Wednesday, 18 March 2015

INVITATION OF INTEREST; RENEWABLE ENERGY BUSINESS DEVELOPMENT IN AFRICAN COUNTRIES

BACKGROUNDThe Ministry of New and Renewable Energy, Government of India ("MNRE") has bilateral cooperation with various African Countries for promotion of renewable energy (especially solar energy, wind, small hydro, biomass etc). These countries have shown interest in deployment of various renewable energy based grid as well as off-grid power systems in association with Indian manufacturing companies and developers.

INTENDED PARTICIPANTS: Indian companies (both private and public) engaged in promotion, development and deployment of renewable energy systems / devices and interested to develop business proposals with various African Countries especially with Egypt, Rwanda, Guyana, etc., can inform this MNRE through E-mail or letter 

NATURE IF INFO TO BE GIVEN TO MNRE Area of interest, products / services and whether interested in manufacturing, development of power plants, supply of equipment’s / products and / or EPC work.

AFTERMATH: MNRE will compile a list of interested Indian public and private sector companies / developers to participate in promotion and development of business in African Countries.

DEADLINE: The details sought to be sent to MNRE latest by 30th April, 2015. Contact person Dr. D K Khare, Director, Ministry of New and Renewable Energy, Block 14, CGO Complex, Lodi Road New Delhi 110003 (Telefax: 011-24363402; Email - dkkhare@nic.in).

BRIEF REGULATORY ASPECT: Incorporation and managing an overseas WOS/JV is regulated under Foreign Exchange Management (Transfer or Issue of any Foreign Security) Regulations, 2004. Presently, financial commitment by an Indian company is limited not more than 400% of the net worth as per the last audited balance sheet. This overall limit comprises of all loan, guarantee and equity. Other conditions include (i) the Indian party should not be on the Reserve Bank’s ("RBI") exporters' caution list / list of defaulters; (ii) all transactions relating to the JV / WOS should be routed through one branch of an Authorised Dealer bank (e.g. State Bank of India, Bank of Baroda) where Indian party needs to have the relevant account; (iii) the Indian party is required to report such transaction in form ODI to the AD Bank (i.e. SBI/Bank of Baroda etc.) for submission to RBI within a period of 30 days from the date of the transaction. Any deviation of these norms will require prior approval from RBI.

Source: http://www.mnre.gov.in/file-manager/advertisement/EoI-for-working-with-African-countries.pdf 

Please check out the facebook page on bio-gas and other aspects of renewable energy https://www.facebook.com/pages/Bio-Gas-Bottling-Plants/337549803069488?ref=hl

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