Daily News - Thursday, 27 June 2024

₹2,000 cr investments expected in energy storage (mint)

India's energy storage sector is set to receive over ₹2,000 crore in investments during the India Energy Storage Week 2024, held from July 1-5 in New Delhi. This annual event, organized by the India Energy Storage Alliance (IESA), aims to attract both domestic and international investors to boost the manufacturing and recycling of lithium-ion batteries for electric vehicles, with expected commitments exceeding ₹2,000 crore. Additionally, the event will feature the announcement of five new battery manufacturing factories and the launch of VFlow-Tech's largest long-duration energy storage manufacturing facility in Haryana, further pushing India towards its target of over 81 GWh by 2026-27.

Isro arm signs $18-mn deal to launch big Aussie satellite (mint)

The Australian government has signed an $18 million MoU with the Indian Space Research Organisation's (Isro) commercial arm, NewSpace India Ltd (NSIL), to launch Australia's largest satellite to date using Isro's Small Satellite Launch Vehicle (SSLV) in 2026. This partnership, announced by Australian high commissioner Philip Green, involves multiple stakeholders, including Ananth Technologies, which will manufacture the 450kg payload, and aims to eventually conduct 20-30 SSLV launches annually to meet the demand for small satellite rockets. This collaboration signifies a rare positive development amid a slow period for India's private space sector and marks one of India's first significant cross-border space investments since its space sector privatization in 2020.

Hi-tech Thermal Plants may Get ₹6kcr Viability Support (The Economic Times)

The Union budget for 2024-25 is expected to introduce a support scheme for setting up 800 MW coal-based power plants using Advanced Ultra Supercritical (AUSC) technology, with the finance ministry evaluating a proposal for about ₹6,000 crore in viability gap funding (VGF). This project, developed by a consortium including Bharat Heavy Electricals Limited, Indira Gandhi Centre for Atomic Research, and NTPC, aims to achieve 46% plant efficiency and reduce coal consumption and carbon dioxide emissions by about 11% compared to current supercritical plants. Additionally, a ₹3,500 crore payment security mechanism for electric buses is being considered to encourage manufacturers to participate in state government tenders by ensuring payment assurance in case of disputes.

AI has huge potential but guardrails crucial: Nilekani (The Hindu)

Infosys is now in the second year of the generative AI (Gen AI) revolution, with initial concerns about AI giving way to acceptance as a general-purpose technology with enormous potential for good, according to Chairman Nandan Nilekani at the 43rd Annual General Meeting. Nilekani emphasized that the real power of AI will come from integrating various models and tools to solve business and societal challenges, with the rise of powerful, open-source AI models accelerating this deployment. He also highlighted that fiscal 2024 saw steady performance for Infosys in a volatile macroeconomic environment, with a record total contract value of $17.7 billion, 52% of which were new deals.

Telcos bid ₹11,340 cr. for spectrum (The Hindu)

In the latest spectrum auction concluded after seven rounds, Bharti Airtel spent the most, bidding ₹6,856.76 crore, mainly to renew expiring spectrum, while Vodafone Idea bid ₹3,510.40 crore and Reliance Jio Infocomm Ltd. bid ₹973.62 crore. The auction raised ₹11,340.78 crore in total, with Bharti Airtel focusing on improving indoor coverage and Vodafone Idea enhancing its 4G customer experience in key markets by renewing and acquiring additional spectrum in the 900 MHz band. Despite the auction's smaller scale compared to 2022, 26.5% of the leftover spectrum from that year was sold, primarily in the 900MHz, 1800MHz, 2100MHz, and 2500MHz bands.