Jakson Green bids record low price to supply green ammonia under SIGHT scheme
Coromandel International
's Kakinada facility.
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Before Trump, British used tariffs to kill Indian textile
Bank of Azad Hind: When Netaji gave India its own currency
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This is the lowest price discovered in any such tender so far, beating
NTPC Renewable Energy
's Rs 51.8/kg offer for supply of 70,000 tonnes to Krishna Phoschem's Meghnagar unit in a bid opened earlier this month. The price translates to roughly around $579.24/tonne.
Though not directly comparable, the price discovered in the last tender a year ago was at $1,153/tonne on
cost and freight
(CFR) basis in the H2Global auction.
by Taboola
by Taboola
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Grey
ammonia prices
, which are currently trending lower than the clean or green variant, is at about $400/tonne, though it had reached $515/tonne in March, according to industry experts.
The tender from the
Solar Energy Corporation of India
(SECI) called for supply of green ammonia across 13 fertiliser plants totalling 724,000 tonnes.
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The reverse auction for price discovery is being done separately for each plant and in phases because of the complexity of bid evaluation.
Procurers enlisted in the bidding document include Indian Farmers Fertiliser Cooperative (Iffco) in Kandla, Madras Fertilisers' Manali and Chennai units, Indorama India in Haldia, Mangalore Chemicals & Fertilisers' Panambur unit, and Coromandel International's Visakhapatnam unit among others.
SECI anchored the demand aggregation and will sign long-term offtake agreements, providing producers with market certainty over a 10-year contract period.
The tender was issued in June 2024 and the last date was July 10 after many extensions over the year.
The government is offering financial incentives under the
National Green Hydrogen Mission
, with production-linked incentives (PLI) of Rs 8.82/kg, Rs 7.06/kg, and Rs 5.30/kg, respectively, for the first three years, amounting to a total support of Rs 1,533.4 crore.
India consumes approximately 17-19 million tonnes of ammonia annually, with more than 50% of its hydrogen requirement used in
fertiliser production
.
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India is all set to celebrate its 79th Independence Day this year. The journey of the rupee has reflected the evolution of the country – its history, culture, tradition and economy. Let's take a closer look The journey of the rupee has reflected the evolution of India – its history, culture, tradition and economy. Reuters India is all set to celebrate its 79th Independence Day this year. As the years have gone by, so has the mighty Indian rupee changed with the passage of time. The journey of the rupee has reflected the evolution of the country – its history, culture, tradition and economy. Let's take a closer look at the history of the Indian rupee. The rupee in ancient times The word rupee comes from the Sanskrit word rūpya (wrought silver). The rupee is mentioned in ancient texts, including those of Panini, a Sanskrit writer in the 5th Century BCE. Panini used the word rūpa to refer to a silver coin. Ancient Indian kingdoms in the 6th century also had their own forms of currency that were the forerunners of the rupee. The Mahajanapadas of Gandhara, Kuntala, Kuru, Panchala, Shakya, Surasena, and Saurashtra all issued their own currency. STORY CONTINUES BELOW THIS AD While these were made of silver and had a set weight, they came in all shapes and sizes and with different. Coins from Saurashtra bore a humped bull, Dakshin Panchala stamped a Swastika, and Magadha went in for a variety of symbols. Chanakya, in his famed Arthashastra, mentions how the Mauryas under the great Emperor Chandragupta Maurya minted coins such as rupyarupa (silver) suvarnarupa (gold), tamararupa (copper) and sisarupa (lead). Chanakya, in his famed Arthashastra, mentions how the Mauryas under the great Emperor Chandragupta Maurya minted coins like rupyarupa (silver). Wikimedia Commons It was Sher Shah Suri, after defeating Mughal emperor Humayun, who standardised the rupiya. Suri, during his reign from 1540 to 1545, issued a silver coin weighing 11.5 grams. The name was kept out of respect for India's heritage. Though the British East India Company had