Energia opens Corporate Service Center in Mangaluru, eyes future renewable projects in India
Mangaluru: Energia on Sunday inaugurated its Corporate Service Center in Mangaluru, marking a step towards strengthening its global corporate operations and expanding its presence in India.
The new office was inaugurated in the presence of U. T. Khader, Speaker of the Karnataka Legislative Assembly, and NRI Busnessman Dr. Ronald Colaco along with members of Mangaluru’s business and community circles.
The ceremony was led by Shahid Hassan, CEO of Energia, along with Mohin Sheikh, Managing Director, Rajan Mengoth, Operations Director, and Mehboob, Chairman of Energia. Senior officials and team members of the company were also present.
The Mangaluru Corporate Service Center will function as a dedicated support office for Energia’s operations in the Kingdom of Saudi Arabia. The company said the centre will help improve coordination, strengthen back-end support and enhance governance across key corporate functions. It is expected to improve service delivery through structured processes and better operational control.
Energia stated that the new centre will create employment opportunities in Mangaluru, particularly in corporate services and support roles. The company also plans to introduce structured career pathways and skill development programmes for professionals in the region.
While the immediate focus of the centre will be to support overseas operations, Energia said it intends to deepen its long-term engagement in India. The company indicated that it is exploring opportunities in the renewable energy sector in line with India’s expanding clean energy landscape. The Mangaluru office is expected to act as a base for future partnerships and renewable initiatives in the country.
“This Corporate Service Center reflects Energia’s long-term commitment to building strong capability and governance. Mangalore gives us access to high-quality talent, and this office will play a critical role in supporting our Saudi operations while also helping us prepare for future renewable initiatives in India,” said Shahid Hassan, CEO of Energia.
Among those present at the event were Chairman of State Allied and Health Care Council UT Iftikhar Ali, President of New Jumma Masjid Sharif Whitestone, Chairman of Bearys Chamber of Commerce and Industry SM Rasheed Haji, Founder of Team B-Human Asif Deal, Dr Haroon Hussain and others.
Energia is an energy solutions company with operations in the Kingdom of Saudi Arabia and a growing presence in other markets. The company provides integrated energy solutions across sectors with a focus on reliability and long-term value creation.
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Rupee plunges 28 paise to settle at 93.44 against US dollar
Mumbai (PTI): The rupee declined 28 paise to close at 93.44 against the US dollar on Tuesday, weighed down by a steady American currency and volatile crude oil prices amid uncertainties over the progress of West Asia peace negotiations.
Positive domestic equity markets failed to boost local currency, which also had some impact of the Reserve Bank's latest move to ease curbs on speculative bets in non-deliverable forward markets, forex analysts said.
The Reserve Bank on Monday partially withdrew directives taken on April 1 to curb excessive speculation in the rupee. The banking regulator had capped the net open positions in non-deliverable forward markets at USD 100 million, mandating banks to comply by April 10.
Under revised directives, authorised dealers or banks can resume offering non-deliverable derivative contracts involving INR to resident or non-resident users, but must comply with certain restrictions on related-party transactions. Also, the USD 100-million cap in net open position is still effective.
At the interbank foreign exchange market, the rupee opened at 93.25 and fell to an intra-day low of 93.63 before ending the session 28 paise lower at 93.44 against the greenback.
On Monday, the rupee settled with a loss of 25 paise at 93.16 against the US dollar. The currency had gained 47 paise in the preceding two sessions.
Anuj Choudhary, Research Analyst at Mirae Asset ShareKhan, said the rupee fell on uncertainty over US-Iran talks and a surge in crude oil prices. A strong dollar also pressured the rupee; however, positive global markets cushioned the downside.
"Traders may take cues from retail sales and ADP employment change data from the US. USD-INR spot price is expected to trade in a range of Rs 93.30 to Rs 93.90," Choudhary said.
Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities, said the rupee traded weaker as recent RBI adjustments and partial rollback of earlier currency-support measures added pressure on the local unit.
"At the same time, the dollar remains steady while crude and gold are relatively stable, with markets closely watching the outcome of US-Iran ceasefire developments expected tomorrow. The rupee is likely to remain highly event-driven, with direction dependent on geopolitical clarity and RBI stance," Trivedi said.
Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, rose 0.19 per cent to 98.09.
Brent crude, the global oil benchmark, was trading 0.70 per cent down at USD 94.81 per barrel in futures trade.
Analysts attributed the volatility in crude prices to persistent worries over disruptions of supplies of oil from the Strait of Hormuz. Also, the ceasefire agreement between the United States and Iran is scheduled to expire on Wednesday.
In a latest development, Iran's chief negotiator on Tuesday said Tehran would not negotiate in the face of threats, while US President Donald Trump hinted that he was in no rush to end the conflict with Iran.
In the domestic equity markets the 30-share Sensex rose 753.03 points, or 0.96 per cent, to settle at 79,273.33, while the Nifty rose 211.75 points, or 0.87 per cent, to 24,576.60.
Foreign Institutional Investors offloaded equities worth about Rs 1,918.99 crore on Tuesday, according to the exchange data.
