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Gregory Beard heads the Office of Energy Dominance Financing, which has nearly $300 billion in lending authority. These are his energy priorities. View More

In this articleCEGFollow your favorite stocksCREATE FREE ACCOUNT Gregory Beard, director of the Department of Energy's Office of Energy Dominance Financing.Courtesy: U.S. Department of Energy Former Apollo executive and longtime New Yorker Gregory Beard says he wouldn't have left the private sector for just any job. But opportunity came knocking in the form of Energy Secretary Chris Wright, who tapped Beard to run the Office of Energy Dominance Financing.Previously known as the Loan Programs Office and part of the Energy Department, the EDF is the largest energy lender in the world, with some $289 billion in loan authority currently.Beard first joined the EDF as a senior advisor in April 2025 from bitcoin miner Stronghold Digital Mining, before officially taking over as director on Jan. 29."If I didn't feel passionately about Secretary Wright's message and why the president chose him, I'd still be in the private sector," Beard said in an exclusive conversation with CNBC. Beard has only been at the helm for a few weeks, but he has big plans for the agency, including dispensing capital at a record rate. And at a time when the energy complex is seeing a generational shift and natural resources increasingly drive geopolitics, the EDF can be a key tool in shaping the future of energy in the U.S. Shaking up the office Beard says the first order of business was to reexamine the loans granted during the Biden administration, the majority of which were approved in the months between Election Day 2024 and the inauguration. The result of the "turnaround job," as he called it, impacted more than 80% of the Biden-era portfolio, or about $83.6 billion worth of loans, according to the Department of Energy. Most were focused on emissions-reducing projects.The review process included making sure projects that stayed in the portfolio align with the Trump administration's energy goals, Beard said. All told, roughly $30 billion in conditional loan commitments were either canceled or withdrawn by the applicant, with about $53 billion worth of loans restructured, the DOE said.The goal was to protect taxpayers, and to focus on affordability and reliability, Beard said. "This is not a reversal of policies — it's a protection of dollars," he said. Solar panels at the Boulder Solar 1 facility in Boulder City, Nevada, Nov. 23, 2025.Daniel Cole | Reuters The EDF dates back to 2005. The agency has acted as a bridge of sorts for U.S. companies that might struggle to secure financing via traditional capital markets due to perceived risks. In theory, the rigorous process to secure an EDF loan could be seen as a stamp of approval from the government, opening up additional funding to help nascent companies and technologies get off the ground. Over its more than 20 years there have been hits — including a 2010 loan to Tesla — and misses, most notably backing solar manufacturer Solyndra, which ultimately went bankrupt.Under President Joe Biden and his climate-focused administration, the agency was supercharged, acting as a green bank of sorts. Staff quadrupled, and the Inflation Reduction Act grew available funds by tenfold.But with the new administration, the office has changed course, shedding the green angle that President Donald Trump has called a scam. In addition to an official name change, the agency is now focused on six areas: nuclear; coal, oil, gas and hydrocarbons; critical materials and minerals; geothermal; grid and transmission; and manufacturing and transportation."Every project that we do will make energy more affordable for Americans, will help us win AI and will bolster the grid and get us out from under the China strategy to dominate certain critical minerals," Beard said. "Everything we do will have a very specific focus." EDF now 'open for business' During the first Trump administration, the EDF was largely dormant. But now, Beard said, the office is ready to get going. "We have direction. We are open for business. … We will, I think, invest this capital in America's future in record time," he said.The office has about 80 active loan applications in its pipeline, according to Beard. It's a mix of new projects as well as those that have been reframed to meet the administration's priorities, he said.The reorganized EDF has dispensed three loans to AEP, Constellation Energy and Wabash Valley Resources. All three originated during the prior administration. But Beard said the pace will soon pick up, hinting that an upcoming announcement could be the agency's largest-ever loan."The initial quarters were really a turnaround job for fixing what this office had done in the past," he said. "Now we're focused on the future."The first soup-to-nuts loan from the EDF will likely act as a starting point for a "wave of loans around affordability, reliability and increased generation on the grid," Beard said, adding that a "big portion of capital" will end up focusing on power costs.Affordability is becoming a bigger issue as the midterms approach. Electricity prices are rising faster than overall inflation, becoming a pain point for consumers who are feeling pinched on all sides. For years, power demand grew at a steady clip, giving utilities, which plan sometimes decades in advance, visibility into future needs. But that's changing. Power demand is rising for a few reasons, including the voracious power needs of artificial intelligence, reshoring of manufacturing and broader