|
| Wednesday, 6 February 2008, 17:30 HKT/SGT | |
| | | |
Source: Glitnir Bank | |
|
|
|
New Delhi, India, Feb 6, 2008 - (ACN Newswire) - Glitnir, the Northern European bank headquartered in Iceland, will be filing an application with RBI to open a representative office in India. The bank has similar offices supporting its niche strategy within geothermal energy, seafood and offshore service vessels in China, US and Canada. Glitnir bank has also formed a joint venture with LNJ Bhilwara Group to develop geothermal power plants in India & Nepal. The JV is proposed to be a 60:40 partnership with Glitnir bank holding 40 percent of the shares. Glitnir Bank & LNJ Bhilwara will recruit a management team with the expertise to develop the company with key focus on identifying, developing and building power plants in India and Nepal utilising sustainable energy like geothermal energy. Glitnir bank will also bring in strategic investors to raise capital during different phases of the development of the geothermal plants. The Glitnir team of geothermal specialists will visit various locations in India to identify the best possible geographical area to develop the plant, accompanied by other independent consulting companies' in Glitnir's network.
"We are very happy that this important joint venture has been formed with LNJ Bhilwara Group. This will encourage prospects for growth in India in the geothermal arena. India is a vast country and we believe there are a number of unexplored geothermal energy resources. These resources and the technology employed contribute to clean, rural based and cheap energy sources. Glitnir had successfully implemented a project in China where expertise and sourced funding for the project was used to heat a district in the Xian Yang province in China. We believe similar projects can be developed in India. In addition, Glitnir's strategy is to have a local presence in all the major emerging markets with potential in the Glitnir industry focus. Following the establishment of our presence in China, India is the next logical destination", said Lrus Welding, CEO, Glitnir Bank.
"India is a very exciting market for Glitnir, particularly in the seafood and energy field. Given the projected growth of energy demand in India, the country needs to utilise all sources of energy possible, particularly renewable and green sources of energy like geothermal. By establishing an office in India, Glitnir bank will also be playing a key role in supporting the seafood and offshore service vessels industry and utilising the vast service industry in India to further improve the efficiency of Glitnir operations world wide. Glitnir bank is in the process of submitting the relevant documents to RBI", said Bala Kamallakharan, Executive Director of Strategic Growth in Glitnir. Bala has been leading the India project for Glitnir and he will lead Glitnir's effort in India.
"LNJ Bhilwara Group has demonstrated a high level of execution discipline in implementing power development projects. LNJ Bhilwara Group developed India's first IPP Hydro-electric Malana Power Project of 86 MW (MPCL) in a record time of 30 months at Kullu (HP), in July, 2001. In addition, we have over 2837 MW of hydro, coal and wind power generation projects under development. What's unique about geothermal energy is that unlike the wind and solar installations, geothermal energy runs at capacity 24 hours a day, making the actual power yielded from geothermal sources still substantially greater than wind or solar energy. LNJ Bhilwara Group will continue to grow and diversify in the area of Sustainable Energy", said Ravi Jhunjhunwala, Chairman of LNJ Bhilwara Group.
Glitnir bank and LNJ Bhilwara group signed a MoU in New Delhi in November 2007 in the presence of P. Chidambaram, Honourable Finance Minister of India and H.E. Arni Mathiesen, the Minister of Finance for Iceland. India has planned $475 billion energy investments in the next five years, out of which it aims to achieve the target of $120 billion- $ 130 billion will be achieved through such initiatives.
About Geothermal Energy
Geothermal energy is defined as heat from the Earth. It is a clean, renewable resource that provides energy around the world. It is considered a renewable resource because the heat emanating from the interior of the Earth is essentially limitless. Geothermal energy is contained in underground reservoirs of steam, hot water, and hot dry rocks. The heat continuously flowing from the Earth's interior is estimated to be equivalent to 42 million megawatts of power. The interior of the Earth is expected to remain extremely hot for billions of year to come, ensuring an inexhaustible flow of heat. (Sources: Geothermal Energy Association and the U.S. Dept. of Energy)
About LNJ Bhilwara Group
The LNJ Bhilwara Group, today enjoys a strong global presence with major interest in Textile, Graphite Electrodes, Power Generation and Consulting Business. With a turnover of around USD 700 million, employing over 25,000 people, it is poised to establish leadership position in Power Generation and Power Engineering Consulting Business. Its power Business comprises of Bhilwara Energy Ltd., Malana Power Company Ltd., AD Hydro Power Ltd. and Indo Canadian Consultancy Services Ltd. The group is currently executing hydropower projects totaling 1500 MW and envisages an investment to the tune of USD 4 billion in the ongoing initiatives. The journey of the LNJ Bhilwara Group began in 1961 when the Group founder, Mr. L.N. Jhunjhunwala established a textile mill in Bhilwara, Rajasthan. Today that single textile mill has expanded into several textile mills; the group has diversified strategically and stands proud as a multi-product and service conglomerate. Acknowledged as pioneers across most industries that we are involved in, the group as a whole has also established itself as a member of the premier league, which comprises the top 50 Indian business groups.
Contact:
Bjorn Richard Johansen
Director of Communications, Glitnir
Mobile: + 4747-800 100
E-mail: brj@glitnir.no
Rikhil Seth
In India: Genesis Burson-Marsteller
Mobile: +91 9810647600
E-mail: rikhil.seth@bm.com
Topic: Corporate Announcement
Source: Glitnir Bank
http://www.acnnewswire.com
From the Asia Corporate News Network
Copyright © 2025 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.
|
|
|
|
|
|
|
| Glitnir Bank |
| Mar 19, 2008 09:53 HKT/SGT |
|
Glitnir Sells Mandatory Convertible Bonds for ISK 15bn ($ 200m) |
| Feb 29, 2008 02:06 HKT/SGT |
|
Moody's Investors Service Today Downgraded Glitnir's Long-term Rating to A2, BFSR to C- with a Stable Outlook |
| Feb 20, 2008 21:40 HKT/SGT |
|
Glitnir Bank's Annual Report 2007 |
| Feb 20, 2008 16:17 HKT/SGT |
|
Glitnir Bank: Corrections to the Financial Statements for 2007 |
| Jan 31, 2008 19:39 HKT/SGT |
|
Glitnir Publishes Annual Accounts 2007 |
| Jan 30, 2008 17:24 HKT/SGT |
|
Moody's Reviews Glitnir's Rating for Possible Downgrade |
| Jan 29, 2008 20:52 HKT/SGT |
|
Glitnir Bank Full-Year Results for 2007 |
| Jan 29, 2008 20:50 HKT/SGT |
|
Glitnir Publishes Fourth Quarter Results and Annual Accounts Excluding Notes |
| Jan 21, 2008 17:14 HKT/SGT |
|
Presentation of Glitnir Bank's Full-Year Results |
| Dec 27, 2007 17:08 HKT/SGT |
|
Bjarni Ármannsson Invests in Glitnir Property Holding |
| More news >> |
 |
|
|
