India's Adani eyeing bid for SunEdison solar assets: CEO

The headquarters of SunEdison is shown in Belmont, California April 6, 2016.


Indian conglomerate Adani Group (ADEL.NS) is considering a bid for the local solar assets of U.S. SunEdison (SUNEQ.PK), the chief executive officer for Adani's renewable energy arm said on Friday.

Jayant Parimal, Adani Green Energy Ltd's CEO, told reporters in Mumbai that his company was deciding whether to bid after investment bankers appointed by the U.S. firm approached it to gauge interest.

SunEdison filed for bankruptcy in April after an ambitious growth plan and $12 billion in debts proved unsustainable.

That has cast doubt over its ability to take advantage of India's push into renewable energy, and analysts predict that SunEdison will sell a number of local solar and wind assets or seek equity partners for projects to raise capital.

SunEdison runs solar plants in India with capacities of about 450 megawatts (MW). It has another 800 MW of capacity under development and won a tender for a 500 MW plant in the southeastern state of Andhra Pradesh.

It is not immediately clear how much a bid for its solar assets would be worth.

Parimal said that Adani, which has interests in coal mining, oil and gas exploration and logistics, was targeting a solar generation capacity of 3,500 MW by April next year.

It is also building a solar panel manufacturing plant at Mundra in India's western Gujarat state where the parent company owns a huge port.

(Reporting by Promit Mukherjee; Writing by Tommy Wilkes; Editing by Keith Weir and Elaine Hardcastle)

Malabar Exercise kicks off close to South China Sea

 New Delhi, Jun 10 (PTI) India, Japan and the US today kicked off their marine war games, Malabar Exercise, close to the South China Sea as they focus on deeper military ties and greater interoperability amid rising tensions in the region.

The Indian Navy said that their ships Satpura, Sahyadri, Shakti and Kirch are participating in the 20th edition of the naval exercise in consonance with India's 'Act East Policy' and growing ties among the three countries.

The exercise will support maritime security in the Indo-Pacific region and benefit the global maritime community, the navy said.

The exercise assumes significance as it is being conducted close to South China Sea at a time when Chinese assertiveness in the region is a raging issue.

India and the US have regularly conducted the annual exercise since 1992. Since 2007, Malabar has been held alternatively off India and in the Western Pacific. Last year, it was conducted off Chennai and included participation of Japan.

While the harbour phase of the exercise started today at Sasebo, the sea phase in the Pacific Ocean will be held from June 14 to 17.

"The primary aim of this exercise is to increase interoperability amongst the three navies and develop common understanding of procedures for Maritime Security Operations," the statement said.

Indian ships participating in the exercise are from the Eastern Fleet and include INS Sahyadri and INS Satpura, indigenously built guided missile stealth frigates, INS Shakti, a modern fleet tanker and support ship, and INS Kirch, an indigenous guided missile corvette.

The US Navy will be represented by aircraft carrier USS John C Stennis (CVN 74), Ticonderoga class Cruiser USS Mobile Bay and Arleigh Burke class destroyers USS Stockdale and USS Chung Hoon, all carrying helicopters.

In addition, one nuclear-powered submarine, carrier wing aircraft and long-range maritime patrol aircraft will also participate in the exercise.

Japan will be represented by Hyuga, a helicopter carrier with SH 60 K integral choppers and long-range maritime patrol aircraft, besides other advanced warships for specific parts of the exercise.

Additionally, the Special Forces (SF) of the three navies will also interact during the exercise.

India plans expanded missile export drive, with China on its mind

 
India's Brahmos supersonic cruise missiles, mounted on a truck, pass by during a full dress rehearsal for the Republic Day parade in New Delhi, India, January 23, 2006

New Delhi : India has stepped up efforts to sell an advanced cruise missile system to Vietnam and has at least 15 more markets in its sights, a push experts say reflects concerns in New Delhi about China's growing military assertiveness.

Selling the supersonic BrahMos missile, made by an Indo-Russian joint venture, would mark a shift for the world's biggest arms importer, as India seeks to send weapons the other way in order to shore up partners' defences and boost revenues.