electrification. Reliability is also a key issue. A lack of accessible power is seen as one potential bottleneck in the AI arms race with China. Increasingly frequent and severe storms, attributed to climate change, are another source of stress on the power grid.The Trump administration has announced a host of initiatives it says will help meet the demand, including earlier in February ordering the Defense Department to purchase coal power and keep coal-fired plants running. U.S. coal use has been declining for years thanks to competition from cheaper gas and renewables. Beard hopes his EDF can address the supply crunch. One avenue is to focus on maximizing existing generation, he said. "We need to refurbish and refresh existing generation, not shut if off. And not make the hill that's already a mountain that much tougher to climb," he said.Newbuilds are also part of the picture, he said. "We need to remember again how important it is to do it and to build. So that's really what we're pushing," he said.Permitting delays can challenge new projects. Many regions in the country have a yearslong backlog of projects that want to connect to the grid. Amid the supply crunch, some have criticized the administration's decision to cancel several offshore wind projects that were more than 90% complete. (Judges have since ordered construction to resume.) Critics think the administration should be more open to wind and solar, which can be produced at lower costs and in some cases connect to the grid faster. One way to compare costs across energy sources is by looking at the levelized cost of energy, or LCOE. According to widely cited data from Lazard, new utility-scale solar ranges in cost from $38-$78 per megawatt-hour. Onshore wind is $37-$86/MWh, gas combined cycle is $48-$109/MWh and coal is $71-$173/MWh. However, the LCOE fails to take into consideration the value of dispatchable resources as well as capacity factor, or the amount of time an asset is producing at its maximum output. Nuclear has the highest capacity factor at over 90%, according to the Energy Information Administration. Combined-cycle gas is at roughly 69%, with coal at 43%. Wind and solar are at 34% and 23%, respectively. Everything 'on the table' for new nuclear The EDF has traditionally been an important backer of capital-intensive nuclear projects, which have at times come in over budget and behind schedule. And now, with the Trump administration throwing its weight behind nuclear and calling to quadruple U.S. capacity by 2050, nuclear is a priority for the agency. "We can't lean in any harder," Beard said, adding that more activity in the space is expected in coming months and quarters. The agency is willing to lend up to 80% of the project cost, he said. Electrical transmission towers, poles and lines are shown in the early morning of a hot summer day in Commerce, California, Aug. 7, 2025.Mike Blake | Reuters Tech companies also have turned to nuclear to power their data centers given it's the only source of emissions-free baseload power. Hyperscalers have signed power purchase agreements with the likes of Constellation and Vistra at above-market prices, indicating how desirable nuclear power is — reactors are online 24/7, unlike wind and solar power. Big tech has also backed small modular reactor companies, or SMRs, which promise faster timelines and controlled costs.The EDF in November finalized a $1 billion loan to Constellation Energy to restart its shuttered reactor at Three Mile Island, now known as the Crane Clean Energy Center. The agency previously provided $12 billion to Southern Company to build reactors 3 and 4 at Plant Vogtle, as well as a $1.5 billion loan guarantee to Holtec to restart the Palisades nuclear plant in Covert Township, Michigan. At present there are no commercial-scale reactors under construction in the U.S., although Westinghouse — maker of the AP1000 reactor — said it plans to build 10 large reactors, with construction beginning in 2030.Beard pointed to Trump's extension of the investment tax credit as advantageous for the industry. He said the EDF plans to support these long lead time projects."We spent the last year costing out and creating the incentive structures to let this industry flourish again," he said. "Our view is everything that is required to restart this industry is on the table." Breaking China's minerals dominance Another key focus for the EDF will be critical minerals, as part of a broader push for the U.S. to shore up domestic supplies and move away from foreign dependence. China has weaponized metals in the past by restricting exports of rare earths, and given it dominates metal supply chains — especially when it comes to refining — there's fear they could curb other exports.Beard said that the Department of Defense is working on solving "crisis-level issues," but that EDF plans to back companies seeking to break China's chokehold on metals key for everything from consumer products to the power grid and AI. "If China is in year 10 of a 20-year plan, we will intervene and support those projects and companies that interrupt that strategy," he said. Although the agency's reorganization meant a reduction in staff, Beard said it won't slow the pace of loans or hurt the quality of projects it backs. Instead, he said, fewer people will be needed because the EDF will focus on projects that can be replicated, rather than one-of-a-kind projects that don't make economic sense."I'm only really a professional investor and a new government guy," he said. "The discipline is make sure we are doing projects that benefit Americans and will be repaid."

