Vivekananda Institute of

Professional Studies

Business Awareness Cell

Gain Knowledge to Get Acknowledged

DATE- 22nd January 2022

ISSUE NO. 43
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 INDEX

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Future Retail To Amazon: Show Me The Money (And
FDI Compliance)
Future Retail Ltd.'s independent directors
have raised some pointed questions in
response to Amazon's offer to help the
debt-ridden Indian retailer. Namely, how
quickly will the cash be available, will
the funding be FDI-compliant and what
about FRL's other dues?

In a letter dated Jan. 19, the American e-

commerce giant had reiterated its offer of
financial assistance to Future Retail. The Indian retailer is set to default on a Rs 3,500-
crore debt repayment to lenders by Jan. 29. Amazon's letter, reported by media earlier
today, offered a Rs 7,000-crore cash infusion via private equity firm Samara Capital,
an offer it had made earlier too.

But, accompanying the monetary assistance was a warning to FRL to not sell its small-
format store chains Easyday and Heritage Fresh. Such sale would be in violation "of
the injunctions which continue to operate and are binding on FRL and directors of
FRL, including the independent directors of FRL", the Amazon letter said. The
injunctions refer to an ongoing legal battle in which Amazon has sought to block FRL's
Rs 27,513 crore deal with Reliance Retail Ventures Ltd. on grounds it has certain rights
in the Future Group company.

The delay in the Reliance deal has prompted the cash-strapped FRL to consider selling
its smaller retail chains to replay lenders. Failure to repay the debt will label it a non-
performing asset.

Amazon's letter was addressed to the three independent directors at FRL—Gagan

Singh, Ravindra Dhariwal, Jacob Mathew—and a host of banks that are lenders to the
company. On Jan. 21, the independent directors responded.

"Since you are objecting to the sale of small-format sales, the proceeds of which were
to be used to repay lenders and thereby avoid NPA classification, please confirm that
you are willing to fund this amount by Monday (January 24) through an unsecured,
long-term loan, subordinated to FRL’s existing lenders or any other mutually suitable
and legally acceptable structure."

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BloombergQuint has viewed copies of both letters.

Future Retail's Independent Directors Response To Amazon's Offer

In their response, FRL’s independent directors have said the company’s one-time
restructuring agreement with the lenders was conditional on monetising its small-store
format business, including Easyday and Heritage brands, by December 2021.

Having already missed the Dec. 31 deadline, the company has until the end of this
month to come up with the money for the rupee-denominated debt.

The 30-day grace period expires on Jan. 29 and it is "unfortunate" that Amazon is
attempting to prevent the lenders from realising their dues, the letter said.

Also, that assets are encumbered to lenders and their right to enforce security cannot be
constrained by shareholders' agreements, such as the one between FRL and its parent
Future Coupons Pvt. and FCPL and Amazon.

'Offer Lacking In Detail'

The independent directors of FRL have also sought three clarifications before meeting
Amazon’s nominee, Abhijeet Muzumdar, to discuss the American company's offer to
help via a Samara Capital-led cash infusion...

Clarity on how Future Retail would service its dues as Amazon's proposed infusion is
lower than the company's liabilities of worth Rs 9,119.30 crore due to lenders up to
March 2022. As well as the Rs 2,908 crore required for operations up to March 2022.
Timing of the cash infusion.

How the infusion will be implemented in a legally-compliant manner since FRL is in

the multi-brand retail sector in which foreign direct investment is restricted. And
whether the manager of Samara Capital is owned-and-controlled by resident Indians.

The directors have also sought clarity if Amazon has any authority to negotiate and
finalise the transaction on Samara Capital's behalf.

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More Trouble For PTC India As Independent Director
Quits After Three Board Exits In Arm Over Corporate
Governance Issues
After PTC India Financial Services
(PFS) came under the scanner with
three of its independent directors
resigning citing lapses in compliance
and corporate governance, an
independent director at the parent
company PTC India has resigned.

Former bureaucrat Rakesh Kacker

resigned late Friday. He was also an
independent director at PFS until end-December and had written to the management
highlighting lapses in corporate governance.

In his resignation letter, Kacker referred to his stint at PFS and said, “I have seen from
close quarters the unfortunate developments over the past few months in that company.
Despite our best efforts, the independent directors could not convince the management
of PTC and PFS to take proper action to run the company in accordance with what we
considered the correct course of action.”

