Tuesday, June 28, 2022

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Anarock acquires 75% of flexible workspace platform myHQ for over `100 crore; to set up first overseas workspace in Dubai

Real estate services consultancy Anarock Group recently announced that it had acquired 75 percent stake in myHQ , a flexible workspace platform, for over Rs 100 crore to take its flexible workspaces portfolio to more than 20 cities within India and in markets abroad such as Dubai over the next one year. myHQ will spearhead our expansion into 20 plus cities. This gives the company nationwide coverage in the flexible workspaces domain, and it will tap into overseas markets in the next 12 months. “We are going to take this company to the Middle East first, starting with Dubai, where we have our existing operations. Once we have established flexible workspaces in Dubai we will look at setting up centres across other countries in the Middle East.”

The Dubai myHQ flexible workspace centre will be operational in this calendar year itself.

myHQ is headquartered in Delhi-NCR and currently has over 50,000 subscribed members across 700 spaces in seven cities.Coming on the heels of Anarock introducing US-based Upflex Inc, a hybrid booking platform with the largest global network of flexible workspaces, to India, the myHQ acquisition will further strengthen the company’s tech and product offerings and enhance its capabilities in this vertical.

myHQ will retain its brand and independence. Utkarsh Kawatra and Vinayak Agarawal, both IIT-Delhi graduates who founded myHQ in 2016, will remain as founding partners.



BHEL bags order for compressor package from Iraq

State-owned engineering firm Bharat Heavy Electricals Ltd (BHEL) has won an order for compressor package from Iraq. The order for the package for Baiji Refinery in Iraq has been placed by Northern Refineries Company (NRC), a National Oil refinery company owned by the Ministry of Oil, Iraq.

BHEL has achieved yet another milestone in its international business by bagging a prestigious order for a compressor package from Iraq, a company statement said.

The order envisages the design, engineering, manufacturing and supply of an electric motor driven recycle gas centrifugal compressor. It will be executed by BHEL’s International Operations Division and its manufacturing units at Hyderabad and Bhopal.

The new compressor will replace the existing compressor, also supplied by BHEL in 2000, which was damaged due to the war in Iraq.

BHEL has a strong presence in Iraq, having supplied several gas turbine-based power plants, including 4x157 MW gas turbine generator (GTG) units for Baiji Power Station and 2x125 MW GTG units for Rumailla Power Station. It has also executed a turnkey order for the construction of the 4x125 MW gas turbine-based Sulaymaniyah Power Project in Iraq.

BHEL’s portfolio of having supplied over 400 gas/air compressors for various industries/applications - covering a wide range of pressures and flow, and handling numerous types of gases is a testament to its robust presence in this segment. In the international market, BHEL has so far supplied compressors to France, Bangladesh, Iraq, Iran, Oman and Belarus. The company is continuously expanding its overseas footprints and today has a presence in 88 countries. The cumulative portfolio of BHEL’s overseas power projects stands at 17 GW, out of which over 11 GW has already been commissioned.



Ramkrishna Forgings wins exports order worth `135 crore from a Euroasian OEM

Ramkrishna Forgings Limited, one of the leading suppliers of rolled, forged and machined products has received biggest recent export order worth Rs135 crore from a Euroasian OEM manufacturer for the Heavy Duty Commercial Vehicle Crank Shafts (06 CYL) Business to be executed in next five years.

This order validates the company’s knowledge of heavy-duty commercial vehicle products and demonstrates its ability to match global quality standards. These order wins not only raise the profile of the company’s international business but also contribute to the strengthening of its long-term customer relationships, which the company will be able to leverage for future orders.



Sharika Enterprises Wins Domestic And Overseas Contracts

Noida-headquartered Sharika Enterprises recently won two orders, including one export order and another from Central PSU NTPC.

Sharika Enterprises has received an order from NTPC Ltd for installation, erection and commissioning of 200 kWp and 360 kWp solar photovoltaic power plants to be set up at NTPC-Unchahar in Uttar Pradesh. The total value of the order is around Rs.2.07 crore.

