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News18
2 days ago
- Business
- News18
Andhra govt cancels two Adani projects at companys request
Agency: PTI Amaravati, Jul 28 (PTI) The Andhra Pradesh government has cancelled two Adani Green Energy Ltd's (AGEL) pumped hydro storage power projects (PSP)–1,200 MW Kurukutti and 1,000 MW Karrivalasa–at the request of the company due to 'local issues", a top official said on Monday. In a government order (GO), Chief Secretary K Vijayanand noted that AGEL wrote to the government to cancel these projects due to boundary disputes between Andhra Pradesh and Odisha, which it termed 'local issues". 'The government, after detailed examination of the proposal of AGEL in consultation with various stakeholders, has further issued orders for the cancellation of 1200 MW Kurukutti and 1000 MW Karrivalasa Pumped Hydro Storage Power Projects in Parvathipuram Manyam District allotted to AGEL," Vijayanand said. The AGEL received permission to set up these two projects during the previous YSRCP government on June 29, 2022. The feasibility reports for these projects were prepared by the New and Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP) by engaging TCE Ltd while AGEL took up the responsibility of survey and investigations and the preparation of detailed project report (DPR). On September 12, 2024, AGEL requested the cancellation of these two projects due to a boundary dispute between Odisha and Andhra Pradesh and requested to refund the facilitation charges paid by the company or adjust those funds towards the allotment fee due for 1000 MW Pedakota and 600 MW Raiwada PSP Projects. The Pedaktoa and Raiwada projects were also allotted to AGEL. Again on May 15, 2025, AGEL requested the cancellation of the Kurukutti and Karrivalasa PSP projects through a letter, said Vijayanand. Taking into consideration the difficulties in conducting survey and investigations due to border disputes, the vice chairman and managing director of NREDCAP, M Kamalakara Babu, has requested the government to consider the cancellation of the Kurukutti and Karrivalasa PSP projects as 'there is no fault on the part of the developer", AGEL, said Vijayanand. Further, Babu also requested the approval to adjust fee paid for these projects after deducting the expenses incurred for conducting the survey and investigations by NREDCAP against facilitation fees and DPR expenses after adjusting the taxes payable, in respect of 1000 MW Pedakota PSP and 600 MW Raiwada PSP Projects. The AGEL's cancellation proposal was placed before the State Investment Promotion Board (SIPB) meeting held on July 17 and it had agreed to cancel Kurukutti and Karrivalasa projects due to local issues as per the request of the developer, added Vijayanand. PTI STH KH view comments First Published: July 28, 2025, 17:30 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
2 days ago
- Business
- Time of India
Andhra govt cancels two Adani projects at company's request
The Andhra Pradesh government has cancelled two Adani Green Energy Ltd 's ( AGEL ) pumped hydro storage power projects (PSP)--1,200 MW Kurukutti and 1,000 MW Karrivalasa--at the request of the company due to "local issues", a top official said on Monday. In a government order (GO), Chief Secretary K Vijayanand noted that AGEL wrote to the government to cancel these projects due to boundary disputes between Andhra Pradesh and Odisha, which it termed "local issues". Explore courses from Top Institutes in Please select course: Select a Course Category Finance Data Analytics Operations Management Healthcare healthcare Product Management Digital Marketing Design Thinking MBA Management Technology Leadership Data Science Cybersecurity Public Policy CXO PGDM Project Management Data Science Degree Artificial Intelligence others Others MCA Skills you'll gain: Duration: 9 Months IIM Calcutta SEPO - IIMC CFO India Starts on undefined Get Details Skills you'll gain: Duration: 7 Months S P Jain Institute of Management and Research CERT-SPJIMR Fintech & Blockchain India Starts on undefined Get Details "The government, after detailed examination of the proposal of AGEL in consultation with various stakeholders, has further issued orders for the cancellation of 1200 MW Kurukutti and 1000 MW Karrivalasa Pumped Hydro Storage Power Projects in Parvathipuram Manyam District allotted to AGEL," Vijayanand said. The AGEL received permission to set up these two projects during the previous YSRCP government on June 29, 2022. The feasibility