“As a result, the company is now facing serious governance issues with several defaults
of the Companies Act, 2013 and the Securities & Exchange Board of India (Listing
Obligations & Disclosure Requirements) Regulations, 2015. Due to this, the operations
of the company also must have been affected,” he added.

Rajib Kumar Mishra, chairman of PTC India, told Moneycontrol on Saturday that the
company had submitted a status report to the Reserve Bank of India and the Securities
and Exchange Board of India on Friday and intimated the bourses - BSE and National
Stock Exchange. “We are in continuous talks with the authorities,” he said.

The resignation came hours after the management of PTC and PFS held a virtual press
conference, where they told media that an internal committee has been formed to
investigate the matter. Mishra also raised questions about the intent of the three
independent directors who had resigned together.

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On January 19, Kamlesh Shivji Vikamsey, Thomas Mathew T and Santosh B Nayar had
resigned from the post of independent director of PFS on concerns over lapses in
governance and compliance.

Responding to the resignations, Mishra told Moneycontrol on Saturday that a board

meeting was scheduled later in the day. “We had already scheduled a board meeting and
most of the issues raised by them were on the agenda. We would have preferred if they
had attended the board meeting and resolved the issues instead of resigning in a rush.”

But the three independent directors who resigned had said in their letter earlier that a
meeting dated January 14 informed them of a board meeting on January 22 is invalid as
it is not for all directors of the board and the agenda did not include the corporate
governance issues raised by them.

The management of PTC and PFS has been refuting the allegations made by the
independent directors. Asked by reporters if an internal committee can be fair and
unbiased, Mishra said this was the immediate response of the company and the
management is open to a third party investigation.

The independent directors have made six allegations, of which one is about the
appointment of another director while the other five pertain to operations and corporate
governance issues.

They said that PFS’s managing director and chief executive Pawan Singh did not allow
Ratnesh, who was appointed by the board as director finance and chief financial officer,
to take the position. They said Singh took the decision “unilaterally” and without any
explanation to the board, which is in violation of the Companies Act. PTC said later that
an independent audit on the matter has been completed and the report will be submitted
to the board soon.

The directors also alleged that the company did not disclose the forensic report of a loan
account related to NSL Nagapatnam Power and Infratech. The independent directors
highlighted at least two instances where loan conditions were changed without prior
approvals.

The independent directors said the management took action after former PTC head
Deepak Amitabh raised several corporate governance issues in a board meeting on
August 5.

They added that they had repeatedly voiced their concerns and sought information
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through e-mails but were disappointed as these communications were “blatantly
ignored".

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India Likely To Go Back To Real GDP Growth Trend Of
6.5% With These Three Drivers Of Economy Firing:
Aditya Birla Sun Life AMC's CIO
In 2021, global equity markets attained
new all-time highs driven by strong
corporate earnings growth even in the
face of COVID restrictions, supply
chain disruptions, rising oil prices, and
higher labour costs. Headline
valuations ended at a 15-35 percent
premium to long-term averages across
the US, Eurozone, and emerging
markets. India too was amongst one of
the best-performing markets globally.

Going forward in 2022, global equity markets are likely to continue climbing a wall of
worries on a number of fronts – growth peaking out, high inflation, US Fed accelerating
its pace of tapering and rate hikes, slowdown in China, new COVID variants, high
valuations, etc.

India, on the other hand, has come out of the second COVID wave and is catching up
with the rest of the world. Its economy is recovering quickly as evidenced by strong
macro data: better-than-expected GDP growth, PMI consistently in expansion zone,
improved core sector growth, GST collections of above Rs 1.3 lakh crore for the sixth
consecutive month and falling unemployment rate.

Going forward, over the next three years, we believe India is likely to go back to its real
GDP growth trend of around 6.5 percent with all three drivers of economy firing.

a) Consumption: Discretionary consumption is picking up after COVID and should

sustain given a young demographic with rising incomes and aspiration levels.

b) Investment: Real estate is at a beginning of a new cycle, private sector investment is

expected to pick up, and government spend on infrastructure development is expected to
remain strong. India should continue to see strong FDI (foreign direct investment)
inflows.

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c) Exports: Given the robust global economic recovery, exports have already recovered,
and outlook remains positive. IT service companies have good tailwind and China+1
strategy is helping sectors like textiles, chemicals, manufacturing, etc.

