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MoU’s Signed Jan – 24

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National News Jan – 24

BEL bags orders worth Rs 2,673cr to supply sensors for next gen ships

Bharat Electronics received orders worth Rs 2,673 crore collectively from Goa Shipyard Limited (Rs 1,701 crore) and Garden Reach Shipbuilders and Engineers (Rs 972 crore). The orders entail supply of 14 types of sensors for use on Next Generation Offshore Patrol Vessels (NGOPV). This will have participation of electronics and associated industries including MSME, which are sub vendors of BEL. The Equipment manufactured by BEL are part of ‘Atmanirbhar Bharat’ program”. The state-owned company has bagged cumulative orders of worth Rs 25,935.15 crore till now in the current financial year 2023-24. Note: The central government has set the target of achieving indigenous defence manufacturing worth Rs 175,000 crore including defence exports of Rs 35,000 crore by the year 2024-25.

SBI to sign $165 million LoC with World Bank for rooftop solar projects

The country’s biggest lender, State Bank of India (SBI) will be signing a $165 million Line of Credit (LoC) from the World Bank in Delhi to support gridconnected rooftop solar photovoltaic projects in residential and institutional sectors. In September, SBI said that it plans to make home loans with rooftop solar installations mandatory for residential projects funded from the bank’s long-term climate action funds drawn down from multilateral agencies. The lender has outstanding forex loans of $2. 3 billion from multilateral agencies, including the World Bank, the Asian Development Bank, and KfW of Germany. SBI is planning to make it mandatory for builders to make rooftop solar installations if the project is funded from the bank’s green funds. On December 21, SBI announced it is signing Rs 1,800 crore in LoC with the European Investment Bank (EIB) to support climate action projects in the country. On December 14, SBI signed Rs 630 crore in LoC with German Development Bank KfW to promote solar projects in India.

SBI:

Govt inks pact for Rs 22,627cr Japanese loan to finance bullet train project

The Japan International Cooperation Agency (JICA) has signed a loan agreement with the Central government to provide an Official Development Assistance (ODA) loan of 400 billion Japanese Yen (approximately Rs 22,627 crore) as tranche five for the construction of the Mumbai-Ahmedabad High- Speed Rail (MAHSR) project. JICA has been supporting the MAHSR bullet train project by providing ODA loans with the cumulative commitment amount of JPY 1 trillion and 50 billion (Rs 59,396 crore) since 2017. The objective of the project is to develop a high-frequency mass transportation system by constructing the High-Speed Rail between Mumbai and Ahmedabad, using Japan’s Shinkansen technology (also known as the Bullet Train), thereby enhancing mobility in India and contributing to regional economic development.

JICA:

Ministry of Defence signs Rs 1,614. 89 crore contract with Mazagon Dockyard Shipbuilders Ltd

The Ministry of Defence signed a contract with Mazagon Dockyard Shipbuilders Ltd (MDL), Mumbai for the procurement of six Next Generation Offshore Patrol Vessels (NGOPVS) for the Indian Coast Guard (ICG). The contract was made under the Buy (Indian- IDDM) category at a total cost of Rs 1614. 89 Crore. The acquisition of these major ICG platforms is aimed to boost the ICG’s capability and reinforces the increased focus of the Government towards Maritime Security. These Multi-role State-of-the-Art vessels will be indigenously designed, developed, and manufactured by MDL, Mumbai, and will be delivered in a total period of 66 months.

Centre, Asian Development Bank sign two loan pacts worth $250 million

Manila-based Asian Development Bank (ADB) has approved two loans, including funding for the construction of an 82-km Delhi-Meerut Regional Rapid Transit System (RRTS) corridor, of $ 250 million each. The other loan of $ 250 million towards continued support to industrial corridor development to make manufacturing more competitive, strengthen national supply chains and links with regional and global value chains, and create more and better jobs. Earlier, ADB approved a $ 1,049 million Multitranche Financing Facility (MFF) for the project in 2020 to support the construction of RRTS, the first of three priority rail corridors planned under the NCR Regional Plan 2021, to connect Delhi to other cities in adjoining states, a finance ministry said in a statement.

