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JSPL to invest Rs 1,500 crore to make Monnet Power project operational: MD

Jindal Steel and Power Limited (JSPL) will invest up to Rs 1,500 crore to make recently-acquired Monnet Power operational, its Managing Director Bimlendra Jha said. The investment will be made over the period of the next 12 to 18 months, he said. In December 2022, the steelmaker acquired debt-laden Monnet Power for Rs 410 crore through the insolvency route. The 1,050 megawatts (MW) under-construction coal-based power project is located near JSPL's steel plant in Angul, Odisha.

Discoms' outstanding dues to gencos nearly halved to Rs 62,681 cr in Jan

Total outstanding dues owed by electricity distribution companies (discoms) to power producers almost halved to Rs 62,681.68 crore in January, compared to Rs 1,21,030 crore in same month in 2022. Experts said this substantial reduction in the discoms' total outstanding is mainly due to various steps taken by the government, like implementation of late payment surcharge rules and providing facility of equated monthly installments (EMIs) to utilities.

Indian Oil chairman will soon also be its managing director, say sources

Most big listed companies globally are run by a managing director or CEO and a chairman presiding over the board of directors with the primary responsibility of protecting the interests of investors. But, India's largest oil company Indian Oil Corporation (IOC) is an exception for never having a managing director or CEO in its 63 years of existence.

Jaiprakash Associates defaults on Rs 4,059 crore loans with various banks

Jaypee Group's flagship firm Jaiprakash Associates has defaulted on loans of Rs 4,059 crore, comprising both the principal and interest amount. In a regulatory filing, Jaiprakash Associates Ltd (JAL) said the company on December 31 defaulted on repayments of principal amount Rs 1,713 crore and interest of Rs 2,346 crore. The loans pertained to various banks and the nature of obligation is fund based working capital, non fund based working capital, term loans and FCCB (foreign currency convertible bonds).

Nasdaq-listed ODP Corporation selects HCLTech as primary IT partner

HCLTech said that Nasdaq-listed ODP Corporation has selected the company as its primary IT partner. HCLTech will be ODP's IT partner for end-to-end IT operations and enterprise-wide digital transformation to support ODP’s business strategy in its Office Depot, ODP Business Solutions and Veyer business units.

Reliance Jio rolls out 5G internet services in Jaipur, Jodhpur, Udaipur Private telecom company

Reliance Jio launched 5G internet service in Jaipur, Jodhpur and Udaipur on Saturday. Rajasthan Chief Minister Ashok Gehlot formally launched Jio's 5G internet services in these cities

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