Also, India's external debt position (import cover, external debt/GDP) is superior to other
emerging markets. Hence, the country is better prepared for policy tightening globally
in 2022 and beyond.

On the COVID front, the new Omicron variant is spreading rapidly globally, and we are
seeing a rise in cases in India. However, this third wave can be expected to peak out as
quickly as January-February. Hence, we do not anticipate a major impact on corporate
earnings.

Corporate profit to GDP is showing a turnaround and India seems well-positioned to

enter a new profit cycle. Most of the drag on corporate profits in the past few years was
due to banking and telecom sectors, which should see an improvement in profitability.
And profitability of secular themes like technology, private banks, consumer, NBFC,
etc, has anyways been on an uptrend. Overall, we believe earnings are likely to grow at
15 percent compound annual growth rate over the next three years, which is higher than
the long-term average.

Given the rally in markets in 2021, easy money has already been made. 2022 can be
looked at as a year of transition as excess liquidity gets withdrawn and interest rates inch
up. We have already seen FII (foreign institutional investment) outflows from emerging
markets including India over the past couple of months and Indian equity markets have
corrected by around 10 percent. Last year, markets saw a one-way risk-on rally due to
high liquidity. However, in 2022, markets are likely to be more discerning and stocks
will be driven by fundamentals.

With a slightly incremental correction, markets are expected to start looking reasonable
from a valuation perspective. Hence, investors can expect moderate returns along with
stock-specific rally in the short term. Portfolios having a slight tilt towards domestic
cyclicals should do well in 2022. Also, while market returns may be modest, the breadth
will continue to improve as the domestic recovery gathers momentum, thus providing
opportunities for active funds to generate alpha.

In summary, we can look at the markets in two parts – firstly, on a short-term basis,
correction should be looked at as an opportunity to add equity exposure but should be
phased out over the next few months as the markets adjust to the policy change globally.
Secondly, as India is continuing on the road to recovery, on a medium to long-term basis,
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we remain positive on equities and expect markets to continue to scale higher. Overall,
we believe Indian equity markets can give returns slightly below compound annual
growth for earnings over the next three years.

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Why India Is A ‘Frustrating’ Market For Netflix
India is one of the world’s fastest-
growing markets for OTT or video-on-
demand platforms, a space currently
seeing intense competition. But it has
proved to be a tough market to crack for
streaming giant Netflix.

“In every single other major market, we

have got the flywheel spinning. The
thing that frustrates us is why haven’t
we been as successful in India, but we
are leaning in there,” Netflix CEO Reed Hastings said in an earnings call for the fourth
quarter of 2021.

For the October-December 2021 quarter, Netflix added 8.3 million subscribers. But it
projected adding only 2.5 million subscribers in the January-March quarter of 2022,
down from 4 million it added a year ago—the lowest growth since 2015.

This also led the streaming giant’s stock to plummet as much as 24 percent Friday.

Netflix’s performance in the fourth quarter was led by the Asia Pacific region, where it
added 2.6 million new paying subscribers, led by solid growth in India and Japan.

However, in India’s fast-growing OTT market, Netflix is still a distant third. According
to research firm Media Partners Asia, while Netflix doesn’t disclose subscriber figures
for India, Netflix has a current subscriber base of about 5.5 million in the country.

This is far lower than Amazon Prime Video and Hotstar, which have around 22 million
and 46 million subscribers, respectively. This even as Netflix looks to spend Rs 3,000
crore on content in India.

Netflix also had to slash pricing in India by nearly 60 percent to keep up with other
pricing of other platforms. Until then, Netflix’s basic plan started at Rs 500 a month
while the likes of Amazon were charging Rs 999 for the entire year.

“We felt it was the right time to decrease our prices, to increase accessibility to all of
that sort of those incremental value or features that we have been trying to deliver to the
market to more Indian consumers,” Greg Peters, COO and Chief Product Officer of
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Netflix said. He added the price slash followed a whole set of activities Netflix has been
doing in India and learning more about Indian consumers tastes.

So why is the Indian market ‘frustrating’ for Netflix, and will a price slash suffice?

Netflix called India fairly unique in its letter to shareholders because pay-TV pricing is
very low.

“We believe these new prices will make Netflix more accessible to a broader swath of
the population – strengthening our value perception,” it added.