The Unchahar site houses NTPC’s Feroze Gandhi Unchahar coal-based thermal power plant, with an aggregate generation capacity of 1,550 mw, according to information available with NTPC.

Sharika Enterprises has received has also won an order valued at Rs.7.75 crore. This order was placed by an undisclosed “reputed EPC contractor” for a refinery project in Mongolia. The mandate involves supply of low-tension (LT) panels, HVAC panels, feeder pillars and distribution boards.



Indian power projects replace Chinese ventures in Sri Lanka

India will set up hybrid power projects in three Islands off Jaffna, effectively replacing the Chinese venture cleared by Colombo last year. The MoU for the project was among those signed during a meeting between visiting External Affairs Minister (EAM) S. Jaishankar and his Sri Lankan counterpart G.L. Peiris late on Monday. It is the third Indian energy project coming up in Sri Lanka’s north and east, after the recent agreements for National Thermal Power Corporation’s solar venture in the eastern Sampur town, and the Adani Group’s renewable energy projects in Mannar and Pooneryn in the north. In January 2021, Sri Lanka’s Cabinet decided to award renewable energy projects in Nainativu , Delft or Neduntheevu , and Analaitivu islands to Chinese company Sinosoar-Etechwin, following an Asia Development Bank-backed competitive bid. India was quick to express concern to the Sri Lankan side over the Chinese project coming up in the Palk Bay, barely 50 km off Tamil Nadu. New Delhi offered to execute the same project with a grant rather than a loan. Unable to pick a side for over a year, Colombo kept the project in suspension, apparently putting off China. In a recent press briefing, the Chinese Ambassador in Colombo voiced rare criticism over the projects being interrupted for “unknown reasons”, and said it sent out the wrong message to potential foreign investors.



Jash Engineering order book Rs. 435 Crore for new fiscal year

Jash Engineering Limited bags consolidated orders worth Rs.28 crore, of which orders worth Rs. 10 crore are for the Indian market and orders worth Rs. 18 crore are for markets outside India.

The company received significant orders from Khiladi Infrastructure, NCC Limited, Enviro Infra, Fullink Hongkong, and River Renew.

The orders worth Rs. 17 crore were short closed on account of non-resolution of price escalation, project execution delays & non-receipt of advances. The company has not initiated work on these orders and if these issues will be resolved, these orders will be added back to the pending order book. As of 1st April 2022, consolidated orders worth `19 crore have been negotiated with clients, and formal purchase orders are awaited. Out of this Rs14 crore are for the Indian market and `5 crore are for projects outside India.



ACME Group partners with Scatec to develop ammonia facility in Oman

Renewable energy firm ACME Group and Norway-based Scatec ASA recently signed an agreement to establish a 50:50 joint venture to build a large-scale green ammonia facility in Oman.

The first phase of the facility is expected to produce 100,000 tonne of green ammonia annually and will be expanded to 1.2 million tonne per annum with about 3.5 GW of electrolyser capacity, which will be powered by 5.5 GWp of the solar PV plant.

It did not give investment numbers but ACME had previously put the cost at USD 3.5 billion.

Given the strategic location of the project, technical insights and cost-effective solutions that ACME has developed for the project of this kind, along with internationally proven project development capabilities of Scatec, I believe jointly we will be a formidable player in accelerating the adoption of this green fuel globally.

Oman has excellent solar resources and a strategic location for production of green ammonia. Acme Group has been in the forefront of green ammonia production with this project, and in Scatec we can capitalize on our expertise in renewables, project structuring and financing, execution and operation to accelerate the decarburization of the world.

There is a growing need to accelerate decarburization of hard-to-abate industries through power-to-x solutions such as production of hydrogen, ammonia and other critical feedstocks powered by renewable energy.

Industry analysts forecast global annual demand for green ammonia to reach up to 200 million tonne by 2050.

ACME-Scatec are in advanced discussions with reputable off takers for 2025-year contracts which will lay the foundation for financing of the project, the company expects to fund the facility through equity and project finance debt.

The overall schedule for the project is under development, but the partners share the ambition for this facility to be one of the first commercial large-scale green ammonia facilities in operation globally.

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