New Delhi: To bolster the domestic electric vehicle (EV) manufacturing, the government’s production-linked incentive (PLI) scheme with an approved outlay of Rs25,938 crore, along with some other key initiatives, have brought a significant change for the industry. The Centre has already approved 50 of the 74 applications it received from automakers for the PLI schemes in the EV sector and remaining 24 applications are under review.
According to approved applicants under the main PLI scheme, investments reached Rs17,896 crore and incremental sales crossed Rs3,370 crore (up to March 31).Under the PLI scheme, automakers can receive a government grant of 13-15 per cent of the annual sales value of EVs, which helps increase the company’s sales and offsets the higher costs of investing in new technologies.
Large mountains of waste ore. Extraction of salt. Minerals. Industry concept
Potash, a potassium-rich mineral, is important to modern agriculture as a key ingredient in fertilizers. The global potash market, traditionally dominated by a few major producers, is witnessing significant changes with emerging markets like Brazil stepping into the spotlight. Let’s take a look at the economic benefits of potash production for emerging markets, with job creation, GDP growth, and reduced dependency on imports.
The global potash industry has been controlled by a few major players, notably Canada, Russia, and Belarus. This concentration has traditionally influenced global potash prices and supply. However, emerging markets like Brazil are set to disrupt this status quo. With large untapped potash reserves, Brazil has the potential to change the global market, with economic benefits domestically spreading out across the sector and other industries.
Brazil’s Agricultural Sector and Potash Demand
Brazil is a powerhouse in global agriculture, ranking among the top producers of soybeans, sugar, coffee, and beef. However, the country relies heavily on imported potash to meet its agricultural needs. This dependency on imports exposes Brazil to market fluctuations and supply chain disruptions. Developing domestic potash production can mitigate these risks and offer substantial economic benefits.
Economic Benefits of Domestic Potash Production
Job Creation
Potash production can be a significant driver of employment in Brazil. The development of potash mines and related infrastructure requires a substantial workforce. From geological surveys and mining operations to transportation and logistics, the potash industry can generate thousands of direct and indirect jobs. For instance, the Autazes Potash Project from Brazil Potash (currently permitted and under construction), is expected to create approximately 2,600 direct jobs during its construction phase and 1,300 permanent jobs during operations. Additionally, the multiplier effect of these jobs can stimulate local economies, creating more employment opportunities in related sectors such as services, retail, and housing.
GDP Growth
Increasing domestic potash production can have a positive impact on Brazil’s GDP. The mining sector contributes significantly to national GDPs, especially in resource-rich countries. By reducing its dependency on potash imports and developing its resources, Brazil can retain more value within its economy. The revenue generated from potash sales, taxes, and royalties can be reinvested into other critical sectors, promoting overall economic growth.
Reducing Dependency on Imports
Brazil’s reliance on imported potash makes it vulnerable to global market volatility and geopolitical tensions. By developing its potash reserves, Brazil can enhance its agricultural self-sufficiency and reduce its exposure to external risks. This shift can lead to more stable agricultural input costs for Brazilian farmers, improving their competitiveness in global markets. Moreover, reduced import dependency can positively impact Brazil’s trade balance, strengthening its economic position.
The company leading the way in Brazil’s potash sector is Brazil Potash, with its flagship Autazes Potash Project. Located in the Amazonas state, the Autazes project is set to transform Brazil’s potash production landscape. The project aims to produce 2.2 million tonnes of potash annually, reducing the country’s reliance on imports.
The company has secured crucial licenses and commenced construction, marking a major milestone in the project’s development. The project’s successful implementation is expected to bring substantial economic benefits to the region and the country, by boosting local employment and bringing technological advancements and infrastructure development to the Amazonas region. Improved transportation networks, better access to utilities, and enhanced community services are some of the ancillary benefits that the project is expected to deliver.
Strategic Importance for Brazil
The development of the Autazes Potash Project is strategically important for Brazil. It aligns with the country’s broader goals of achieving agricultural self-sufficiency and enhancing food security. By securing a domestic supply of potash, Brazil can ensure a stable and affordable supply of fertilizers for its farmers, boosting agricultural productivity and competitiveness.