ADB:

Palestine, US reach agreement to resolve PA funds held by Israel: Source

The Palestinian Authority (PA) reached an agreement with the United States to address the issue of Palestinian funds detained by Israel. The agreement outlines a process wherein the Israeli government will check the list of PA’s employees in the strip to ensure no Hamas members are included. Under the agreement, the Israeli government is expected to transfer tax revenues on Palestinian goods through Israeli crossings, in return for a 3-percent commission in accordance with the economic agreement between Israel and the Palestine Liberation Organization. Previously, the Israeli government claimed that the PA has been funding Hamas officials in Gaza, thus subtracting the money designated for the territory. Under the Oslo Accords, Israel is responsible for collecting customs duties and other tax revenues on behalf of the PA. Part of the funds go to pay for expenses in Gaza, including the salaries of health workers, that are still covered by the PA even though Hamas controls the blockaded enclave.

Palestine

Sembcorp signs deal with Japanese firms to export green ammonia from India

Singapore’s said its green hydrogen unit had partnered with two Japanese firms to supply green ammonia produced in India to Japan, as the company moves to strengthen its position as a major green energy supplier. Sembcorp Green Hydrogen Pte, has signed a memorandum of understanding with Japanese conglomerate Sojitz Corp and energy major Kyushu Electric Power for potential opportunities for green ammonia production. With green ammonia as a critical energy source to decarbonise Japan’s power supply mix, the partnership will support the (Japanese) government’s goal to achieve net zero by 2050.

Sembcorp:

Defence ministry signs deal with BEL worth over Rs 5,300 crore

The defence ministry sealed an over Rs 5,300 crore deal with state-run Bharat Electronics Ltd (BEL) for procurement of electronic fuzes for the Indian Army for a period of 10 years. An electronic fuze is an integral component of medium to heavy calibre artillery guns which provide sustained artillery firepower for military operations.

BEL:

Finland set to sign defence deal with US

Finland will sign a defence cooperation agreement with the United States, to grant the U. S. military broad access across the Nordic country to the vicinity of its long border with Russia. Russia’s Nordic neighbour Finland became the NATO military alliance’s newest member earlier this year in response to Russia’s 2022 invasion of Ukraine. The agreement with the United States is aimed at allowing swift military access and aid to Finland in case of conflict. The agreement lists 15 facilities and areas in Finland to which the U. S. military will have unimpeded access and where it can also store military equipment and ammunition. The areas will include four airbases, a military port and railway access to northern Finland, where the U. S. military will have a storage area alongside a railway that leads up to the Russian border, the agreement showed. Neighbouring Sweden, which has also asked to join NATO but has been left waiting due to resistance from existing members Turkey and Hungary, signed a similar agreement with the U. S. earlier, giving it access to 17 areas including four air bases, one harbour and five military camps.

Finland:

Essar group signs MoU with Gujarat govt to invest Rs 55,000 crore

The Essar group has signed MoU with the Gujarat government to invest Rs 55,000 crore in energy transition, power and Port sectors. The group plans to develop a 1 Gigawatt Green Hydrogen project. This initiative involves an estimated investment of Rs 30,000 crore. Another group firm, Essar Power has announced an additional investment of Rs 16,000 crore for Phase-II expansion at its Salaya Power plant. Essar Ports is set to transform its Salaya port into a logistics hub with an investment of Rs. 10,000 crore.

Essar group:

Government of India and ADB sign $200 million loan for Uttarakhand climate resilient power

system development project The Government of India and the Asian Development Bank (ADB) signed agreement for availing of a $200 million loan from the Asian Development Bank (ADB), to improve the quality, efficiency, and reliability of power supply in the state of Uttarakhand. The project will enhance the power system network’s capabilities, facilitating the seamless integration and transmission of renewable energy to load centers. Simultaneously, it involves upgrading the distribution system to minimize power outages and reduce technical losses. The Japan Fund for Prosperous and Resilient Asia and the Pacific, financed by the Government of Japan through ADB, will provide a $2 million grant to support livelihood enhancement, training, and awareness-raising activities of the project.