The government of Prime Minister Narendra Modi has ordered BrahMos Aerospace, which produces the missiles, to accelerate sales to a list of five countries topped by Vietnam, according to a government note viewed by Reuters and previously unreported.

The others are Indonesia, South Africa, Chile and Brazil.

The Philippines is at the top of a second list of 11 nations including Malaysia, Thailand and United Arab Emirates, countries which had "expressed interest but need further discussions and analysis", the undated note added.

A source familiar with the matter would only say the note was issued earlier this year.

New Delhi had been sitting on a 2011 request from Hanoi for the BrahMos for fear of angering China, which sees the weapon, reputed to be the world's fastest cruise missile with a top speed of up to three times the speed of sound, as destabilising.

Indonesia and the Philippines had also asked for the BrahMos, which has a range of 290 km and can be fired from land, sea and submarine. An air-launched version is under testing.

WARY EYE ON CHINA

Unlike Vietnam, the Philippines and Malaysia, India is not a party to territorial disputes in the South China Sea, a vital global trade route which China claims most of.

But India has an unsettled land border with China and in recent years has grown concerned over its powerful neighbour's expanding maritime presence in the Indian Ocean.

It has railed against China's military assistance to arch-rival Pakistan and privately fumed over Chinese submarines docking in Sri Lanka, just off the toe of India.

"Policymakers in Delhi were long constrained by the belief that advanced defence cooperation with Washington or Hanoi could provoke aggressive and undesirable responses from Beijing," said Jeff M. Smith, Director of Asian Security Programs at the American Foreign Policy Council in Washington.

"Prime Minister Modi and his team of advisers have essentially turned that thinking on its head, concluding that stronger defence relationships with the U.S., Japan, and Vietnam actually put India on stronger footing in its dealings with China."

India's export push comes as it emerges from decades of isolation over its nuclear arms programme.

It is poised to join the Missile Technology Control Regime (MTCR) after talks between Modi and U.S. President Barack Obama in Washington this week. BrahMos' range means it falls short of the 300 km limit set by the voluntary organisation.

India's accession to the MTCR may also strengthen its case for joining another non-proliferation body, the Nuclear Suppliers Group, a move China has effectively blocked. Both groups would give India greater access to research and technology.

BrahMos Aerospace, co-owned by the Indian and Russian governments, said discussions were underway with several countries on missile exports, but it was too early to be more specific.

"Talks are going on, there will be a deal," said spokesman Praveen Pathak.

India is still a marginal player in global arms exports. The unit cost of the missile, fitted on Indian naval ships, is estimated at around $3 million.

GETTING CLOSER TO VIETNAM

India has been steadily building military ties with Vietnam and is supplying offshore patrol boats under a $100 million credit line, its biggest overseas military aid.

This week Defence Minister Manohar Parrikar held talks with his Vietnamese counterpart General Ngo Xuan Lich in Hanoi and both sides agreed to exchange information on commercial shipping as well as expand hydrographic cooperation, the Indian defence ministry said in a statement on Monday.

A source at the defence ministry said India was hoping to conclude negotiations on the supply of BrahMos to Vietnam by the end of the year.

The Indian government is also considering a proposal to offer Vietnam a battleship armed with the BrahMos missiles instead of just the missile battery, the source said.

"A frigate integrated with the BrahMos can play a decisive role, it can be a real deterrent in the South China Sea," the source said, adding New Delhi would have to expand the line of credit to cover the cost of the ship.

Indian warships are armed with configurations of eight or 16 BrahMos missiles each, while sets of two or four would go on smaller vessels.

A Russian official said exports of BrahMos to third countries was part of the founding agreement of the India-Russia joint venture. Only now India had armed its own military with the BrahMos was there capacity to consider exporting, he added.

(Additional reporting by Douglas Busvine; Editing by Mike Collett-White)

Mexico backs Indian bid to join nuclear suppliers' non-proliferation body

President Enrique Pena Nieto drove PM Modi to dinner after bilateral talks. Mexico has supported India's bid for NSG membership

MEXICO CITY | Mexico supports India's efforts to join the Nuclear Suppliers Group (NSG), President Enrique Pena Nieto said on Wednesday, in a boost for Prime Minister Narendra Modi's diplomatic push to end his country's isolation over its nuclear arms program.