Experts say slashing prices will help bring in new subscribers, especially those who may
have been using the service through password sharing. Lowering prices to as low as Rs
149 for the mobile plan will also open up a new consumer base in tier 2 and 3 towns.
However, content is key, and experts say Netflix will have to change its positioning and
image of being global or international and bring in regional content.

“Netflix’s idea is first to probably to cut pricing in India first and then figure out content,”
Karan Taurani, Senior Vice President-Research Analyst, Elara Capital, says.

Karan says focusing on better execution in regional content is key for Netflix. A sizeable
portion of the country speaks Tamil, Telugu, Kannada, Bengali, and other regional
languages; making content tailored for them is unavoidable in a market like India.

“Netflix’s content positioning has to change. For someone who hasn’t watched Netflix,
the perception is that it has more of English content, more international. Nobody does
global content like Netflix, but it needs to have more local language pull – more regional
content and across different genres. Also, Netflix doesn’t have a concept of family
shows,” a media analyst says.

Meanwhile, the likes of Hotstar, Prime Video and Zee5 have been aggressively pushing
regional content. While Zee5 has said in recent media reports that almost 50 percent of
its viewership comes from regional content, Hotstar had over 40 percent viewership
coming from regional content back in 2019.

A FICCI-EY report from March 2021 estimated the share of regional language
consumption on OTT platforms will cross 50 percent of total time spent by 2025. And
experts believe cracking this will be key for Netflix to get a strong foothold in the Indian
market.

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In addition to regional content, a large focus on originals too will help drive Netflix’s
growth in India, experts say.

To be sure, Netflix has said recently it is focusing not just on the original content but
also on having more local and regional content, especially in Tamil, Telugu and
Malayalam.

In terms of subscribers, another major segment Netflix lags behind others, especially
Hotstar, in India, is sports content.

According to a media analyst, 80 percent of Hotstar’s subscriber base is driven by sports,

especially cricket. It’s the platform digital viewers turn to for the biggest cricketing
events thanks to the ICC, BCCI rights it holds till 2023 and IPL till 2022.

The battle of OTT platforms in sports is also heating up, with Amazon also eyeing sports
tournaments. Its entry was bagging India rights for all cricket in New Zealand till 2025-
26. It is reportedly also looking to bid for IPL media rights that will soon open up for
2023 till 2027.

Another player set to bid for them is SonyLiv (which is set to be merged with Zee), a
large player in the sports space with football, tennis, wrestling, cricket, and MMA.

“The battle for premium cricket rights will begin afresh in 2022 starting with IPL; we
expect Disney, Amazon, Facebook, Jio and Sony to be jockeying for pole position,”
Media Partners Asia said in a July 2021 report.

However, Netflix has never had a sports play, nor do experts expect Netflix to enter the
fray in the foreseeable future.

Elara’s Karan says while sports content is necessary for scale, overdependence on sports
is also not sustainable, especially from a return on investment (ROI) point of view.

Even as Netflix tries to find its feet in the Indian market through low pricing, India is a
complex yet large market, the media analyst quoted above says one cannot rule out new
players, especially regional ones, entering the market and doing well and Netflix thriving
with them.

And the opportunity is large. According to a CII-BCG report on the media and
entertainment industry, India has seen a 4x jump in the number of OTT platforms, a 4x
increase in the share of digital in total video watch time, and a 40-50X increase in data
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consumption, with video being the largest use case.

As per the report, OTT revenue is expected to grow to $13-15 billion over the next
decade at a growth rate of 22-25 percent.

Netflix, too is nowhere close to giving up and remains optimistic about the Indian
market. Especially after the success, it has had in cracking the Brazil and Japan markets,
COO Peters said in the earnings call.

“We are quite bullish that India isn’t fundamentally different in some way that we can’t
figure out how to tailor our service offering to be attractive to Indian consumers who
love entertainment. We know that for sure. And so that, I think, gives us a lot of optimism
just to continue to work away at it,” Peters added.

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MNRE Offers Residential Consumers Freedom of Choice
to Select Rooftop Solar Installers
The Ministry of New and Renewable Energy
(MNRE) has announced that residential
consumers could install rooftop solar
systems through vendors of their choice.
They can inform the distribution company
(DISCOM) about the installation along with
a photograph of the installed system.