Max Healthcare to acquire Starlit Medical Centre in Rs 940 crore deal

Max Healthcare Institute Ltd said it will fully acquire Starlit Medical Centre Pvt Ltd for an enterprise value of Rs 940 crore thereby giving it the ownership of Sahara Hospital in Lucknow. This acquisition marks Max Healthcare’s entry into Lucknow, one of the fastest growing cities of Uttar Pradesh.

Defence ministry, TCIL ink Rs 588 cr deal for digital coast guard project

Ministry of Defence signed a contract with Telecommunications Consultants India Limited worth over 588 crore rupees for the acquisition of Digital Coast Guard project. The Ministry said that the contract is in line with the Government’s strategic vision for Digital Armed Forces. Telecommunications

Consultants India:

Sweden signed defence cooperation agreement with United States in Washington

Sweden signed a defence cooperation agreement with the United States in Washington. It will allow the US to access all of the military bases in the Scandinavian country which is about to join the trans-Atlantic security alliance, North Atlantic Treaty Organization (NATO). The deal will create better conditions for Sweden to be able to receive support from the US in the event of a war or crisis. US Secretary of States, Lloyd Austin, remarked that by adding the capabilities of the Swedish armed forces to NATO, will make them stronger. The US struck a similar deal with Sweden’s neighbour, Norway, in 2021 and is currently negotiating such an agreement with two other Nordic countries, Finland and Denmark. Sweden and Finland decided to drop their long-standing policy of nonalignment and apply for NATO membership following Russia’s full-scale invasion of Ukraine last year. Finland joined NATO in April this year.

Sweden:

India, Kenya ink 5 pacts, govt announces $250 mn LoC for Kenyan agri sector

India announced a USD 250 million line of credit to Kenya for modernisation of its agricultural sector as Prime Minister Narendra Modi and Kenyan President William Samoei Ruto agreed to shore up bilateral ties in areas of defence, trade, energy, digital public infrastructure and healthcare. Following the Modi- Ruto talks, the two sides signed five pacts providing for cooperation in a range of areas including sports, education and digital solution, and unveiled a joint vision document to scale up maritime engagement in the Indian Ocean region. The Kenyan side offered, in line with Kenyan laws, to provide land to Indian companies and institutions for cultivation of crops, including millets. In order to enhance bilateral economic engagement as well as to finance projects under development partnership, the two leaders also discussed the need to use local currencies for trade.

Kenya:

NSDC joins hands with Blinkit, Apna, Quess Corp to boost employment

In an effort to generate employment and promote skill development in the country, the National Skill Development Corporation (NSDC) inked three MOUs with Blinkit, Apna and Quess Corp, marking a crucial advancement in expediting job creation, and empowering the Indian workforce. The partnerships aim at creating a readily available workforce for diverse industries, each contributing to different sectors of the economy.

NSDC

Amazon signs 3-launch deal with SpaceX for Project Kuiper satellite internet constellation

Amazon has signed a contract with Elon Musk’s SpaceX for three Falcon 9 launches to support deployment plans for Project Kuiper, its low Earth orbit (LEO) satellite broadband network. The three Falcon 9 missions are targeted to lift off starting in mid-2025. Kuiper is planning a constellation of 3,236 satellites in low Earth orbit and the US Federal Communications Commission required Amazon to deploy at least half of that figure by 2026. Project Kuiper satellites were designed from the start to accommodate multiple launch providers and vehicles, allowing us to reduce schedule risk and move faster in our mission to connect unserved and underserved communities around the world. SpaceX’s Falcon 9 is a reusable, two-stage launch vehicle designed for the reliable and safe transport of people and payloads into Earth orbit and beyond, and it has completed more than 270 successful launches to date.

Amazon:

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