patel, the joint ventures are being established in continuation of the Memoranda of Understanding (MoUs) signed between the Rajasthan government and three Central Public Sector Undertakings (CPSUs) on August 8, 2024, and September 29, 2024. These ventures will help expand renewable energy capacity in the state, support peak electricity demand, and reduce the financial burden on the government in power generation. Patel stated that the state government's equity in these joint ventures will be arranged through the current assets of state-owned power companies. The three joint ventures are: Indraprastha Gas Limited (IGL) – RVUNL JV The first joint venture will be between Indraprastha Gas Limited and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL), with shareholding of 74% and 26% respectively. A 500 MW solar power project will be set up in RVUNL's solar park under this JV. The project will lead to an investment of approximately ₹2,000 crore in the state. Oil India Limited – RVUNL JV A second joint venture will be formed between Oil India Limited and RVUNL for setting up renewable energy projects with a capacity of 1,000 MW solar and 200 MW wind energy. This JV will have equal 50:50 shareholding, and is expected to attract an investment of ₹5,000 crore. GAIL (India) Limited – RVUNL JV The third JV will be created between GAIL (India) Limited and RVUNL, also with 50:50 equity participation. Under this arrangement, the existing 300 MW gas-based Dholpur Power Plant and 270.50 MW Ramgarh Power Plant will be transferred to the joint venture. GAIL will ensure the availability of gas for both power plants, which is expected to improve their operational performance and efficiency. In addition to managing these two gas power plants, this JV will also develop 750 MW of solar and 250 MW of wind power projects, contributing to a total investment of ₹4,200 crore in Rajasthan. According to Minister Jogaram Patel, the formation of these joint ventures is expected to play a crucial role in expanding the state's renewable energy infrastructure and ensuring cleaner, more reliable power generation while attracting large-scale investments into Rajasthan's energy sector.
Time of India
27-05-2025
- Business
- Time of India
Utpadan Nigam loses case, to pay 740 crore compensation to Adani
Jaipur: Rajasthan High Court recently dismissed an appeal filed by Rajasthan Vidyut Utpadan Nigam Ltd (RVUNL) against the demand of Rs 740 crore compensation cess on coal rejects by Parsa Kante Collieries Ltd (PKCL), which earlier received favourable orders from an arbitral tribunal and a commercial court. PKCL, a joint venture between Adani Enterprises Ltd (74%) and RVUNL (26%), was formed to mine coal from Rajasthan's blocks in Chhattisgarh, allotted by the Centre. In 2010, the central govt levied a clean energy cess (CEC) on coal, which RVUNL was paying as per the conditions in the Coal Mining and Development Agreement (CMDA). However, a dispute between PKCL and RVUNL arose after the introduction of GST in 2017, wherein the CEC was replaced by a compensation cess. "This issue arose between the parties in 2017, wherein RVUNL was in dispute with PKCL. But PKCL was awarded Rs 740 crore by the Arbitral Tribunal, which was upheld by the Rajasthan High Court," said Nilava Bandyopadhyay, senior partner, S&A Law Offices. Upholding the contention of the Adani company, the arbitrator said RVUNL is liable to reimburse compensation cess to them on the entire coal mined. The objections filed by the RVUNL under Section 34 of the Arbitration and Conciliation Act were rejected by the commercial court, which held that the view taken by the arbitrator was a plausible one. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Transformez les idées novatrices en stratégies d'investissement eToro Market Updates En savoir plus Undo Following this, the RVUNL approached the high court. While dismissing RVUNL's appeal, the high court bench held, "The argument that reimbursable shall include only those taxes for which the Nigam has a statutory liability to pay has a lacuna." The bench observed that the conclusion of the arbitrator is based upon a reasonable construction of the terms of CMDA and is plausible.