India's bid to join the NSG is due to be discussed at a plenary session of the 48-member group in Vienna on Thursday.

"Mexico recognizes India's interest in joining the Nuclear Suppliers Group," Pena Nieto said, with Modi at his side at the Mexican president's Los Pinos residence. "As a country we have a positive and constructive backing for this."

India is also poised to join the Missile Technology Control Regime (MTCR) after talks this week between Modi and U.S. President Barack Obama in Washington.

Both groups would give India greater access to research and technology, but China has so far blocked India´s accession to the NSG.

Mexico supported India's membership because of Modi's "commitment to the agenda of nuclear disarmament and non-proliferation," Pena Nieto said.

New Delhi's bid for full membership, if granted, would tip the balance of power in South Asia against its arch-rival Pakistan, whose own application has been backed by China, despite questions over its proliferation record.

Pena Nieto's support is a boost for Modi, but he must still win China's support to seal India's membership of the non-proliferation body. The NSG holds its annual meeting in South Korea later this month.

"I thank President Pena Nieto for his positive and constructive support for India's membership of the Nuclear Suppliers Group," Modi said at the end of a whirlwind week of global diplomacy in which he also won support from Switzerland.

Mexico's backing represents a historic policy shift for the country, which has held a firm position on nuclear disarmament and non-proliferation for decades.

One of Mexico's crowning diplomatic achievements was the 1967 Treaty of Tlatelolco, which declared Latin America and the Caribbean a zone free of nuclear weapons.

India made its formal bid for membership last month after winning a waiver in 2008 allowing it to trade in commercial nuclear technology.

Modi tacked on Switzerland and Mexico as extra stops on a five-country tour to seek their support.

(Reporting by Frank Jack Daniel; Editing by Simon Gardner, Clarence Fernandez and Paul Tait)

Sensex back in red, tumbles 257 pts ahead of IIP data

 Mumbai, Jun 9 (PTI) Indian market benchmark Sensex snapped its two-session rally on Thursday after falling 257 points to end below the 27,000-mark and in the process retreated from a 7-month high as investors booked profits in recent outperformers on caution ahead of key macroeconomic data.

Participants also preferred to cut down on their positions ahead of the US Federal Reserve meet next week, brokers said.

Moreover, weak global cues with Tokyo stocks falling after fresh data aggravated worries about Japan's economy and a lower opening in European markets, also triggering selling.

The BSE Sensex crashed below the crucial 27,000-mark to hit a low of 26,692.35 before settling 257.20 points or 0.95 per cent lower at 26,763.46. The gauge had risen by 243.21 points in the past two days.

The NSE Nifty after cracking 8,200-mark, touched the session's low of 8,184.60. However, value-buying in some counters helped the gauge recover part of the lost ground to settle 69.45 points or 0.84 per cent lower at 8,203.60.

"Markets opened the day with losses over Wednesday's closing and remained in negative terrain throughout the day as investors locked-in profits after recent gains," said Manoj Choraria, a Delhi-based NSE stock broker.

IT, teck, FMCG, capital goods, auto, healthcare and banking were the hit hardest.

The broader markets too felt the heat with the BSE mid-cap index falling 0.47 per cent while small-cap edged up by 0.04 per cent.

Back home, of the 30-share Sensex pack, 18 scrips ended lower, led by Infosys which fell 4.27 per cent, followed by Hero MotoCorp (2.75 pc) and ITC (2.29 pc).

Other major losers were HUL (2.28 pc), Dr Reddy's (1.95 pc), Asian Paints (1.94 pc), HDFC (1.74 pc), Bajaj Auto (1.39 pc), TCS (1.29 pc), L&T (1.21 pc), ICICI Bank (1.18 pc) and Adani Ports (0.81 pc).

However, Coal India rose by 2.13 per cent followed by ONGC 1.99 per cent, RIL (1.81 pc), NTPC (1.66 pc), Cipla (1.51 pc) and Axis Bank (0.57 pc).

