Adani group investments approved by Sri Lanka
Colombo (PTI): Sri Lanka's investment promotion body has approved two renewable energy projects of India's Adani group to be set up in the north and eastern regions of the island nation at a total investment of USD 442 million.
The wind power plant in Mannar will operate at a capacity of 250 MW (megawatt) while the wind power plant in Pooneryn will operate at a capacity of 100 MW.
"The Board of Investment of Sri Lanka has issued a letter of approval to India's Adani Green Energy Limited, for the two wind power plants to be set up in Mannar and Pooneryn at a total investment of USD 442 million," a release said on Thursday.
The two wind power plants of 350 MW are scheduled to be commissioned in two years and they will be added to the national grid by 2025.
The new project will generate 1500-2000 new employment opportunities.
Early this week, the Adani Group representatives met the minister of Energy Kanchana Wijesekara to check on the progress of the two projects.
This was the first official meeting since US-based short seller Hindenburg Research made a litany of allegations, including fraudulent transactions and share-price manipulation, against the Indian conglomerate. The company has dismissed the charges as lies, saying it complies with all laws and disclosure requirements.
The Adani investments in Lanka's energy sector are in addition to their investment in the port of Colombo's Western container terminal.
Gautam Adani, the group's chief, had met the then president Gotabaya Rajapaksa in October 2021 to push ahead with the group's investments in the country after they annexed the deal to develop the Colombo port's western container terminal under the Rajapaksa presidency.
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Govt invites application for SEBI chief post
New Delhi (PTI): The government on Monday invited applications for the post of Chairman of the Securities and Exchange Board of India (SEBI).
The current SEBI chairperson Madhavi Puri Buch's three-year term ends on February 28. Buch assumed charge at the helm of Sebi on March 2, 2022.
In a public advertisement, the department of economic affairs under the finance ministry invited applications from candidates by February 17.
"The appointment shall be made for a maximum period of 5 years from the date of assumption of charge or till attaining the age of 65 years of the appointee, whichever is earlier," the ministry said.
The chairperson will receive a pay equivalent to a secretary to the Government of India which is Rs 5,62,500 per month (without house and car), the advertisement said.
The ministry also said that keeping in view the role and importance of SEBI as a regulator, the candidate should have "high integrity, eminence and reputation preferably above 50 years with more than 25 years of professional experience".
The candidate is also required to have a "shown capacity in dealing with problems relating to securities markets, or has special knowledge or experience of law, finance, economics, accountancy' which in the opinion of the central government shall be useful to the board".
"The chairman should be a person who does not and will not have any such financial or other interests as are likely to affect prejudicially his function as the chairman," the advertisement added.
The government will appoint the SEBI chairperson on the recommendation of the Financial Sector Regulatory Appointments Search Committee (FSRASC). The committee is also free to recommend any other person also who has not applied for the post on the basis of merit, it added.
