AUGUSTASIA BUSINESS OUTLOOK8NISSAN & RENAULT CONCLUDE AGREEMENT OF INVESTING EUR 600M IN EV UNIT AMPEREHERO FUTURE ENERGIES SIGNS MOUS WORTH RS 6,200 CR TO SET UP RENEWABLE ENERGY PROJECTSNissan and Renault finalised the terms of their revamped alliance on July 25, with the Japanese automaker pledging up to 600 million euros ($663 million) in its partner's electric vehicle unit Ampere.The agreement to finalise the terms of their revamped partnership puts the two automakers on a more equal footing and comes after months of sometimes tense negotiations over issues such as future intellectual property sharing.According to Nissan, the investment in Ampere is consistent with Nissan's role as a strategic investor and a board seat on the new company.The companies stated that the overhaul would be completed in the fourth quarter of 2023, subject to regulatory approvals. Hero Future Energies (HFE) announced the signing of two Memorandums of Understanding (MoUs) for the infusion of Rs 3,100 crore each into HFE over the following five years with REC and PFC. The MoUs were signed in Goa on the sidelines of the fourth G20 Energy Transition Working Group (ETWG) meetings, according to the official press release.A total of Rs 6,200 crore obtained through the MoUs will be used to develop renewable projects across India, including solar and wind for C&I customers, utility projects, and green hydrogen derivatives. This will also strengthen the company by ensuring the financial closure of ongoing projects in the future, which will strengthen the statement."We are excited about our partnership with REC and PFC. According to Srivatsan Iyer, Global CEO of Hero Future Energies, the company plans to grow five times in the following five years. "This significant financial backing will accelerate our business expansion across geographies."Currently, the company's portfolio includes 1.8 GW of running wind, grid-connected solar, and rooftop solar power generation assets in India and Europe, as well as 2 GW of shovel-ready projects spread out over India, Vietnam, Bangladesh, and the United Kingdom. NEWS ROOM
< Page 7 | Page 9 >