Meanwhile, foreign investors bought shares worth a net Rs 529.16 crore Wednesday, as per provisional data.

In Asia, Japan's Nikkei fell 0.97 per cent while markets in Hong Kong and China were closed for a public holiday.

European shares too were trading lower with indices in France and the UK falling by 0.43 per cent to 0.87 per cent.

Modi wants deeper, US-India security relationship

PM Narendra Modi says fight against terrorism has to be fought at many levels

Prime Minister Narendra Modi shakes hands with US President Barack Obama during a meeting in the Oval Office of the White House. Photo: PTI

Indian Prime Minister Narendra Modi called for a closer security relationship between his country and the United States on Wednesday, in an address to the US Congressstressing the importance of the warm relationship between the two countries.

"The fight against terrorism has to be fought at many levels. And the traditional tools of military, intelligence or diplomacy alone would not be able to win this fight," Modi told a rare joint meeting of the Senate and House of Representatives.

"We have both lost civilians and soldiers in combating it. The need of the hour is for us to deepen our security cooperation," Modi said.

In a speech interrupted by repeated applause, Modi did not mention India's neighbors Pakistan or China specifically, but said the deeper US-Indian security cooperation should isolate anyone who harbors, supports or sponsors terrorists, and separate religion from terrorism.

With navigation in Asian waters, such as disputes over the South China Sea, a major regional concern, Modi said a stronger US-India partnership could boost peace and prosperity.

"It can also help ensure security of the sea lanes and commerce and freedom of navigation on seas," Modi added.

He also stressed that India is committed to helping rebuild a peaceful and stable Afghanistan, even as he said he considers terrorism the biggest threat in Afghanistan as well as elsewhere in South Asia.

Clinton creates history, becomes first woman US prez nominee

President Barack Obama congratulated Clinton for securing 2,383 delegates, a must to get presidential nomination. PTI

  Los Angeles: Hillary Clinton today made history as she became the first woman to clinch the presidential nomination of a major American political party by winning crucial California and three other state primaries but her Democratic rival Bernie Sanders remained defiant. "Thanks to you, we've reached a milestone, the first time in our nation's history that a woman will be a major party's nominee," Clinton, 68, told her supporters at her campaign headquarters in Brooklyn, New York.

President to visit 3 African countries from June 12

New Delhi, Jun 7 (PTI) With India trying to boost its relations with African countries, President Pranab Mukherjee will embark on a six-day visit to Ghana, Cote d'Ivoire and Namibia from June 12.

This will be first ever visit of the President to Cote d'Ivoire after both countries established diplomatic relations while it will be the first at the highest level in over two decades to Namibia.

During his trip, Mukherjee will be accompanied by a Minister of State, four Members of the Parliament, senior officials and a business delegation.

The President will have meetings with the respective Heads of three nations and a number of bilateral agreements are also likely to be signed during the visit.

Mukherjee will arrive in Ghana's capital Accra on June 12 on a two-day visit during which he will have meeting with President John Dramani Mahama. The two countries may sign agreements on a joint Commission and renewal of Cultural Exchange Programme.

The President will address a Joint Business Forum and the students and faculty of University of Ghana besides having an interaction with the Indian community at a reception organised at the Indian High Commission.

He will also unveil a statue of Mahatma Gandhi gifted by the Indian Council of Cultural Relations.

The bilateral trade between the two countries has crossed bilateral trade crossed three billion USD in 2015-16, the Ministry said. He will also visit India-Ghana Kofi Annan Centre of ICT Excellence in Accra, set up with modest Indian assistance of USD 2.86 million.

Sensex tops 27k after 7 months on RBI's stance

Mumbai, Jun 7 (PTI) RBI's policy stance to stay accommodative gave market a shot in the arm today as the Sensex wrested back control of the crucial 27,000-mark by surging more than 232 points to close at an over 7-month high.

Banking and realty stocks fired on all cylinders while global cues were largely positive.

The rupee firmed up 25 paise to 66.72 (intra-day) against the dollar, which kept domestic equities in a good shape.