Households do not have to go with listed

vendors by DISCOMs to install the rooftop
solar systems. Residential consumers can inform the DISCOMs of the rooftop solar
installation either through a letter or application or on the designated website provided
by DISCOMs and the Government of India for the rooftop solar program.

DISCOMs will need to provide net metering to residential consumers within 15 days of
receiving the information. The Government of India’s subsidy, which is 40% for rooftop
capacity up to 3 kW and 20% beyond that up to 10 kW, will be credited into consumers’
accounts within 30 days of installation.

The ministry stated that residential consumers could still install rooftop solar systems
through any vendors designated by DISCOM as earlier and can now select the solar
module and inverter of their choice.

Mercom spoke to several rooftop solar developers to understand the impact of the
notification.

Amol Anand, Co-founder, and Director at Loom Solar, said, “It is a BOLD step by the
MNRE and will break the monopoly of several developers and open the residential solar
market for new entrepreneurs. The steps will help the Government achieve its 40 GW of
the rooftop solar capacity target.”

“With this notification, residential consumers will be able to buy the technology of their
choice that can enhance rooftop solar systems’ power generation. As far as residential
solar developers’ finance is concerned, the Government’s move to provide subsidies
directly to household consumers will improve the developer’s financial health as their
working capital requirement will be reduced. Earlier, DISCOMs used to delay subsidy
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payments to vendors for a long time, which will not be the case in the future.”

Regarding vendor empanelment tenders issued by DISCOMs, Anand said these tenders
might be canceled as per the ‘Change in Law’ event. The subsidies to residential
consumers will be provided per the MNRE benchmark cost.

In November 2021, MNRE revised the benchmark costs, excluding the Goods and
Services Tax (GST), for grid-connected rooftop solar projects for the financial year (FY)
2021-22. The revised benchmark cost for general category states varied from ₹35.89
(~$0.48)/W to ₹46.92(~$0.62)/W for capacities up to 500 kW.

Another installer commented that it was too early to speculate on the implication of this
communique and would wait for the official notification with details. If implemented, it
would open up the prospects of the market, and in the future, the empanelment process
would be redundant. But there is confusion on the point which states that the consumers
can choose the module and inverter technology.

This contradicts the recent amendment to the Approved List of Models and
Manufacturers (ALMM) of solar modules order, which added that solar projects set up
under net metering and open access mechanisms need to use modules listed under the
ALMM compulsorily. The next step of implementation would be critical for the industry.

Hitaksh Sachar, Director at Asun Solar Power, said, “ This is a giant leap forward
towards the simplification of rooftop solar adaption and its exponential growth. This
policy will regain confidence in the industry towards system integrators. It will help
businesses incurring high operational costs and struggling with delayed payments due to
net metering and subsidy reimbursements. If implemented, it will improve the cash flows
for system integrators and allow them to scale their marketing efforts. Considering this
righteous outlook of the MNRE – the only concern now lies in its effective enforcement
by DISCOMs.”

Regarding the benchmark costs, Sachar said the MNRE benchmark cost should be
similar across the country with flexibility for consumers to adopt new technologies. The
system integrators should feel free to introduce new technologies, and the customer
should have a wide range of options to choose from. Even if the cost goes beyond the
benchmark cost, the subsidy should be set as per kW basis for consumers across India.

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5G Won’t Be Threat To Aircraft In India

Aircraft flying over India will

not face any safety issues
because of the upcoming 5G
mobile services, telecom
regulator Trai has said,
emphasising that the new age
technology is “prima facie safe”
for planes in the country.

The assurance comes at a time when there are growing concerns over the safety of
aircraft flying in the US over fears of interference with navigation systems as a 5G
network starts rolling out across the country. Several flights to the US have been
cancelled or rescheduled as airlines fear that the 5G phone service could pose a risk to
aircraft instruments, impacting some popular jets like Boeing 777.

“India will have no problems. Prima facie, there are no problems for the aviation
industry within India over 5G spectrum rollout,” Trai chairman P D Vaghela told TOI.

Vaghela said while the distance between spectrum reserved for 5G and that for aircraft
is very less in the US, the same is much wider when it comes to India.

The band for 5G in the US is from 3700-3980MHz, while the radio altimeters on the
aircraft work in the 42004400MHz bands. The gap is only 220MHz, giving rise to fears
of interference with navigation systems of aircraft. In India, however, the 5G bands run
between 3300MHz and 3670MHz, making a gap of 530MHz with the frequency used
by airlines. Vaghela said even though threats are missing in India, Trai will have the
issue examined in detail for a concrete assessment.