Moreover, the project’s success can position Brazil as a significant player in the global potash market, potentially challenging the dominance of the traditional potash-producing countries. This shift can lead to a more competitive and diversified global potash market, benefiting consumers worldwide.
Brazil is not the only emerging market looking to capitalize on potash production. Countries like Ethiopia and Laos are also exploring their potash reserves to boost their economies. Ethiopia is looking to become a major potash producer in Africa, reducing its reliance on imports and creating significant economic opportunities. Similarly, Laos is developing its potash resources to support its agricultural sector and drive economic growth.
By leveraging their natural resources, emerging market countries can achieve economic diversification, job creation, and improved agricultural productivity across the board. Now the world will be watching to see how Brazil’s largest and most ambitious move into potash production reshapes the industry and drives economic growth.
New Delhi, July 29: Electric vehicle (EV) and clean energy startup Simple Energy on Monday announced it has secured $20 million in its Series A funding to scale up local production.
The funding round saw participation from current investors, such as high-net-worth individuals (HNIs) from Haran family office, Dr A Velumani’s family office, Vasavi family office, and the Desai Family office (the promoter group of Apar Industries), among others.
“As the adoption of EVs accelerates significantly in India, we are committed to playing a pivotal role in this burgeoning ecosystem,” said Suhas Rajkumar, Founder and CEO of Simple Energy.
The capital raised will be tactically deployed to bolster “our production capacity and expand our dealership network nationwide,” he added.
The startup aims to achieve a top-line of Rs 150 crore this fiscal.
Founded in 2019, Simple Energy has a motor manufacturing unit within its 200,000 square feet plant located in Shoolagiri, Tamil Nadu.
It offers ‘Simple One’ with 212 kms of certified range and ‘Simple Dot One’ electric two-wheelers with 151 kms of certified range.
Currently in a pilot phase in Bengaluru, the startup has begun deliveries in the city, and is preparing to open dealership stores in other regions.
“With a clear vision and a strategic roadmap mapped out for the next phase of growth, Simple Energy is primed to redefine the landscape of technologically advanced EV two-wheelers in India and beyond,” said Balamurugan Arumugam, Chief Growth Officer at Klarity, an HNI who participated in the round.
Musashi Auto Parts India Pvt Ltd (Musashi), a subsidiary of Musashi Seimitsu Industries, Japan, has begun mass production of EV two-wheeler e-axles in India. The e-axles will be manufactured at Musashi India’s Bangalore facility, with the line-off ceremony held on June 5 to mark the start of production.
In the first phase, Musashi has set up a capacity to produce 10,000 e-axles per month, with plans to increase this capacity with additional lines from the third year onwards. These e-axles are designed to be compatible with EV two-wheelers, offering compactness, lightweight, and quiet operation to enhance performance, range, and user experience.
Mr. Naoya Nishimura, CEO India & Africa Region, stated, “The commencement of the manufacturing of e-axles marks a significant milestone in our journey towards accelerating the adoption of EVs in India and enabling a faster transition to green mobility. Our production lines are equipped with state of the art technologies that will ensure a seamless integration across the assembly line, ensuring increased efficiencies and production output. With the rapid growth of EV two-wheelers in India, the need to build a local and robust ecosystem of EV components is imperative. At Musashi, our goal is to contribute to the growth of this ecosystem by combining our legacy and expertise in manufacturing auto components with our R&D capabilities to deliver cutting-edge, high performance EV drive units to the burgeoning EV industry in India.”
Musashi India is collaborating with BNC Motors to develop EV drive units for BNC’s upcoming EV two-wheeler, which will be equivalent to a 125cc ICE scooter, as stated in the company statement.
Musashi Auto Parts India Pvt Ltd (Musashi), a subsidiary of Musashi Seimitsu Industries, Japan, has begun mass production of EV two-wheeler e-axles in India. The e-axles will be manufactured at Musashi India’s Bangalore facility, with the line-off ceremony held on June 5 to mark the start of production.
In the first phase, Musashi has set up a capacity to produce 10,000 e-axles per month, with plans to increase this capacity with additional lines from the third year onwards. These e-axles are designed to be compatible with EV two-wheelers, offering compactness, lightweight, and quiet operation to enhance performance, range, and user experience.
