Latest news with #ofIntent
Time of India
6 days ago
- Automotive
- Time of India
100 acres for EV manufacturing cluster near Noida International Airport
Yamuna Expressway Industrial Development Authority (YEIDA) has given in-principle approval to allot 100 acres of land in Sector 8 to the Electric Vehicles Manufacturers Welfare Trust for setting up a dedicated cluster for EV autorickshaw and two-wheeler production, along with component manufacturing. YEIDA CEO Arun Vir Singh said that land acquisition work is currently in progress. The Letter of Intent (LoI) for the allotment, which was issued on Thursday, is subject to the approval of the Invest UP Empowered Committee, state policy guidelines, and other applicable regulatory norms. The CEO added that the Trust has informed the Authority that over 150 units associated with it intend to set up manufacturing facilities . This initiative is expected to provide a major boost to the region's manufacturing sector. The Authority has already allotted land for various parks and clusters in the area, including the Medical Device Park, Toy Park, Apparel Park, Data Centre, IT Park, and the recently approved Electronics Manufacturing Cluster 2.0. YEIDA officials also said that a start-up manufacturing EV batteries for two-wheelers, including Royal Enfield, will be allotted 10,000 sqm in the 206-acre Electronics Manufacturing Cluster-2 (EMC-2) in Sector 10. Havells has already been allotted 50 acres here as the anchor company, and three other major firms have also secured plots. Neenjas Electric has been issued a Letter of Intent for manufacturing electric vehicle chargers, LED lighting panels, and related solar-based technologies in Sector 10. Founded in 2021, the start-up is based in Noida and operates manufacturing units in Greater Noida. Last week, Dixon Technologies secured 22.5 acres in EMC 2.0, becoming the third company to join the hub. Officials said Dixon received the LOI to set up a manufacturing unit for mobile phones, consumer electronics, telecom equipment, lighting products, and white goods. LOIs were also issued to two other companies – Ascent-K Circuit and Aurionpro ToshiAutomatic Systems – for setting up units under the central govt's scheme. The 206-acre cluster has seen strong interest from top industrial players, officials added. YEIDA officials confirmed that the land acquisition process in Sector 10 is also ongoing.
Business Standard
24-06-2025
- Business
- Business Standard
Cochin Shipyard arm secures order to build two luxury river cruise vessels
Cochin Shipyard announced that its wholly owned subsidiary, Hooghly Cochin Shipyard (Hooghly CSL), has secured a notable order from Heritage River Journeys, which operates under the brand Antara River Cruises. As per the companys classification, the value of a Notable contract ranges from ₹100 crore to ₹250 crore. The contract entails the construction of two luxury river cruise vessels for deployment on the Brahmaputra River, aiming to boost premium inland waterway tourism in the region. While the agreement for the first vessel has been signed, a Letter of Intent (LoI) has been issued for the second. Antara River Cruises is known for offering immersive luxury voyages across the Ganga, Padma, and Brahmaputra river systems. Its flagship vessel, Ganga Vilas, holds the record for the worlds longest river cruise, covering over 3,200 km across 27 rivers. The journey has been featured in the Limca Book of Records. Cochin Shipyard clarified that the order does not constitute a related-party transaction and that none of its promoters or group companies have any interest in the contracting entity. Cochin Shipyard is engaged in shipbuilding & ship repair. As of 31 March 2025, the Government of India held 67.91% of the total voting rights in the company. The company's consolidated net profit advanced 10.9% to Rs 287.19 crore on a 36.7% rise in revenue from operations to Rs 1,757.65 crore in Q4 FY25 over Q4 FY24. Shares of Cochin Shipyard fell 2.33% to Rs 2,179.10 on the BSE.
Indian Express
14-06-2025
- Business
- Indian Express
Five foreign universities announce campus in India, admissions in 2026: Check list of institutes
The University Grants Commission (UGC) has formally issued Letters of Intent (LoIs) to leading universities from the UK, USA, Australia, and Italy, allowing them to establish campuses in Mumbai and Navi Mumbai region. The handover took place at a ceremony in Mumbai today, presided over by Union Education Minister Dharmendra Pradhan, along with Maharashtra Deputy Chief Minister Devendra Fadnavis, other deputy chief ministers, vice-chancellors of the participating universities, and various dignitaries and stakeholders. The universities receiving the LoIs include University of York (UK), University of Western Australia (UWA), University of Aberdeen (UK), Illinois Institute of Technology (USA), and IED Istituto Europeo di Design (Italy). Additionally, the University of Western Australia will also be establishing a second campus in Chennai. The issuance of LoIs marks a significant step toward implementing the National Education Policy (NEP) 2020's vision for the internationalisation of higher education in India. With this, the recipient universities have received the official green-light to proceed with setting up their campuses in the country. Sources told the Indian Express has learnt that following the handing-over of Letters of Intent (LoIs) by the UGC, the universities now have an 18-month timeline within which they are likely to announce admissions for a fresh cohort. It is expected that the admission cycle for most of these institutions will commence sometime before December 2026. Earlier, two UK universities, the University of Southampton and the University of Liverpool — had announced their plans to open campuses in India. The University of Southampton will begin its first admission cycle this September at its Gurgaon campus, while the University of Liverpool is expected to start operations by September 2026 in Bengaluru. The universities are expected to be set up in Navi Mumbai, as part of a planned International Education City near the upcoming Navi Mumbai International Airport. The initiative, led by the Government of Maharashtra with support from CIDCO (City and Industrial Development Corporation), aims to create a dedicated 5-km education hub, the first of its kind in India, where students can access world-class international education without leaving the country. In May, Maharashtra CM Devendra Fadnavis had announced that CIDCO plans to establish this 'Edu City' in Navi Mumbai, which will host campuses of foreign universities for the first time in India.