Time of India
26-05-2025
- Business
- Time of India
HC junks Rajasthan Rajya Vidyut Utpadan Nigam Limited's appeal on coal compensation cess
The Rajasthan High Court has dismissed an appeal by the Rajasthan Rajya Vidyut Utpadan Nigam Limited ( RVUNL ) in connection with a dispute with Adani Entreprises Limited on the issue of compensation cess. A bench of Justices Avneesh Jhingan and Bhuwan Goyal held that RVUNL is liable to reimburse the amount paid by Adani-owned joint venture company AEL under Clean Energy Cess for coal mining. Coal blocks were allotted by the Centre to RRVUNL which invited tenders to enter into a joint venture arrangement for the development and operation of coal blocks, transportation and delivery of coal to the thermal power stations of the Nigam. Adani Enterprises Limited (AEL) being the successful bidder formed a joint venture company and executed a Coal Mining and Development Agreement (CMDA) for 30 years with RVUNL. In 2010, the central government levied Clean Energy Cess (CEC) on the goods mentioned in the Tenth Schedule of the Finance Act,2010 in which coal was also one of the levied products.
Time of India
25-05-2025
- Business
- Time of India
HC junks Rajasthan Rajya Vidyut Utpadan Nigam Limited's appeal on coal compensation cess
The Rajasthan High Court has dismissed an appeal by the Rajasthan Rajya Vidyut Utpadan Nigam Limited ( RVUNL ) in connection with a dispute with Adani Entreprises Limited on the issue of compensation cess. A bench of Justices Avneesh Jhingan and Bhuwan Goyal held that RVUNL is liable to reimburse the amount paid by Adani-owned joint venture company AEL under Clean Energy Cess for coal mining. Coal blocks were allotted by the Centre to RRVUNL which invited tenders to enter into a joint venture arrangement for the development and operation of coal blocks, transportation and delivery of coal to the thermal power stations of the Nigam. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like 20 Women From The 90's That Still Turn Heads Reportingly Undo Adani Enterprises Limited (AEL) being the successful bidder formed a joint venture company and executed a Coal Mining and Development Agreement (CMDA) for 30 years with RVUNL. In 2010, the central government levied Clean Energy Cess (CEC) on the goods mentioned in the Tenth Schedule of the Finance Act,2010 in which coal was also one of the levied products. Live Events
Business Standard
20-05-2025
- Business
- Business Standard
NLC India gains as Q4 PAT zooms 322% YoY to Rs 482 cr
NLC India rallied 3.91% to Rs 245.60 after its consolidated net profit zoomed 321.83% to Rs 481.96 crore on 8.34% increase in revenue from operations to Rs 3,836 crore in Q4 FY25 over Q4 FY24. Profit before tax spiked 451.37% to Rs 912.08 crore in Q4 FY25 as against Rs 165.42 crore in Q4 FY24. Total expenses added 7.79% year on year to Rs 3,600 crore in the quarter ended 31 March 2025. Employee benefits expense stood at Rs 1,093.59 (up 57.43%YoY), finance cost was at Rs 325.30 crore (up 63.36%) and cost of fuel consumed stood at Rs 514.07 crore (up 25.06% YoY) during the period under review. Revenue from Mining segment declined 8.22% to Rs 1,962.94 crore in Q4 FY25 as against Rs 2,138.87 crore in Q4 FY24. Revenue from Power Genartion segment rallied 9.49% to Rs 3,263.38 crore in Q4 FY25 from Rs 2,980.32 crore in Q4 FY24. Meanwhile, the board of directors has recommended a final dividend of Rs 1.50 per equity share) for the financial year 2024-25, subject to audit by the comptroller and auditor general of india (c&ag) and approval of the shareholders at the ensuing annual general meeting (AGM). The details regarding the Book Closure / Record Date for determining the entitlement of shareholders to the Final Dividend, and the date of payment/disptach of the said dividend, will be announced in due course upon finalization of the AGM date. Further, the company has approved the incorporation of a joint venture company with Rajasthan Rajya Vidyut Utpadan Nigam (RVUNL), with equity participation in the ratio of 74:26 (company:RVUNL), for the purpose of establishing, maintaining, and operating a 3 x 125 MW Lignite-based Thermal Power Station. The Joint Venture will also develop and operate lignite mines to meet the fuel requirements of the proposed Thermal Power Plant. The incorporation is subject to compliance with DIPAM guidelines and receipt of necessary approvals from the Ministry of Coal (MoC) and other relevant departments, as applicable. NLC India is a 'Navratna' government of India company in the fossil fuel mining sector in India and thermal power generation. As of 31 March 2025, the Government of India held a 72.20% stake in the company.