Mr. Naoya Nishimura, CEO India & Africa Region, stated, “The commencement of the manufacturing of e-axles marks a significant milestone in our journey towards accelerating the adoption of EVs in India and enabling a faster transition to green mobility. Our production lines are equipped with state of the art technologies that will ensure a seamless integration across the assembly line, ensuring increased efficiencies and production output. With the rapid growth of EV two-wheelers in India, the need to build a local and robust ecosystem of EV components is imperative. At Musashi, our goal is to contribute to the growth of this ecosystem by combining our legacy and expertise in manufacturing auto components with our R&D capabilities to deliver cutting-edge, high performance EV drive units to the burgeoning EV industry in India.”
Musashi India is collaborating with BNC Motors to develop EV drive units for BNC’s upcoming EV two-wheeler, which will be equivalent to a 125cc ICE scooter, as stated in the company statement.
India’s coal production elevated by 10.15% in May, reaching 83.91 million tonnes. Coal India Limited (CIL) contributed considerably to this progress, producing 64.40 MT of coal.
Coal dispatches for May reached 90.84 MT, up by 10.35% from the earlier 12 months. The progress in coal production and dispatch is because of authorities measures and the coal trade’s efforts.
India’s coal production has seen a big improve, with a progress of 10.15% in May, based on the Ministry of Coal. The production reached 83.91 million tonnes (MT), a considerable rise from the earlier 12 months’s 76.18 MT throughout the identical interval. This progress is a testomony to the nation’s efforts to spice up its coal production to fulfill the growing power calls for.
The main contributor to this progress was Coal India Limited (CIL), which achieved a coal production of 64.40 MT in May. This marked a progress of seven.46% in comparison with the identical interval final 12 months when it was 59.93 MT. CIL’s contribution is critical because it is without doubt one of the largest coal-producing corporations in India, and its elevated output performs a vital position in assembly the nation’s power wants.
representational
In addition to CIL, coal production by captive and different entities additionally noticed a considerable improve. In May 2024, these entities produced 13.78 MT of coal, reflecting a progress of 32.76% from the earlier 12 months, which was 10.38 MT. This progress signifies the growing position of different entities in contributing to India’s coal production.
The general coal dispatches for May reached 90.84 MT, up by 10.35% in comparison with the identical interval final 12 months when it was recorded at 82.32 MT. During the month, CIL dispatched 69.08 MT of coal, a progress of 8.50%. This improve in coal dispatches is essential in making certain a gradual provide of coal to energy crops and different industries.
The Ministry of Coal additionally highlighted that coal dispatch by captive and different entities in May was recorded at 16 MT (Provisional), reflecting a progress of 29.33% from the earlier 12 months, which was 12.37 MT. This improve in coal dispatch by different entities additional underscores their rising position in the coal trade.
IANS
The ministry reassured that the coal shares at thermal energy crops are enough to fulfill the requirement of 19 days amid the extraordinarily excessive demand for energy in the scorching warmth. India’s energy demand hit a brand new excessive at 250 GW final week. The ministry stated it is able to guarantee enough availability of coal at thermal energy crops through the monsoon season.
This progress in coal production and dispatch is a results of numerous measures taken by the federal government and the coal trade. These embrace growing coal production, making certain easy and enough logistical preparations for coal provide, and inspiring extra buyers in business coal mine auctions. These efforts intention to take care of an environment friendly provide chain and meet the excessive energy demand, particularly through the summer time season.
(*10*), India has been closely depending on coal for its power wants. Despite the worldwide shift in the direction of renewable power sources, coal stays a big a part of India’s power combine. The current improve in coal production and dispatch is a continuation of this pattern. However, it additionally highlights the necessity for India to proceed its efforts in diversifying its power sources and growing its reliance on renewable power.
In conclusion, the expansion in India’s coal production and dispatch in May is a constructive improvement for the nation’s power sector. It not solely ensures a gradual provide of coal to fulfill the excessive energy demand but additionally contributes to the nation’s financial progress. However, it additionally underscores the necessity for India to proceed its efforts in diversifying its power sources and growing its reliance on renewable power, to make sure a sustainable and balanced power future.
