New Delhi: Indian Oil Corporation or IOC is making a big bet on renewable energy. The company says it will spend around Rs2,000 crore on wind and solar power. The investment will buy it 200MW of wind power capacity and 50MW of solar power capacity. The move has been prompted the losses IOC has made this year because it cannot charge market prices for fuels. India currently generates 15,427 MW of power through renewable sources.
Jet Airways says it’s going to lease out three aircraft as part of its efforts to cut costs. The airline will lease the three Boeing 777s to Thai Airways for a period of three years. It has already leased out four other Boeing 777s to Turkish Airlines. Aviation analysts say leasing out aircraft could be profitable for Jet, but warn that if traffic picks up in the coming years, it could end up being a problem.
Starting around June, passengers are likely to pay more fees to help fund the modernization of Delhi’s airport. On Thursday, the board of DIAL, which is the airport’s holding company, set the cost of the modernization at Rs12,700 crore. It’s earlier estimate was just under Rs9,000 crore. Passengers at the airport are already paying fees that will give more than Rs1,800 crore to the developers of the airport based on the earlier estimate. Delhi’s airport is being modernized by a consortium led by GMR Infrastructure.
Food prices have eased for the third straight week. The food price index went up 16.22% in the week ending 13 March. The previous week the index had gone up 16.30%.