reports for these projects were prepared by the New and Renewable Energy Development Corporation of Andhra Pradesh Ltd (NREDCAP) by engaging TCE Ltd while AGEL took up the responsibility of survey and investigations and the preparation of detailed project report (DPR). Live Events On September 12, 2024, AGEL requested the cancellation of these two projects due to a boundary dispute between Odisha and Andhra Pradesh and requested to refund the facilitation charges paid by the company or adjust those funds towards the allotment fee due for 1000 MW Pedakota and 600 MW Raiwada PSP Projects. The Pedaktoa and Raiwada projects were also allotted to AGEL. Again on May 15, 2025, AGEL requested the cancellation of the Kurukutti and Karrivalasa PSP projects through a letter, said Vijayanand. Taking into consideration the difficulties in conducting survey and investigations due to border disputes, the vice chairman and managing director of NREDCAP, M Kamalakara Babu, has requested the government to consider the cancellation of the Kurukutti and Karrivalasa PSP projects as "there is no fault on the part of the developer", AGEL, said Vijayanand. Further, Babu also requested the approval to adjust fee paid for these projects after deducting the expenses incurred for conducting the survey and investigations by NREDCAP against facilitation fees and DPR expenses after adjusting the taxes payable, in respect of 1000 MW Pedakota PSP and 600 MW Raiwada PSP Projects. The AGEL's cancellation proposal was placed before the State Investment Promotion Board (SIPB) meeting held on July 17 and it had agreed to cancel Kurukutti and Karrivalasa projects due to local issues as per the request of the developer, added Vijayanand.
News18
02-05-2025
- Business
- News18
Stocks To Watch: Eternal, Marico, Adani Enterprises, HAL, Bandhan Bank, And Others
Last Updated: Stocks to watch: Shares of firms like Eternal, Marico, Adani Enterprises, HAL, Bandhan Bank, and others will be in focus on Thursday's trade Stocks To Watch On May 2: Markets remained largely flat for another session on Wednesday. In Thursday's trade, the following stocks will be in focus due to quarterly earnings announcements and key news developments: Marico, IOB: Both Marico and Indian Overseas Bank will announce their Q4 results today. Eternal: The food delivery platform reported a 77.7% YoY drop in Q4FY25 net profit to Rs 39 crore from Rs 175 crore. Sequentially, profit declined 33.8% from Rs 59 crore. Adani Enterprises: The group's flagship firm posted a more than sevenfold jump in Q4FY25 net profit to Rs 3,844.91 crore from Rs 450.58 crore, driven by exceptional gains. HAL: The Advanced Light Helicopter (ALH) Dhruv variants for the Army and Air Force have been cleared for operations based on Defect Investigation Committee recommendations. Jaiprakash Power Ventures: Reported a 73% drop in Q4 profit to Rs 155.67 crore from Rs 588.79 crore due to reduced income. Adani Ports: Posted a 47% YoY jump in net profit to Rs 3,014.22 crore for Q4FY25, beating Bloomberg's estimate of Rs 2,662.1 crore. Indus Towers: Reported a 4% YoY decline in Q4 profit to Rs 1,779 crore. However, the company noted improving industry outlook. Bandhan Bank: Reported a 482% YoY surge in net profit to Rs 317.90 crore in Q4FY25, aided by lower provisions despite a 4% drop in net interest income. Auto Stocks: Maruti Suzuki, Tata Motors, and others will be in focus post their April sales reports. NCC: Secured orders worth Rs 1,582 crore in April—Rs 1,082 crore for Building Division and Rs 500 crore for Transportation. JSW Energy: Its arm JSW Neo Energy signed a 1,500 MW/12,000 MWh Pumped Hydro Storage Power agreement with UPPCL, earning Rs 77.2 lakh/MW annually for 40 years. HBL Engineering: Received Rs 145.83 crore contract from Western Railway to implement Kavach safety system over 428 km across 48 stations. GR Infraprojects: Won Rs 4,262.78 crore DBFOT (Toll) project for Agra-Gwalior Greenfield Road spanning UP, Rajasthan, and MP. One MobiKwik Systems: Its subsidiary Zaakpay received RBI nod to operate as an online payment aggregator. Bank of India: Approved capital raising of up to Rs 5,000 crore in FY26 via Tier-I and Tier-II bonds. Transferred Rs 329.45 crore to SBI as share capital. Disclaimer:Disclaimer: The views and investment tips by experts in this report are their own and not those of the website or its management. Users are advised to check with certified experts before taking any investment decisions. First Published: May 02, 2025, 08:25 IST
