Page 143 - CW E-Magazine (9-1-2024)

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RENEWABLE ENERGY
Adani Green fi nalises jv with TotalEnergies Renewables

Adani Green Energy Ltd. (AGEL) TotalEnergies has infused an amount of
has announced that it has completed Rs. 4,013-crore into AGE23L, the fi ling
a joint venture agreement with Total- informed.
Energies Renewables Singapore Pte. Ltd.
where the latter has acquired a 50% stake TotalEnergies is a French multi-energy
in Adani Renewable Energy Nine Ltd. company that produces and markets
(ARE9L) for $300-mn. ARE9L houses energy commodities including oil and
a 1,050-MW project portfolio. The total biofuels, natural gas and green gases,
comprises a mix of already operational renewables and electricity. It operates in
(300-MW), under construction (500- 130 countries.
MW) and under development assets
(250-MW) with a blend of both solar and Earlier, AGEL had announced that
wind power projects in India. it had raised Rs. 9,350-crore by issuing
preferential warrants to its promoters.
The binding agreement for the JV was In addition to the above, the terms The company had also announced a
announced in September, AGEL said in a of joint venture agreement entered into $1.36-bn facility with funding from eight
stock exchange fi ling. AGEL said the JV with TotalEnergies in respect of shares of international banks for the construction
would help it achieve its target of 45-GW Adani Green Energy Twenty Three Ltd. of 2,167-MW of solar-power projects in
of renewable-energy capacity by 2030. (AGE23L) have also been modifi ed, and Khavda, Gujarat.
SRF commissions aluminium foil facility in MP; expands

fl uorocarbon refrigerant gas capacity in Dahej

Chemicals conglomerate, SRF, has ment for food products in Gas capacity expansion
announced that its wholly-owned subsi- the domestic and exports In another develop-
diary, SRF Altech Ltd., has commis- market. The development ment, SRF announced the
sioned an aluminium foil manufactur- is complementary to SRF’s completion of a fl uorocar-
ing facility in Madhya Pradesh at a cost existing line of pack- bon refrigerant gas capacity
of Rs. 536-crore. aging fi lm business (PFB) expansion project at a cost
majorly comprising of Bi-axially of Rs. 317- crore in Dahej, Gujarat. The
The plant will meet the growing Oriented Polyethylene Terephthalate initiative is aimed at raising capacity
demand for aluminium foil, which is (BOPET) fi lms and Bi-axially Oriented and integrating supply chains into the
mainly driven by packaging require- Polypropylene (BOPP) fi lms. project, the company said.

AGROCHEMICALS
UPL’s fundraise positive if used to cut debt: HSBC

Agrochemical major, UPL’s recent weakening demand and burdening However, analysts and investors
plan to raise Rs. 4,200-crore through debt in recent quarters. The company’s still remain wary of the company over
a rights issue of equity shares would net debt stood at Rs. 26,200-crore as of the absence of specifi c guidance on
be positive for the pesticides maker if June end. To manage that, the company debt reduction for FY24.
the funds are used to reduce the com- management has introduced several
pany’s debt, brokerage house HSBC measures, including a cost reduction Compounding the situation is the
has said. initiative targeting $100-mn over the sluggish demand in the global agro-
next 24 months, with a minimum of chemicals sector and the prolonged
UPL has been struggling with 50% expected to be realised in FY24. downturn that is anticipated to persist.

Chemical Weekly January 9, 2024 143

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