already set up in India and even attempted to introduce the sterling pound, the rupiya's popularity remained unrivalled. Indeed the rupiya remained in circulation during the Mughal reigns, the era of the Marathas and in British India – a testament to Suri's organisational skills and the enduring power of the currency. By 1671, the British East India Company had given in. It began minting coins in the local style – using the rupiya. However, the value of the currency was not standard across India – which naturally created problems. In British India and more modern times It took till 1835 for the law to standardise the minting of the rupee. This came after the British colonial government passed the Paper Currency Act of 1861. Each rupee was split into 16 annas, which in turn were split into four pice (paise) each. So, one rupee equated to around 64 pice (paise). STORY CONTINUES BELOW THIS AD India continued to use silver and gold as currency till the 18th Century. However, the influx of European trading firms and the establishment of the banks resulted in the first paper currency being printed. The Bank of Hindostan (1770– 1832) in Calcutta, the General Bank of Bengal and Bihar (1773–75), and Bengal Bank (1784–91), all issued their own forms of paper currency. This is when the use of paper notes rather than coins began taking hold. The British colonial government forbade private banks from issuing their own currency. The Bank of England would take over responsibility for printing all of India's currency notes for the next hundred years or so. It introduced paper notes in the denominations of Rs 10, Rs 20, Rs 50, Rs 100, and Rs 1,000. This currency, known as the 'Victoria Portrait' series, depicted a small image of the British Queen on the top left. However, the denomination could only be used in certain areas known as 'currency circles' – Calcutta, Bombay, Madras, Rangoon, Kanpur, Lahore, and Karachi. These were unifaced, carried two language panels and were printed on hand-moulded paper. STORY CONTINUES BELOW THIS AD This currency, known as the 'Victoria Portrait' series, depicted a small image of the British Queen on the top left. Wikimedia Commons In 1867, the Victoria Portrait series was withdrawn due to forgeries and replaced by the Underprint series. From 1903 to 1911, Rs 5, Rs 10, Rs 50 and Rs 100 were universalised. The British government then introduced the 'King's Portrait' series – beginning with George V in 1923. It was only in 1928 that India set up its first currency printing press in Nasik. In 1935, the Reserve Bank of India was established, which finally took responsibility for handling India's money. The RBI continued in much the same vein as the Bank of England. Its first currency note, a denomination of Rs 5, was issued three years later in 1938. It bore a portrait of King George VI. The RBI also introduced denominations of Rs 10, Rs 100, Rs 1,000 and Rs 10,000. It also reintroduced the Rs 1 note, which had been first brought out in 1917 due to the first World War and discontinued in 1926. In March 1943, the Rs 2 note would follow. STORY CONTINUES BELOW THIS AD Post-Independence period After Independence, India found itself making a fresh start. However, it retained the currency and coins from the earlier period for a few years. At this time, 1 Rupee was 16 Annas, 1 Anna was 4 Pice and 1 Pice was 3 Pies. India kicked off its new series on August 15, 1950. There had been some arguments about Gandhiji's face replacing the King's. However, it was not to be. Instead, it was the Lion Capital of the Ashoka Pillar that replaced George VI. The tiger was replaced by the corn sheaf. However, the value of the coinage remained unchanged. It was only in 1957 that India adopted the decimal system. The rupee was now defined as 100 naya paise instead of 16 Annas. In 1964, Naya was dropped entirely. The Reserve Bank has now introduced a central bank digital currency (CBDC) – also known as an e-rupee It was only in 1969 that Gandhiji's face began being printed on currency notes of the denomination of Rs 2 and higher. Gandhiji would also feature on currency notes issued in 1996 of Rs 10 and Rs 500 – a replacement for the Lion Capital – and in 2005. New 50 paise, Rs 1, Rs 2 and Rs 5 stainless steel coins were also introduced. In 2010, the new symbol ₹ was introduced – a combination of the Latin letter R and the Devanagari letter र (ra). 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