Hindustan Times
12-06-2025
- Business
- Hindustan Times
Homebuyers can't seek reimbursement of home loan interest from developer for delay in completion of project: SC
The Supreme Court has ruled that homebuyers seeking a refund for delayed projects cannot demand reimbursement from the developer for the interest paid on their home loans. The buyer is entitled only to a refund of the principal amount paid to the builder, along with compensation contractually agreed between the homebuyer and the developer. A bench comprising Justices Sanjay Karol and Prasanna B Varale observed that there cannot be multiple heads under which damages or interest are awarded beyond what is contractually agreed between the homebuyer and the developer. The Court, referring to earlier judgments, emphasized that unless there are exceptional reasons, a builder or authority such as Greater Mohali Development Authority (GMADA) cannot be directed to reimburse the interest paid by the homebuyer on a housing loan. The case involves homebuyer Anupam Garg, who had booked a flat in 2011 under the 'Purab Premium Apartments' housing scheme launched by GMADA (Greater Mohali Area Development Authority) in Sector 88, Mohali. Garg secured an application for a 2-BHK + Servant Room (Type II) apartment by paying ₹5.5 lakh as earnest money—10% of the total consideration of ₹55 lakh. The allotment was conducted through a draw of lots on March 19, 2012, in which Garg was successful. A Letter of Intent (LOI) was issued to him on May 21, 2012, outlining the flat's price, payment schedule, potential plans, ownership terms, and possession timelines. The LOI promised possession by May 2015 and specified a refund with 8% interest in case of delay. Also Read: Supreme Court reaffirms that property shares become self-acquired after a joint family split, granting the right to sell However, due to slow progress, the buyer sought a refund in 2016. When GMADA refused, he approached the Punjab State Consumer Commission. In 2018, the commission directed GMADA to refund the amount with 8% interest, ₹60,000 for mental harassment, ₹30,000 in litigation costs, and reimbursement of home loan interest paid by the buyer. The National Consumer Disputes Redressal Commission (NCDRC) upheld this order in 2019. Challenging the ruling, GMADA approached the Supreme Court, which partially overturned the earlier decisions. 'There cannot be multiple heads for awarding damages or interest beyond what is contractually agreed upon,' the bench, comprising Justices Sanjay Karol and Prasanna B Varale, observed. Citing its earlier decision in Bangalore Development Authority v. Syndicate Bank, the court reiterated that in the absence of exceptional reasons, developers or authorities like GMADA are not liable to reimburse home loan interest paid by buyers. 'A perusal of the judgment and orders of the Commissions does not reveal any exceptional or strong reasons for the interest on the loan taken by the respondents to be paid by GMADA. That apart, whether the buyers of the flat do so by utilizing their savings, taking a loan for such purpose or securing the required finances by any other permissible means, is not a consideration that the developer of the project is required to keep in mind. For, so far as they are concerned, such a consideration is irrelevant,' the order noted. 'The one who is buying a flat is a consumer, and the one who is building it is a service provider. That is the only relationship between the parties. If there is a deficiency or delay in service, the consumer is entitled to be compensated for the same. Repayment of the entire principal amount along with 8% interest thereon, as stipulated in the contract, alongside the clarification that there shall be no other liability on the authority, sufficiently meets this requirement,' it noted. The court partially allowed GMADA's appeal, striking down the component related to reimbursement of home loan interest while upholding the rest of the relief granted by the consumer commissions. As a result, GMADA will not be required to deposit any additional amount, and the funds already held by the State Commission will be disbursed to the buyers. 'The Hon'ble Supreme Court has observed that the compensation payable to property buyers arises only on the principal sale consideration which had been paid by the buyer. Their observations were based on the case before them, and was therefore based on the time lost by the buyers,' said Yudhist Narain Singh, Senior Partner, YNS and Associates. "However, the court has observed that in certain exceptional circumstances the interest on a loan paid to a financial institution may also be granted as compensation. Ordinarily, these cases may include those where it is held beyond an iota of doubt, that the property buyer was mislead into buying immovable property, and where the collusion or wrongdoing of a financial institution is clear," he added. -
Yahoo
11-06-2025
- Business
- Yahoo
Oklo Selected as Intended Awardee to Provide Clean, Reliable Power to Eielson Air Force Base in Alaska
