The PSU is entering into a JV with the electricity multinational to build pumped storage hydropower projects across South Asia.
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The US is racing to be part of an industry that hasn’t yet proved itself to be safe for the environment or good for business. India needs to wait and watch.
With three promoters—Reliance, Shapoorji Pallonji Group and the Daruvala family—the EPC firm is already treading on thin ice. The prospect of a disagreement or distress sale upsetting the delicate balance is a constant worry for investors.
Ostensibly competing suppliers of imported coal, the two business groups are joined at the hip and may actually be helping each other out, finds an investigation.