ET NEWS

State-owned Oil India Limited (OIL) has signed a Joint Venture Agreement (JVA) with Rajasthan Rajya Vidyut Utpadan Nigam Limited (RVUNL) for developing 1.2 GW of renewable energy projects in Rajasthan, the company announced on Friday.The signed projects include 1000 MW of solar power and 200 MW of wind power capacity to be established within RVUNL’s Renewable Energy Park. The formed joint venture company will harness OIL’s energy sector expertise and RVUNL’s extensive experience in power project development to deliver sustainable energy solutions. ".The partnership will focus on solar, wind, green hydrogen, and other renewable energy initiatives, supplying clean power to Distribution Companies (DISCOMs) and commercial customers," the company said in a statement.The agreement was signed by Devendra Shringi, Chairman & Managing Director of RVUNL, and Ranjan Goswami, Executive Director (Business Development) of OIL. Ajitabh Sharma, Principal Secretary Energy, Rajasthan and Trailukya Borgohain, Director (Operations), OIL were also present during the signing of the pact.This announcement follows another pact signed with Hindustan Copper Limited on Friday. OIL signed an MoU with HCL for exploration and development of critical and strategic minerals, including Copper and associated minerals.The oil company announced that it has ventured into critical minerals apart from its present portfolio of Oil and Gas. It is now engaged in mining, production, processing and marketing of copper and related products. "OIL and HCL's partnership marks a crucial milestone in India's pursuit of self-reliance in critical and strategic minerals including Copper and associated minerals," the company said.Oil India Ltd. has established a wholly owned subsidiary, OIL Green Energy Limited (OGEL) that drives its clean energy strategy. Under OGEL, the company has built a diversified portfolio in renewables, compressed biogas (CBG), energy storage, and green hydrogen.

The initial public offering (IPO) of TMT bars manufacturer VMS TMT Ltd garnered a whopping 102.26 times subscription on the closing day of share sale on Friday, driven by strong investors' participation. The IPO received bids for 1,25,78,39,250 shares against 1,23,00,000 shares on offer, as per NSE data. The quota for non-institutional investors fetched 227.09 times subscription. Qualified institutional buyers category received 120.80 times subscription and retail individual investors (RIIs) portion got subscribed 47.88 times. The IPO of VMS TMT received over eight times subscription on the first day of bidding on Wednesday. VMS TMT Ltd on Tuesday mopped up nearly Rs 27 crore from anchor investors. The IPO has a price band of Rs 94-99 per share. The company's IPO is entirely a fresh issue of 1.50 crore equity shares. Proceeds from the fresh issue to the tune of Rs 115 crore will be used for repayment of debt and balance for general corporate purposes and issue expenses. Incorporated in 2013, VMS TMT Ltd is primarily engaged in the manufacturing of thermo-mechanically treated bars (TMT Bars). The company also deals in scrap and binding wires, which are sold within Gujarat and other states. The company's shares will be listed on the BSE and the NSE. Arihant Capital Markets is the sole book running lead manager while Kfin Technologies is the registrar for the IPO.

Union Minister Manohar Lal Khattar launched Delhi’s new drainage master plan on September 19, under a long-term strategy designed to address the capital’s waterlogging and sewage challenges over the next three decades.The plan seeks to reshape the city’s drainage network at an estimated cost of ₹57,000 crore, with the central government pledging financial assistance to support its rollout. Speaking at the launch, Khattar said the master plan had been structured to meet both current and future needs as Delhi continues to expand rapidly. The city has been divided into three drainage basins — Najafgarh, Barapullah and Trans-Yamuna — with consultants appointed to redesign the network in each zone. Chief Minister Rekha Gupta said the state government was working in partnership with the Centre to deliver what she called a long overdue solution. “We started our governance with visits to nallahs and legacy waterlogging points. We have great teamwork; we do not work from air-conditioned rooms,” she said, adding that earlier governments had failed to act decisively on the issue. BJP leader Parvesh Verma described the initiative as a turning point, calling the plan a “guarantee card” against waterlogging. He pointed to the Minto Bridge underpass — long notorious for flooding during the monsoon — as an example where the current administration had already intervened successfully.“Till now, Delhi saw unplanned development, which led to severe problems. From now on, any drainage work done in Delhi will be based on the master plan,” Verma said. The announcement also carried a political edge. Both Gupta and Verma criticised past administrations, with Verma alleging that former chief minister Arvind Kejriwal’s government did not commission serious studies on the capital’s drainage system.“The previous government did not carry out any study. They were only busy making a Sheeshmahal and were interested in filling their own homes,” he said. The Aam Aadmi Party has not issued an immediate response to the criticism. For Delhi residents, the plan signals a possible shift after years of seasonal flooding, clogged drains and ad hoc repairs. Officials say the new master plan will standardise all future drainage projects, ensuring they are linked to the broader city-wide design rather than undertaken piecemeal.