A Memorandum of Understanding (MoU) was signed today, 20 Apr 22, between Indian Navy (IN) and M/s Larsen and Toubro (L&T) by Vice Admiral Sandeep Naithani, Chief of Materiel (COM) on behalf of Indian Navy and Shri Jayant Damodar Patil, Whole – Time Director (Defence & Smart Technologies) and Member of the Board, L&T.
The MoU aims to engage M/s L&T as a Knowledge Partner for nurturing technologies in various domains, for induction into the Indian Navy. Further, the MoU aims to bring together IN and L&T to collaborate on innovative and pioneering projects related to contemporary and emerging technologies of mutual interest.
The MoU encompasses all the aspects related to Electrical, Weapon, Engineering, Machinery and Control, and Hull of a Naval Warship.
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The first Expression of Interest (EOI) for signing long-term agreement with upcoming dedicated Ethanol plants for supply of Ethanol has received an overwhelming response, with 197 bidders participating in the same. The EOI was published by BPCL on behalf of Oil Marketing Companies under the guidance of Ministry of Petroleum &Natural Gas on 27th August which opened on 17th September. The bids are currently under evaluation.
Thanking all the bidders for making the EOI successful and wishing them all the very best in their ventures,Union Minister of Petroleum and Natural Gas &Housing and Urban Affairs Shri Hardeep Singh Puri has said that this EOI is a proactive step taken by MoP&NG and Oil companies to motivate project proponents to set up ethanol production plants in ethanol deficit states, thereby paving the way forward for the nation in achieving the ethanol blending target of 20% and more in the coming years.
173 Cr litre Ethanol was procured last year and 5%blending was achieved during ESY – 2019-20. The target for ongoing year ESY – 2020-21 is 325 Cr litre which will take the blending to 8.5%. Actual achievement during ESY – 2020-21 so far has been 243 Cr litre, accounting for 8.01% blending.
The Government has announced five different rates for Ethanol based on feedstock used for Ethanol production. The raw material and rates are as under:
Raw material
Ex-mill price per lit
Sugarcane juice / sugar / sugar syrup
₹62.65
B molasses
₹57.61
C molasses
₹45.69
Damaged food Grains / Maize
₹51.55
Surplus rice with FCI
₹56.87
GST and Transportation charges are being paid extra. Besides, other incentives being provided for Ethanol production are: Long term visibility/Off take Assurance; Interest subvention Scheme for capacity addition; Differential remunerative price of ethanol; Relaxed EOI conditions/Reduced Bank Guarantee requirements and Penalty for non-supply; and Procurement priority within State boundary limits.
Mitsubishi Corporation (MC) is pleased to announce its signing today of a share-transfer agreement with Mitsubishi UFJ Financial Group, Inc. (MUFJ) and MUFG Bank, Ltd. (MUFG Bank). Under the terms of the agreement, MUFG and MUFG Bank will transfer to MC some of their shares in both Mitsubishi UFJ Lease & Finance Company Limited (MUL) and Hitachi Capital Corporation (HCC). See details below.
2. Additional Information
On September 24, 2020, MUL and HCC released a joint statement announcing their intentions to integrate operations through an absorption-type merger, which is set to go into effect on April 1, 2021. MUL and HCC will be the surviving and merged companies respectively, with the former renamed Mitsubishi HC Capital Inc.
MC, which following the merger will own approximately 18% of the new company, has plans to make it an equity-method affiliate once its integration is completed. As one of its main shareholders, MC will continue to collaborate on its future growth and development.
3. Impact on Financial Results
The impact of this share transfer on MC’s financial results for the current fiscal year is expected to be minimal.
Japan Oil, Gas and Metals National Corporation (JOGMEC), Mitsubishi Corporation (MC), Bandung Institute of Technology (ITB), a national university in the Republic of Indonesia, and PT Panca Amara Utama (PAU) have agreed to conduct a joint study on carbon capture and storage (CCS) and carbon dioxide utilization for clean fuel ammonia production in Central Sulawesi, the Republic of Indonesia. The four parties have signed a Memorandum of Understanding (MOU).
Ammonia is being used worldwide as raw material for fertilizers/plastics/chemicals. Expectation for ammonia to become a next generation clean energy source is growing because ammonia does not emit carbon dioxide when burnt; transportation methods have been established with existing infrastructure; and due to its high hydrogen content.
Under the MOU, the four parties will jointly conduct a CCS feasibility study near PAU’s ammonia plant in Luwuk, Central Sulawesi, and the Donggi-Senoro LNG plant in the same province which is being led by MC as the largest shareholder. Mitsubishi Gas Chemical Company, Inc., which also indirectly invests in PAU together with Mitsubishi Corporation, has expressed its interests to cooperate in this joint study. Going forward, the companies concerned will formulate the necessary work processes including project composition; data accumulation of candidate storage formations; simulations; analysis and evaluations.
Through this joint study, we will make effort to contribute towards realizing a decarbonized society and securing stable energy supply for Japan by pursuing the feasibility of clean fuel ammonia production from utilization of existing ammonia plant and CCS treatment of carbon dioxide generated during the production phase.