SANTA CLARA, Calif., June 11, 2025--(BUSINESS WIRE)--Oklo Inc. (NYSE: OKLO), an advanced nuclear technology company, has been issued a Notice of Intent to Award (NOITA) by the Defense Logistics Agency Energy (DLA Energy), on behalf of the Department of the Air Force (DAF) and the U.S. Department of Defense, to provide clean, reliable power through the deployment of an Aurora powerhouse at the Air Force installation selected for the project. This project serves as the DAF's microreactor pilot to enhance energy resilience and reliability for critical national security infrastructure. The NOITA again designates Oklo as the apparent successful offeror following a comprehensive evaluation process. Under the terms of the anticipated agreement, Oklo would design, construct, own, and operate the power plant, delivering both electricity and heat to the DAF's preferred installation, Eielson Air Force Base in Alaska, under a long-term power purchase agreement. "This Notice of Intent to Award reflects continued confidence in Oklo's ability to deliver clean and secure energy solutions for mission-critical infrastructure," said Jacob DeWitte, Co-Founder and CEO of Oklo. "We are honored to support national defense resilience objectives while demonstrating the value of U.S.-pioneered fast reactor technology." Oklo's Aurora powerhouse design leverages proven fast reactor technology to provide continuous, resilient energy that can operate independently from the grid—key attributes for energy security at remote installations like Eielson Air Force Base. About Oklo Inc.: Oklo Inc. is developing fast fission power plants to deliver clean, reliable, and affordable energy at scale; establishing a domestic supply chain for critical radioisotopes; and advancing nuclear fuel recycling to convert nuclear waste into clean energy. Oklo was the first to receive a site use permit from the U.S. Department of Energy for a commercial advanced fission plant, was awarded fuel material from Idaho National Laboratory, and submitted the first custom combined license application for an advanced reactor to the U.S. Nuclear Regulatory Commission. Oklo is also developing advanced fuel recycling technologies in collaboration with the U.S. Department of Energy and U.S. National Laboratories. Forward-Looking Statements This press release includes statements that express Oklo's opinions, expectations, objectives, beliefs, plans, intentions, strategies, assumptions, forecasts or projections regarding future events or future results and therefore are, or may be deemed to be, "forward-looking statements." The words "anticipate," "believe," "continue," "can," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" or, in each case, their negative or other variations or comparable terminology, and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this press release and include statements regarding our intentions, beliefs or current expectations concerning, among other things, the benefits of the proposed acquisition, results of operations, financial condition, liquidity, prospects, growth, strategies and the markets in which Oklo operates. Such forward-looking statements are based on information available as of the date of this press release, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. As a result of a number of known and unknown risks and uncertainties, the actual results or performance of Oklo may be materially different from those expressed or implied by these forward-looking statements. The following important risk factors could affect Oklo's future results and cause those results or other outcomes to differ materially from those expressed or implied in the forward-looking statements: risks related to the development and deployment of Oklo's powerhouses; the risk that Oklo is pursuing an emerging market, with no commercial project operating, regulatory uncertainties; risks related to acquisitions, divestitures, or joint ventures we may engage in; the potential need for financing to construct plants; market, financial, political and legal conditions; the effects of competition; risks related to accessing HALEU and recycled fuels; risks related to our supply chain; risks related to power purchase agreements; risks related to human capital; risks related to our intellectual property; risks related to cybersecurity and data privacy; changes in applicable laws or regulations; the outcome of any government and regulatory proceedings and investigations and inquiries; the risk that the acquisition of Atomic Alchemy fails to produce the expected benefits; and those factors in the other documents filed by Oklo from time to time with the U.S. Securities and Exchange Commission. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties of the other documents filed by Oklo from time to time with the U.S. Securities and Exchange Commission. The forward-looking statements contained in this press release and in any document incorporated by reference are based on current expectations and beliefs concerning future developments and their potential effects on Oklo. There can be no assurance that future developments affecting Oklo will be those that Oklo has anticipated. Oklo undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required under applicable securities laws. View source version on Contacts Media and Investor Contact for Oklo: Bonita Chester, Head of Communications and Media at media@ Investor Contact: Sam Doane, Director of Investor Relations at investors@ Sign in to access your portfolio
