Project News Details
Cabinet approves amendments in Mega Power Policy 2009 for Provisional Mega Power projects
The Cabinet Committee on Economic Affairs, chaired by the Prime Minister Shri Narendra Modi has approved the time period for the provisional Mega projects (25 projects), for furnishing the final Mega certificates to the Tax authorities be extended to 120 months instead of 60 months from the date of import. Developers would be required to keep their Fixed Deposit Receipt (FDR) or Bank Guarantee (in lieu of duty exemption claimed) alive.
The CCEA also approved 25 Provisional Mega certified project for Mega Policy benefits in proportion to the long term PPA (Power Purchase Agreement) tied up, as permitted under the Mega Power Policy, once the specified threshold capacity of the project, gets commissioned. However, the money realized by the developer, if any, as a result of release of proportionate Bank Guarantee would first be utilized towards the repayment of the Bank dues by the developer. A suitable mechanism will be worked in consultation with Department of Revenue for operationalisation of release of proportionate Bank Guarantee.
This is expected to enable developers to competitively bid for PPAs |in future. Once the developer commissions the specified threshold capacity, proportional mega benefits would facilitate easing out liquidity crunch with the developers/Banks and improve the viability of their projects. Increased power availability will boost overall growth of the country and also ensure that cost of power to the consumers does not increase.
Punj Lloyd wins Haldia Refinery EPCC Package from IOC
Diversified global conglomerate, Punj Lloyd has announced receiving a lump-sum turnkey contract for the EPCC Package 2 at Haldia Refinery, West Bengal from Indian Oil Corporation Ltd (IOCL) for a value of Rs 1094 crore.
The scope of work for the project involves the Residual Process Design, Detailed Engineering including HAZOP study, engineering, procurement, construction and commissioning of the Sulphur Block comprising the Sulphur Refinery Unit (SRU), Amine Regeneration Unit (ARU), the Sou...
L&T Bags 1700 Cr. International EPC Order for 400 MW Gas Based Power Plant in Bangladesh
Larsen & Toubro (L&T) has received an order valued at around 1700 Crores from Marubeni Corporation, Japan, for setting up the Bibiyana III 400 MW Combined Cycle Power Plant Project of Bangladesh Power Development Board (BPDB).
BPDB awarded the EPC contract for setting up the 400 MW gas based power plant project to Marubeni Corporation of Japan, which in turn awarded the EPC sub-contract to L&T on turnkey basis. This plant will be located at Nabiganj Upzila in H...
IOC Planning Petrochemical Plant in Iran
As per the reports in the media, Indian Oil Corp. (IOC) is planning to build USD 3 billion petrochemicals plant in Iran which will have access to cheap natural gas as its feedstock.
India is planning investments in energy infrastructure in Iran. This includes ports and upstream gas production.
IOC is looking at petrochemicals to drive growth. The company is planning an investment of around USD 4.5 billion in coming years to expand its business.