The Mint report for 2 December 2009

The Mint report for 2 December 2009

New Delhi: Mint has learnt that India is close to finalizing its carbon reduction targets for 2020 and 2030. The new targets could be announced in Parliament on Thursday. The finalization of targets comes just days before 192 countries meet in Copenhagen for climate talks. Just last week, China announced a 40 to 45% reduction in its 2005 carbon intensity levels by 2020. Carbon intensity is the amount of carbon dioxide emitted for each unit of a country’s GDP.

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The government says the World Bank’s lending to India could triple this year. On average the World Bank lends India about $2.3 billion every year. But the finance ministry says that figure will go up to $7 billion this year. India is already the World Banks biggest borrower with loans for 68 different projects worth a total of $19.57 billion.

India’s shipping industry was in for a surprise on Wednesday. First Bharati Shipyard raised its open offer price for Great Offshore from Rs590 from Rs560. Then its rival ABG Shipyard sold its 8.3% stake in Great Offshore. Bharati Shipyard and ABG Shipyard have been battling each other for six months, trying to get a greater stake in Great Offshore. ABG Shipyard’s stake sale will now make it easier for Bharati Shipyard to gain a controlling stake in Great Offshore.

Pantaloon Retail plans to spend Rs360 crore to expand its retail space by the end of the fiscal year. It’s hoping to add up to 2.4 million square feet of retail space to its existing operations.

Last year’s financial meltdown may have hurt at least one major renewable energy project in India. GE Energy Financial Services and Brookfield Renewable Power have exited a proposed joint venture with NTPC for producing renewable energy. NTPC says the financial meltdown is the main reason but GE and Brookfield have not commented on their exit. The proposed joint venture was supposed to produce 500MW of electricity using wind and hydroelectric power.

Gammon India says it has won orders worth Rs459 crore for construction work at a thermal power plant project. The contract was awarded by the company Coastal Energen for a power project is based out of Tamil Nadu.