The Indian telecom industry also feels that there are no safety issues for airlines due to
5G. “Most of the concerns here are being driven by fear floating in the US. The fact is
17
there is no need to panic in India, and there will not be any impact on the av- iation
operations over the Indian soil,” S P Kochhar, DG of Cellular Operators Association of
India, said.

Kochhar said that India’s 5G bands mirror the frequencies allotted in markets across
Europe, South Korea and Japan. “There have been 5G launches in these markets, and
we have not come across any instance of interference with airline frequenciesthere. ”

He dubbed the concerns in India as more of “turf mongering” as the aviation industry
in the country has also started raising fears followingissues in theUS.

The auctions for 5G spectrum in India are expected to happen later this year, following
which the rollout will happen over the next1-2 years.

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How This Year's Budget Can Bring India Closer To Its
Green Energy Target
There is much to look forward to in the 2022-
23 Budget. The government has already set a
target to achieve 500 gigawatts (GW) and a
50% share of energy from non-fossil fuels by
2030, backed up with a net-zero emissions by
2070 pledge delivered at COP26.

As the government would know, in order to

achieve these ambitious targets, the renewable
energy sector will require substantial government financial support in the form of
targeted subsidies, import tariff restrictions, interest-free loans, better tax structures and
careful policy framing for both the states and discoms.

The 2022-23 budget will likely see government attempting to lower its fiscal and
current account deficit, providing a huge push for domestic manufacturing to reduce
reliance on expensive fossil fuel imports.

The government will build on new energy initiatives already actioned during 2021 in
response to the COVID-19-induced crisis and to boost economic growth. That includes
the production-linked incentive (PLI) scheme for renewable energy including batteries
to boost domestic manufacturing, the greening of Indian railways, priority sector
lending to renewable projects, and the provision of further capital to the Solar Energy
Corporation of India (SECI) and the Indian Renewable Energy Development Agency
(IREDA).

In its previous Budget, the government approved 10GW of integrated manufacturing

capacity for ‘High Efficiency Solar PV Modules’ with a financial outlay of Rs
4,500crore (US$616 million) using the production-linked incentive (PLI) scheme.

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The bid received a tremendous response from the industry and forced India’s central
government to reconsider. They eventually increased the PLI amount for solar module
manufacturing with an additional Rs19,000 crore (US$2.5 billion)) confirmed.

It is hoped that in Budget 2022/23 the PLI scheme will be extended to include the
manufacturing of polysilicon, wafers, and ingots as well, to ensure backward
integration. Doing so will reduce India’s reliance on imports across the value chain.

Cabinet recently approved a fresh equity infusion of Rs1,500 crore (US$205 million)
into the Indian Renewable Energy Development Agency (IREDA) to boost its lending
capacity. Such a move demonstrates again the government’s commitment to assisting
local bodies help achieve the country’s 450GW renewable energy target.

Despite its ongoing support to the sector, more can be done.

Additional government financial support is needed to increase the uptake and

development of new energy technologies such as battery storage, green hydrogen,
hydro, offshore wind, and so forth.

Renewable energies such as solar and wind are now price competitive in India – and
cheaper than coal or gas-powered generation.

Battery storage however – critical for integrating increasing renewable energy into the
grid - is still an expensive technology.

The government must offer essential viability gap funding for new energy storage
projects, and emerging green hydrogen and offshore wind projects. Once these
technologies are more established, the government can leave the price determination to
the markets.

Further, the transmission and distribution network will soon require strengthening. The
government should urgently plan for modernizing and digitalizing the transmission
system for better integration of new renewable energy capacity into the grid.

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India is lagging behind its 40GW solar rooftop installation target by 2022. In order to
facilitate uptake, in Budget 2022/23 the Government should offer more capital
subsidies and concessional loans, particularly to Micro, Small and Medium-sized
Enterprises (MSMEs) and residential customers.

Budget 2022/23 could put in place the necessary supports for India to complete the
third successful chapter of its renewable energy story.

Necessary government financial and policy support for newer clean energy
technologies will determine the level of success in which India is able to achieve its
renewable energy target.

Disclaimer: These articles have been retrieved from major online news publications.

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