In the second bi-monthly monetary policy meet of this fiscal, RBI kept the repo rate unchanged at 6.50 per cent and the cash reserve requirement at 4 per cent.

Governor Raghuram Rajan cited higher upside risks to the inflation trajectory behind the move, but signalled that the central bank could cut rate provided data are supportive.

Right from the word go, the BSE Sensex was up and running as it advanced to hit the day's high of 27,082.63 after the market gave Reserve Bank of India's accommodative stance a thumbs-up.

The index finally settled higher by 232.22 points, or 0.87 per cent, at 27,009.67, a level last seen on October 28 last year.

The NSE Nifty after shuttling between 8,294.95 and 8,216.40 ended at 8,266.45, up 65.40 points, or 0.80 per cent.

The central bank also retained India's growth projection at 7.6 per cent for 2016-17, refering to corporate profits and a surge in consumption.

The state-run SBI took the cake by surging 5.4 per cent, followed by ICICI Bank 4.31 per cent.

Other big movers were ITC, Sun Pharma, Hind Unilever, Tata Steel, L&T, Lupin, BHEL, ONGC and Adani Ports.

Bucking the trend, shares of Infosys, RIL, HDFC, GAIL and Dr Reddy's fell by up to 0.78 per cent.

Asian and European shares too remained in a positive frame as investors speculated that the US Fed may delay its next rate hike beyond July.

Out of the 30-share Sensex pack, 25 showed up in the green.

The BSE realty index gained the most by climbing 1.70 per cent followed by banking (1.63 per cent), consumer durables (1.57 per cent), FMCG (1.35 per cent), metal (1.30 per cent), capital goods (1.23 per cent), and PSU (1.10 per cent).

In broader markets, the BSE small-cap index surged 0.96 per cent and the mid-cap 0.29 per cent.

Foreign portfolio investors (FPIs) bought shares worth net Rs 28.80 crore yesterday, as per provisional data released by the stock exchanges.

Japan's Nikkei rose 0.58 per cent while China's Shanghai index was up 0.07 per cent and Hong Kong's Hang Seng rose 1.42 per cent. Europe was also higher in its early trade.

US backs India's bid for NSG membership

Washington, Jun 7 (PTI) Backing India's bid to join the Nuclear Suppliers Group (NSG), the US has said by becoming the member of the elite grouping the country would be in a stronger position to be a "good citizen" on proliferation- related issues.

"Having gone down the path of the civil nuclear agreement with India, and having invested a significant amount of time in building up our cooperation with India as it relates to nuclear security," Deputy National Security Advisor Benjamin Rhodes told a Washington audience.

Rhodes remarks on India came in response to a question about why some countries like China are opposing India's membership in the 48-member NSG.

"..I think the bottom line for us is that we believe that through engagement with India and through engagement with groups like the NSG, we are in a better position to support India as a good citizen on these issues," Rhodes said.

He said the US believed that engaging India and trying to bring it into international processes will be more effective in promoting the country's security protocols.

"And frankly, it takes place against continued conversations that we have with India about their approach to nuclear weapons; and of course, the support that we've always expressed for diplomatic efforts between India and Pakistan," Rhodes said in response to a question at an event organised by the Arms Control Association.

Based in Washington, Arms Control Association is a think-tank that had opposed India-US civil nuclear deal and is now opposing India's membership to the NSG.

Rhodes remarks on India came in response to a question on India about why some countries are opposing India's membership to NSG.

"So, I think the bottom line for us is that we believe that through engagement with India and through engagement with groups like the NSG, we are in a better position to support India as a good citizen on these issues going forward," Rhodes said.

"Of course, we'll take seriously the concerns of other nations, but again for us I think this is part of a broader context where we've decided to take this approach with India.

And we've seen it bear some fruit, particularly on issues related to nuclear security," he said.

"So again, we understand the concerns, but in many ways we're dealing with a challenge that was fairly far advanced by the time we took office. And we decided to sustain the previous administration's decision to pursue that civil nuclear cooperation broadly," he said.

"Then what we've tried to do is nest it in these international bodies and protocols so that, again, India is in a stronger position to be a good citizen on proliferation- related issues," Rhodes said.