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Feb 14 (Reuters) - Indian engineering and construction firm Larsen & Toubro (LART.BO) on Monday said it has secured a contract worth more than 11 billion rupees ($242 million) to build a gas-based power plant in western India.
The project is to be commissioned in two and half years, L&T said in a statement.
NEW DELHI –Coal India Ltd., the world's largest coal producer, Monday reported October-December quarter net profit of 26.26 billion rupees ($575.62 million) on net sales of 126.92 billion rupees.
The company didn't provide the year-earlier comparative figures, as it was not listed at that time.
The state-run entity reported a production of 113.85 million tons in the third quarter of the current fiscal year, against 111.08 million tons in the year-ago period.
Its offtake stood at 110.52 million tons in the third quarter, compared to 107.31 million tons a year earlier.
Indian Government is working on launching a new policy that will invite car manufacturers to launch new hybrid cars in the country. This new policy will not only give concessions on excise duty to the manufacturer, but will also provide the consumer with rebates and incentives.
Mr Praful Patel, Minister for Public Enterprises and Heavy Industries said, “Besides, the fiscal sops like differential excise on the car, the policy is likely to incentivise research and development for development of the hybrid vehicle. To encourage the production of these cars (hybrids), there is a need to upgrade the laboratory knowledge.”
In order to get this policy working, Dept. of Heavy Industry will need a nod from the Central Cabinet as well. If everything goes according to plan, the policy will be ready to be implemented by September this year.
Hybrid cars is the answer to alternate fuel and global warming. Currently India does not manufacture hybrid cars, it has to import them. Because, of which they are too expensive for consumers to even consider buying a hybrid car. “We have to see as to how to reduce the price to a reasonable level,” Mr Praful added.
The World Bank has stated in its latest report that India can generate 68,000 MW of power, costing less than Rs.6 a unit from renewable energy sources, a step that can address the country's energy security concerns.
The report released here by the multilateral funding agency on Friday said the 68,000 MW of wind, hydro and biomass energy can be harnessed at less than Rs.6 a unit. “Developing indigenous renewable energy sources, which have low marginal costs of generation, are more economically viable in the long run,'' the study — Potential of renewable energy in India — has stated.
India's electricity demand is expected to grow at an average annual rate of 7.4 per cent in the next 25 years. The generation capacity will have to increase five-fold to keep pace with the growth of demand.
At present, the installed capacity of the country stands at about 1.70 lakh MW from all sources of energy, as per official data.
The report also suggested that renewable energy development can be an important tool for regional economic development within the country. Himachal Pradesh, Jammu and Kashmir and Uttarakhand have 65 per cent of India's small hydro power resources. Much of the economically attractive wind potential in Orissa or the biomass potential in Madhya Pradesh lies largely undeveloped, the report adds.
The report emphasises that coal, gas and oil have witnessed considerable price volatility in recent years, renewables are the only free hedging mechanism against price volatility of fossil fuels. The risk-adjusted cost of renewable energy is lower than that of fossil-based fuels, and their use enhances the price certainty of the portfolio and increases energy security, the report says.
The entire renewable potential, including solar, is less expensive than diesel, where the existing 20,000 MW of diesel based installed capacity points to innovative possibilities of scaling up renewable in a big way, according to N. Roberto Zagha, World Bank Country Director in India.
The government has set an ambitious target of installing at least 44,000 MW of additional capacity of renewables in the next 10 years.
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