New York, NY, June 04, 2024 –WB+TDP, the highest impartial artistic manufacturing company, right this moment introduced the corporate will host an AI manufacturing dialogue at Cannes Lions on Wednesday, June 19.
As the pioneers of the AI Synthomatic, WB+TDP, will probably be internet hosting “AI Production: Real Solutions” with Andrew Kessler, President and CEO, and Ryan Scully, VP Creative, offering an summary of the sensible utility of AI within the manufacturing course of.
The dialogue, for creatives and manufacturing executives, will embody info on creating AI compositions, animations, and VO utilizing present and broadly out there AI know-how. Attendees will be taught the probabilities, and limitations, of AI utilization throughout the manufacturing course of.
In 2023, WB+TDP launched the groundbreaking AI Synthomatic. Unlike conventional AI processes, the Synthomatic combines AI applied sciences with a human contact and the expert eye of the corporate’s artists. Over the final yr, WB+TDP’s AI Synthomatics have been used inside all 6 of the main businesses holding firms, who at the moment are incorporating AI Synthomatics, which provide quicker manufacturing, superior high quality, and decreased prices, into their shopper work.
“The AI Synthomatic represents a transformative leap in manufacturing capabilities, mixing AI with our inventive experience to ship unparalleled high quality and effectivity. As we proceed to work on the modern of AI know-how, we’re wanting ahead to sharing our findings with the artistic manufacturing group at Cannes Lions,” stated Andrew Kessler, WB+TDP President and CEO.
A sampling of WB+TDP’s AI Synthomatic artwork will be discovered at wbtdp.com/ai-synthomatics
ONGC Board of Directors in its 380th Meeting held on 20th May, 2024, accredited the annual outcomes for FY’24.
1. Financial Performance (Standalone)
Particulars
Q4FY’24
Q4FY’23*
%
Var
FY’24
FY’23*
% Var
Gross Revenue (Rs. Crore)
34,637
36,293
(4.6)
1,38,402
1,55,517
(11.0)
Profit After Tax (PAT)
(Rs. Crore)
9,869
528
–
40,526
40,097
1.1
Crude Oil Price-Nominated
Net Realization (US$/bbl)
80.81
77.12
4.8
80.77
91.90
(12.1)
Net Realization (Rs./bbl)
6,709
6,344
5.8
6,687
7,388
(9.5)
Crude Oil Price-JV
Realization (US$/bbl)
76.84
77.11
(0.4)
75.91
93.02
(18.4)
Realization (Rs./bbl)
6,380
6,343
0.6
6,284
7,478
(16.0)
Gas Price
Price on GCV foundation ($/mmbtu)
6.50
8.57
(24.2)
6.55
7.34
(10.8)
*Restated
Financial Performance (Consolidated)
Q4FY’24
Q4FY’23*
% Var
FY’24
FY’23*
% Var
Gross Revenue (₹Crore)
1,66,771
1,64,067
1.6
6,43,037
6,84,829
(6.1)
Net Profit (₹ Crore)
11,527
6,478
77.9
57,101
34,046
67.7
*Restated
Dividend pay out
The complete dividend for FY’24 can be 245% (Rs 12.25 per share of face worth Rs 5 every) with a complete payout of Rs 15,411 crore. This contains interim dividend of 195% (Rs 9.75 per share) already paid in the course of the yr and last dividend of fifty% (Rs 2.50 per share) really helpful by the Board.
Production Performance
Crude Oil manufacturing in This autumn FY’24 noticed a rise of two.4% over This autumn FY’23 whereas gasoline manufacturing decreased by 3%.
Particulars
Q4FY’24
Q4FY’23
% Var
FY’24
FY’23
% Var
Crude Oil–ONGC (MMT)
4.714
4.518
4.3
18.401
18.540
(0.7)
Crude Oil–JV share (MMT)
0.378
0.442
(14.5)
1.668
1.901
(12.3)
Condensate (MMT)
0.267
0.275
(2.9)
1.070
1.044
2.5
Total Crude Oil (MMT)
5.359
5.235
2.4
21.139
21.485
(1.6)
Gas – ONGC (BCM)
4.950
5.073
(2.4)
19.974
20.628
(3.2)
Gas – JV share (BCM)
0.151
0.188
(19.7)
0.674
0.723
(6.8)
Total Gas (BCM)
5.101
5.261
(3.0)
20.648
21.351
(3.3)
Value Added Products (KT)
626
612
2.3
2519
2598
(3.0)
5. Exploration Performance
(a) ONGC has declared 11discoveries (6 in onland, 5 in offshore) throughout FY 2023-24 in its operated acreages. Out of those, 6 are prospects (1 in onland, 5 in offshore) and 5 are new pool (onland) discoveries.
