Page 15 - Banking Finance November 2017

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INDUSTRY

NEWS
NEWS
NEWS
NEWS
NEWS

SREI to offer surety and guarantee bonds Wind power tariffs in In-
The Srei group is planning to partner with New Zealand-based CBL Corporation dia at a new low of Rs.
to offer surety and guarantee bonds for infrastructure
projects as an alternative to bank guarantees. The group 2.64 unit
has entered into a memorandum of understanding with India’s wind power tariff fell to a
CBL to explore a 50:50 joint venture that will provide record low of
performance guarantees and sureties through bonds to Rs.2.64 per
contractors participating in infrastructure project ten- unit in an auc-
ders, reducing their working capital requirement and fa- tion con-
cilitating project completion without delays. ducted by
state-run Solar Energy Corp. of India
"We have taken the first step by entering into a memorandum of understand-
(SECI) for 1 gigawatt (GW) of wind
ing. The next step would be to make the application to the authority," Kanoria
power contract. ReNew Power Ven-
told. He added that the risk of default could be reinsured and sold globally thus
tures Pvt. Ltd and Orange Sironj Wind
limiting the impact on Srei's books. Srei and CBL will study the regulatory envi- Power Pvt. Ltd bid Rs2.64 per kilowatt
ronment that some of these products may encompass and structure an appro- hour (kWh) to win contracts for 250
priate vehicle to offer the products for the Indian market.
megawatts (MW) and 200MW each.
Kandla Port renamed as Deendayal Port
SEBI panel recommends
The Union Cabinet recently gave its approval to the renaming of Kandla Port in
Gujarat as Deendayal Port. splitting of CMD post by
“By renaming Kandla Port as ‘Deendayal Listed companies
Port, Kandla’, a grateful nation would be In order to improve the governance
remembering the invaluable contributions structure of listed entities, a SEBI
made by one of the greatest sons of India, panel, headed by banker Uday
Pandit Deendayal Upadhyay. This will in- Kotak, has suggested a slew of mea-
spire the people of Gujarat, particularly sures, including appointing one of a
the youth, who may not be fully aware of the contributions made by the great company's non-executive directors
leader,” said a press statement announcing the ex-post facto approval by the as chairman, splitting the post of
Cabinet. chairman and managing director
The statement justified the move, saying that although ports in India are gener- (CMD) and naming at least one
ally named after the city or town of its location, the government, in special cases, woman as independent director on
after due consideration have renamed ports after great leaders in the past. its board.

BANKING FINANCE | NOVEMBER | 2017 | 15

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