Daily News Wrap-Up: Budget 2024 Highlights

Servotech wins ₹1.2 billion contract from BPCL to deploy 1,800 EV chargers

February 2, 2024


Union Finance Minister Nirmala Sitharaman unveiled key measures during the presentation of the 2024 interim budget, signaling a significant push towards sustainable energy and electric mobility. One of the standout announcements involves providing up to 300 units of free electricity every month to 10 million households through rooftop solarization. This move aims not only to make clean energy accessible to a large segment of the population but also to encourage the widespread adoption of solar power.

Servotech Power Systems, an electric vehicle (EV) charger and energy efficiency products manufacturer has won an order for 1,800 DC Fast EV Chargers to be installed across India from government-owned oil and gas major Bharat Petroleum Corporation. The order is valued at ₹1.2 billion (~$14.46 million) and encompasses the installation and commissioning of two charger variants, 60 kW and 120 kW in the 70:30 ratio.

Amara Raja Energy & Mobility recorded a net profit of ₹2.55 billion (~$30.7 million) during the third quarter of the financial year 2024, a year-over-year (YoY) increase of 14.8%, primarily driven by the increased sales volumes of automotive batteries in both domestic and international markets. During the quarter, the company posted revenue of ₹30.68 billion (~$369.7 million), a YoY increase of 15% from ₹26.64 billion (~$321 million) fueled by the increased demand for lead-acid batteries.

The Municipal Corporation of Jabalpur has invited proposals from eligible consultants to set up 10 MW solar projects under captive/net metering mode to supply power to its high-tension connections. The last date for submitting bids is February 29, 2024. Bids will be opened on March 1. The corporation is responsible for supplying water to residents within its jurisdiction and operates multiple water pumping stations equipped with electrical connections at 132/33 or 11 kV Voltage. The corporation aims to transition to solar energy, within the existing regulations, to meet its electrical energy needs as much as possible.

THDC India has invited bids from consultants for the preparation of a detailed project report and bathymetric survey of a 100 MW floating solar power project at the Kadra Dam reservoir in Karnataka. The last date for submission of bids is September 15, 2024. Bids will be opened the next day. The study’s scope encompasses an in-depth project report, incorporating an evaluation of suitability, engineering surveys, cost estimates, and assessments of technical, economic, and financial viability for solar power projects.


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