(b) 7hydrocarbon discoveries have been monetized in the course of the FY 2023-24 together with the threediscoveries notified in the course of the fiscal of 2023-24.
(c) The particulars of newest discovery notified for the reason that final press launch on this regard on 10.02.2024 are as beneath:
(Discoveries notified throughout This autumn FY 2023-24)
(i) East Lakhibari-6 (ELDA)in A&AA Basin – The improvement Well East Lakhibari-6 was drilled right down to 2271.86m with a revised goal depth to discover the HC prospectivity of Cretaceous sediments. During testing Object-II (2162.5-2165.5m, Cretaceous) flowed oil @ 23.444 m3/day with feeble gasoline and Object-III (2144-2148m, Cretaceous) flowed oil @ 43.2 m3/day and gasoline @ 500 m3/day. The Hydrocarbon Strike from the Cretaceous Sequences in effectively East Lakhibari-6 in Upper Assam Shelf-South is important milestone as it’s first Hydrocarbon Discovery from the Cretaceous sequences in total Assam Shelf and thereby marking the New Play Opening within the A&AA Basin.
(ii) West Amod-1 (CBONH212A-A) in Cambay Basin – The exploratory effectively West Amod-1 (CB-ONO-AD-A) was drilled in OALP block CB-ONHP-2021/2 to discover HC potential of Hazad Sands GS-1(P) and GS-3B (S). During testing, Object-ll (2914.5-2918m, GS-1 Sand) flowed oil @ 9.23 m3/day and gasoline @ 6533 m3/day. The success within the effectively, established presence of business hydrocarbon within the OALP block and opened up the block space for additional exploration and improvement.
(Discoveries notified throughout Q1 FY 2024-25)
(i) Ranaghat (WBON5-4-NA-H) in Bengal Onland – The exploratory effectively Ranaghat-2 (WBON5_4-NA-H) was drilled in WB-ONN-2005/4 NELP block to discover HC potential of Mio-Pliocene sands. During testing Object-I (2657-2664 m, Pandua Formation/Miocene) flowed gasoline @ 147215 m3/day and condensate @ 8.40 m3/day. The success within the effectively has established hydrocarbon gasoline within the north japanese a part of NELP block and opens up areas for re-evaluation and future exploration.
(ii) Neelmani (MBS191HDA-1) in Mumbai Offshore (SW) – The exploratory effectively MBS191HDA-1 (MBS191HDA-A) was drilled in OALP block MB-OSHP-2019/1 in Mumbai Offshore (SW) to discover HC potential of Pliocene Pay. During preliminary testing Object-IB (909-915m in Chinchini Formation) flowed gasoline @1,70,799 m3/day. Subsequently, Object-IA (925-931m) was added by way of Metrol crossfire expertise. The effectively flowed gasoline @ 1,66,571 m3/day.
(e) Reserve Replacement Ratio (RRR) of ONGC-Operated Domestic Areas
Reserve Replacement Ratio (2P) from home fields (excluding JV share) was 1.15. ONGC has achieved Reserve Replacement Ratio (2P) of a couple of for the 18thconsecutive yr.
Drilling efficiency
ONGC drilled 541 wells, the highest recorded prior to now 34 years, comprising 103 exploratory and 438 improvement wells. The year-wise pattern for final 5 years is as beneath:
FY
Exploratory Wells
Development Wells
Total Wells Drilled
2019-20
106
394
500
2020-21
100
380
480
2021-22
78
356
434
2022-23
85
376
461
2023-24
103
438
541
Capex
ONGC invested round Rs. 37,000 crore CAPEX in FY’24, thus attaining highest ever utilization (excluding acquisitions) in a monetary yr for strengthening the expansion prospects of the Company. The year-wise pattern for final 5 years is as beneath:
Abu Dhabi, UAE – 13 May 2024: Khalifa Economic Zones Abu Dhabi – KEZAD Group, the most important operator of built-in and purpose-built financial zones, and UAE-based Golden Spike and Wheat as we speak introduced the signing of a 50-year land lease settlement for the institution of a bakery and sweets manufacturing facility in KEZAD.
