India's ONGC unit buys clean energy firm PTC Energy for $106 mln
CONTEXT
PTC Energy has operational wind generation capacity of 288 megawatts located at seven locations across three Indian states. It posted a revenue of 3.22 billion rupees in fiscal year 2024
WHY IS IT IMPORTANT
India has committed to setting up 500 GW of non-fossil fuel electricity generation capacity by 2030, but is still falling short of its previously set target to add 175 GW by 2022.
ONGC, via its unit ONGC Green, is aiming to achieve 10 GW renewable energy portfolio by 2030. In February, ONGC and its joint venture NTPC Green Energy (NTPG.NS), opens new tab acquired Ayana Renewable Power, which operates solar and wind plants valued at $2.3 billion.
($1 = 87.2440 Indian rupees)
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
7 minutes ago
- Reuters
India's July infrastructure output grows 2% Y/Y
NEW DELHI, Aug 20 (Reuters) - India's infrastructure output (ININFR=ECI), opens new tab grew 2% year-on-year in July, government data showed on Wednesday. The index tracks activity across eight sectors and makes up 40% of the country's industrial production.
Edinburgh Reporter
27 minutes ago
- Edinburgh Reporter
Anosh Ahmed Taps AI Swarm Intelligence to Optimize Relief Delivery Routes in Disaster Zones
In the face of natural disasters, quick response time can mean the difference between survival and tragedy. Recognizing this urgency, philanthropist and entrepreneur Anosh Ahmed is now exploring a cutting-edge solution: AI-powered swarm intelligence to improve how relief supplies are delivered to the hardest-hit areas. About Anosh Ahmed Anosh Ahmed is a Dubai-based entrepreneur and humanitarian known for using innovation to solve real-world problems. As the founder of Anosh Foundation Inc, he has led numerous initiatives in education, healthcare, and disaster relief across Pakistan, India, and the UAE. His work stands out for blending advanced technology with a deeply human-centered approach, ensuring that aid reaches communities efficiently and with dignity. How Swarm AI Works in Disaster Relief Swarm intelligence is modeled after collective behavior seen in birds, ants, and bees. In humanitarian logistics, this means deploying fleets of drones, delivery vehicles, or boats that communicate and coordinate in real time, adapting quickly to blocked roads, weather changes, and evolving needs on the ground. Key features of Anosh Ahmed's initiative include: Live route optimization during emergencies AI coordination between local distribution hubs Ability to reroute supplies mid-transit for maximum reach Integration with mobile apps for local feedback and tracking Inspired by Real-World Challenges In Arunachal Pradesh, India, emergency drones were recently deployed to deliver food and medicine to villages cut off by floods and landslides. Similar blockages occurred in Sindh, Pakistan, where boats became the only option for aid delivery. Anosh Ahmed's team is drawing lessons from these real events and working with AI developers to simulate delivery scenarios in flood-prone and conflict-affected zones. The goal is to pre-map risk zones and deploy smart relief systems before disaster strikes. Pilot Regions and Global Partnerships Initial pilot programs are planned for: Sindh and Balochistan (Pakistan) Remote hill regions of Uttarakhand and Northeast India Urban slums near Karachi and Mumbai with limited disaster infrastructure The Anosh Foundation Inc is also in early talks with UAE-based drone logistics firms and Indian edtech/AI labs to jointly fund and scale the deployment of these technologies. Training Local Communities Technology is only half the equation. Ahmed's plan also includes: Training programs for local volunteers on drone handling and relief coordination for local volunteers on drone handling and relief coordination Workshops on digital literacy for youth in disaster-prone zones on digital literacy for youth in disaster-prone zones Collaboration with local NGOs for last-mile delivery and reporting This ensures that communities are not just passive recipients of aid, but active participants in the response ecosystem. A New Era of Smart Philanthropy For Anosh Ahmed, the goal is clear: merge innovation with empathy. Swarm AI is not a replacement for boots on the ground, it's an amplifier. By using intelligent systems to streamline delivery, reduce delays, and scale operations quickly, Ahmed hopes to set a new benchmark for AI-powered humanitarian relief. Like this: Like Related
Reuters
37 minutes ago
- Reuters
India stocks set for modest gains as US tariffs, foreign outflows cloud outlook
BENGALURU, Aug 20 (Reuters) - Pressured by U.S. tariffs and foreign investor outflows, India's stock markets will manage to eke out only modest gains by year-end, according to a Reuters poll of equity analysts who have pushed back their forecast for a new record high to 2026. Foreign investors have sold more than a net $13 billion of Indian stocks this year, including around $2.4 billion in the first half of August after U.S. President Donald Trump raised tariffs on Indian exports to 50% - among the steepest imposed on any U.S. trading partner. The 5.2% rise in the blue-chip Nifty 50 (.NSEI), opens new tab index so far this year lags broader Asian (.MIAPJ0000PUS), opens new tab and emerging markets (.MIEF00000PUS), opens new tab, which have gained 17.2% and 18.2%, respectively. If the trend continues it would be the first time in five years that the Nifty underperformed those indices. The Nifty 50 is forecast to rise about 3.9% to 25,834 by the end of this year, before reaching 26,500 by mid-2026 and 27,950 by end-2026, according to an August 8-20 poll of 20 equity analysts. Those forecasts are lower than in the previous quarterly survey, with a new record high now not seen until 2026. The BSE Sensex is seen climbing to 85,100 this year, 86,875 by mid-2026 and 91,370 by end-2026. "Until foreign investors are confident in the Indian economy and earnings...I don't think we'll see a substantial rise from here. The danger is they will use every rise to dump their stocks," said Yogesh Kalinge, associate director of research at A.K. Capital Services. "Trump keeps firing tariff volleys, the wind changes every week and honestly it's just hope and speculation keeping this market afloat." Around a third of analysts who usually take part in the poll did not provide forecasts this quarter, with some saying the market has become increasingly difficult to predict. Rajat Agarwal, Asia equity strategist at Societe Generale, who did participate, said weak economic data, tariff uncertainty and tepid earnings meant foreign inflows may take time to return. While India is the world's fastest-growing major economy, expected to expand 6.4% this fiscal year, its listed companies have reported only single-digit profit growth for five straight quarters. That is a sharp slowdown from the 15-25% expansion recorded between 2020-21 and 2023-24, a period over which the Nifty 50 rose around 160%. No major improvement is expected over the coming quarters. A majority of analysts, 16 of 21, said corporate earnings in the Indian stock market would edge up only marginally in the second half of 2025 from the first half, while two expected a significant increase. An expected cut to the goods and services tax (GST) in October to boost household consumption may also help shore up earnings, although analysts say the full impact will take time to filter through the economy. Valuations remain a concern. India's Sensex trades at 23 times forward earnings, among the world's highest, nearly matching Wall Street's S&P 500, LSEG data showed. HDFC Securities senior derivative analyst Subash Gangadharan said the GST cut was a positive step but would have limited impact given already sky-high valuations, and predicted the Nifty 50 to fall to 22,000 by end-2025. (Other stories from the Reuters Q3 global stock markets poll package)
