Modi govt’s this policy change offers big boost for Ambani, Adani, Mittal

Agencies

February 2, 2022

New Delhi, Feb 2: Government of India’s plans to classify data centres and energy storage as infrastructure assets allowing firms to access cheap and long-term credit, in a big boost for billionaires Gautam Adani, Sunil Mittal and Mukesh Ambani’s plans to aggressively grow in these segments.

“Data centres and energy storage systems including dense charging infrastructure and grid-scale battery systems will be included in the harmonized list of infrastructure,” Finance Minister Nirmala Sitharaman said Tuesday as part of the Budget speech in Parliament. “This will facilitate credit availability for digital infrastructure and clean energy storage.”

The policy tweak, effective from April 1, comes as Asia’s no. 3 economy seeks to keep its data within its borders as well as stoke a massive boom in online payments, e-commerce and quantum computing. Roll out of ultra-speedy 5G telecom services will further increase demand for data centre services, spurring conglomerates helmed by Adani and Mittal to rapidly scale up. Ambani’s Reliance Industries Ltd., which is developing gigafactories including one for energy storage as part of a $76 billion investment plan, is also likely to benefit from this reclassification.

The infrastructure tag “is expected to provide access to cheaper and long-term institutional funds, which will promote investments,” Radha Dhir, chief executive officer and India head at real estate consultancy JLL, said in an email. She expects India’s data centre capacity to double from 499 megawatts in the first half of 2021 to 1,008 megawatts next year.

Adani, Asia’s second-richest person, said in November that he wants his conglomerate to be a world leader in green data storage, with sites run entirely on clean power, in sync with India’s goal of turning carbon net zero by 2070. The Adani Group plans to initially build data centres in Mumbai, Chennai, Hyderabad and in and around New Delhi.

Bharti Airtel Ltd., the country’s No. 2 wireless carrier overseen by Mittal, announced plans in September to invest Rs 5,000 crore to triple its data centre capacity to 400 megawatts by 2025. Reliance’s digital unit has also been looking to build a data centre, according to a local media report.

Representatives for Adani Group, Reliance and Bharti Airtel did not immediately respond to an emailed request for comments on the policy change announced in the Budget.

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Mangaluru: Man duped of Rs 1.7 cr by fake TRAI, CBI officials

News Network

November 22,2024

Mangaluru: A man fell victim to an online scam, losing Rs 1.7 crore after fraudsters posed as officials from TRAI. According to a complaint filed at the CEN police station, the incident began on November 11, when the complainant received a call from an unknown number at 9:49 am.

The caller, claiming to represent TRAI, alleged that another mobile number registered under the complainant's name was involved in illegal activities in Andheri (East), Mumbai. The caller further stated that an FIR was lodged against the complainant for harassment under the guise of marketing. He was instructed to contact Andheri (East) police station immediately or risk his mobile service being deactivated within two hours.

The complainant was subsequently connected to an individual named Pradeep Sawant, who claimed the complainant was implicated in a money laundering scheme linked to the Naresh Goyal fraud case. Sawant alleged that a fraudulent bank account under the complainant's name was opened at Canara Bank, Andheri, and used to purchase a SIM card for illegal activities. He warned that the complainant could face arrest.

Later, the complainant was contacted via WhatsApp video call by individuals posing as Rahul Kumar (a police officer) and Akanksha (a CBI officer). They allegedly sent fabricated CBI documents to his WhatsApp number. The fraudsters demanded money to "resolve" the case. Fearing threats, the complainant allegedly transferred Rs 1.7 crore through RTGS in batches of Rs 53 lakh, Rs 74 lakh, and Rs 44 lakh between November 13 and 19. A case has been registered at the CEN police station and an investigation is ongoing.

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Udupi: 6 artists of Kannada film ‘Kantara’ injured as bus overturns while returning from shoot

News Network

November 25,2024

Udupi: Six junior artists from the prequel of Kannada blockbuster film ‘Kantara’ were injured, when the bus they were travelling in overturned in the district, police said on Monday.

According to police, the accident occurred near Jadkal on Sunday night when the mini-bus carrying the crew of the film overturned.

“The incident happened while they were returning to Kollur after completing the shoot at Mudoor in Jadkal. The mini-bus was carrying 20 junior artistes when it met with the accident,” a police officer said.

The injured were rushed to hospitals in Jadkal and Kundapur for treatment, they said.

The Kollur police are investigating the matter.

"The news making rounds is completely false. The Kantara: Chapter 1 team began shooting at 06:00 AM today, and everything is proceeding as normal. A minor accident occurred 20 kilometres away from the shooting location, involving a local bus carrying some members of the Kantara team. However, no injuries were reported," a source close to the production said.

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