The 26,000 sqm facility in ICAD 3 (KEZAD Musaffah) may have a big manufacturing capability to cater to the necessities of the UAE market.
Mohamed Al Khadar Al Ahmed, CEO Khalifa Economic Zones Abu Dhabi – KEZAD Group stated: “We welcome Golden Spike and Wheat to KEZAD’s rising Food ecosystem. Through KEZAD Group, Abu Dhabi is taking part in a number one position in the UAE’s drive in the direction of attaining No 1 on the Global Food Security Index. The Golden Spike facility could be nicely positioned to reinforce these efforts and play a major position in the nation’s meals safety efforts.”
Mustafa Al Husseiny, General Manager of Golden Spike and Wheat stated: “The Food & Agtech sectors at KEZAD play a serious position in the nation’s meals safety efforts. Abu Dhabi’s F&B sector is witnessing a major transformation, propelled by strategic initiatives led by KEZAD Group. With its intensive infrastructure investments and dedication to integrating superior agricultural applied sciences (AgTech) that cater to the evolving wants of the trade, KEZAD is essential in repositioning the UAE, and notably Abu Dhabi, as a number one Food and AgTech hub of the Middle East.”
The upcoming 3.3 sq km Abu Dhabi Food Hub in KEZAD, in addition to a quantity KEZAD shoppers in the F&B sector, together with sustainable options in the AgTech trade, akin to vertical farming and hydroponics, are essential initiatives in a area with restricted arable land and water assets. These efforts assist the UAE’s meals safety aims whereas making certain environmental sustainability.
Sterling Tools Limited (BSE: 530759) (NSE: STERTOOLS), an automotive fastener manufacturer and, through its subsidiary, a manufacturer of Motor Control Units (MCUs) in India, has entered into a Memorandum of Understanding (MoU) with South Korea’s Yongin Electronics Co., Ltd, for an EV component production facility. The agreement is anticipated to generate INR 250 crore in business over the next 5 years, with a focus on advancing India’s EV sector. To enhance production capacity, Sterling Tools Limited will establish a new greenfield manufacturing facility in the country.
Yongin Electronics Co., Ltd, a major supplier of components to the Hyundai Kia Motor Group, will provide technological expertise to India’s EV sector through this collaboration. The MoU aligns with the ‘Atma Nirbhar Bharat’ vision of the Indian government by increasing local value addition and backward integration into passive components. The partnership enhances Sterling’s capability to provide solutions for EV and hybrid vehicles, incorporating technology from Yongin. It covers the entire portfolio of magnetic components required for various applications in India’s EV and electronics manufacturing growth.
Commenting on this new association, Anish Agarwal, Director from Sterling Tools Limited, said, “This MoU demonstrates Sterling’s commitment to developing the EV and Electronics ecosystem and contributing to “Make In India.” We are one step closer to strengthening our presence and offerings as a provider of green energy solutions in the automotive industry.”
K. H. Kim, CEO of Yongin Electronics Co., Ltd said, “We recognize the significant potential within the Indian EV market. It brings us great pleasure to announce our partnership with Sterling through the signing of an MOU. We are prepared to embark on a journey of mutual growth and collaboration within the Indian EV industry, contributing positively to its advancement.”
Yongin Electronics, with 47 years of experience, specializes in electronic components such as transformers, AC/DC reactors, coils, chokes, EMI filter boards, DC Link EMI filters, high-current DC connectors, and metal ferrite cores. The company has played a significant role in the development of Korea’s electronics industry. It operates in South Korea, Vietnam, and China to serve its OEM customer base.
Established in 1979, Sterling Tools Limited produces fasteners for a range of automotive segments, including passenger cars, two-wheelers, commercial vehicles, agri-equipment, and construction equipment. The company has expanded into electric vehicles to meet changing market needs by signing of this MoU.
