9MAY 2025TOP STORIESTESLA REFUNDS EARLY BOOKINGS IN INDIA, HINTING AT BIG PLANS AHEADONGC TO INVEST RS 3,500 CR TO EXPAND GREEN ENERGY CAPACITYTesla is making waves in India by refunding early reservation fees for its Model 3, a sign that the electric car giant is finally getting ready to roll into the country. This move has sparked excitement among fans, suggesting Tesla is gearing up to launch in one of the world's biggest auto markets.For years, Tesla's arrival in India has been on hold, mostly because of steep import taxes. CEO Elon Musk has often pointed to these tariffs as a major roadblock. But things seem to be changing. Tesla is refunding bookings for the older Model 3, which is no longer in production, likely preparing to bring newer models like the Model 3 and Model Y to India. The company has already certified these models for the Indian market and secured showroom spaces in New Delhi and Mumbai, including a sleek 4,000 sq ft spot in Mumbai's Bandra Kurla Complex.India's government has sweetened the deal with new policies, like lowering import taxes for companies that invest at least 500 million USD to build locally. Tesla is jumping on this opportunity, hiring staff and scouting locations for a potential factory. This comes after talks between Musk and Prime Minister Narendra Modi, which have sped up Tesla's plans to not only sell cars but also manufacture them in India.Still, Tesla won't have an easy ride. It's up against strong local brands like Tata Motors and Mahindra & Mahindra, plus newcomers like Vietnam's VinFast, which is opening a plant in India soon. Even so, with the EV market in India growing fast, Tesla's entry could shake things up, especially if trade talks lead to lower tariffs.As Tesla gets ready to open showrooms and ship cars to Indian ports, these refunds mark a fresh start for customers who've been waiting. With Musk's big vision and India's push for electric vehicles, Tesla's launch could be a game-changer. India's energy sector is witnessing a strong shift as Oil and Natural Gas Corporation (ONGC) heightens its commitment to renewable energy. ONGC intends to expand its green energy capacity through funding up to Rs 3,500 Cr in this financial year for its ambitious goal to reach 10 GW of renewable power by 2030, said Vivek Chandrakant Tongaonkar, Director (Finance), ONGC. A major part of this year's green energy budget will fund the growth of 1 GW of new renewable assignments, equally divided between solar and wind. "We have a target of 10 GW by 2030, which we think we should be in a position to comfortably reach," Tongaonkar mentioned.To expand its renewable footprint, ONGC NTPC Green Pvt Ltd (ONGPL) -- a joint venture between ONGC Green and NTPC Green -- recently obtained complete ownership of Ayana Renewable Power for Rs 6,248 crore. Ayana's portfolio includes 2.1 GW of operational and 2 GW of under-construction assets. Further, ONGC Green completed the acquisition of PTC Energy for Rs 925 crore, adding 288 MW of wind energy capacity.Beyond renewables, ONGC plans to allocate another Rs 35,000 crore towards its core exploration and production (E&P) business this fiscal year. Underlining future acquisition needs, Tongaonkar stated, "We are conscious of the fact that we need to make more capex in future," ensuring strong cash flow management to support growth while rewarding shareholders.
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