Coal India's Gevra mine in Chhattisgarh is set to become the world's largest coal producer next year. It will surpass US mines by producing 63 million tonnes. The mine, operated by South Eastern Coalfields Ltd, is already India's largest opencast mine. SECL is also exploring diversification into gasification and solar projects. The company aims for listing by March next year. View More

Korba, Coal India 's Gevra mine will become the world's top coal-producing mine next year by achieving the output of 63 million tonnes, surpassing the US mines, a top official said on Sunday. Gevra mine, operated by South Eastern Coalfields Ltd (SECL), a subsidiary of Coal India, is India's largest opencast coal mine. Operational since 1981, the Gevra mine will produce 56 million tonnes this year. The mine has already received the environmental clearance to expand capacity to 70 million tonnes per annum. In an interview with PTI here, SECL CMD Harish Duhan said, "By next year, only Gevra mine will be producing 63 MT and will become the number one mine in the world." Black Thunder Mine in Wyoming's Powder River Basin in the US is the world's largest coal mine with an output of 61-62 million tonnes, followed by North Antelope Rochelle Mine. Live Events SECL is fully prepared to achieve a production target of 56 million tonnes from Gevra - acknowledged as India's largest coal mine - this financial year, the Chairman and Managing Director (CMD) said. He outlined the four essential resources required for this ambitious goal -- land, machinery, manpower, and customer demand for coal dispatch -- and affirmed that "our team possesses all requisite resources, backed by meticulous advance planning". He emphasised that adequate land is available at the site, all necessary equipment are in place, contracts have been duly awarded, and there is firm demand from customers to offtake the coal. The CMD further highlighted that robust railway infrastructure supported by Indian Railways would help in seamless coal evacuation. Arun Kumar Tyagi, Area General Manager of SECL, Gevra area, said, "In 2026-27, we aim to ramp up the production from Gevra mine to 63 million tonnes. This will surpass the Black Thunder mine in the US - the world's largest - which currently produces 62 million tonnes." On the company's diversification plans, the SECL CMD said, "We have identified a gasification project and we are in the process of acquiring it." The CMD said that the company also plans to set up 700 mw of solar projects in SECL itself. "For floating solar, we are willing to work with the state government of Chhattisgarh ." The company, together with the state government, is also keen to identify some projects in critical minerals. "We want to make a JV with them (Chhattisgarh government)," he said. SECL, he said, also plans to extract rare earth elements from the overburden and is in the process of identifying scientific agencies to support this. Besides, SECL has set a target to complete the company's listing by March next year. The capital raised through the initial public offering would be utilised to expand SECL's projects and diversify, among other uses, the CMD said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our Economic Times WhatsApp channel) (You can now subscribe to our Economic Times WhatsApp channel)

Clean Max Enviro Energy Solutions’ Rs 3,100 crore IPO opens on Monday with a muted grey market premium of 0.4%, signalling flat listing expectations. The issue comprises a Rs 1,200 crore fresh issue and Rs 1,900 crore OFS. Proceeds will largely repay debt. Despite strong capacity growth, high borrowings and modest GMP temper near-term listing gains hopes. View More

Clean Max Enviro Energy Solutions’ Rs 3,100 crore IPO opens for subscription on Monday, with a grey market premium (GMP) of just 0.4%, indicating largely flat listing expectations at current levels. At the upper end of the price band of Rs 1,053 per share, the 0.4% GMP translates into a notional premium of around Rs 4 per share, suggesting a potential listing near Rs 1,057 if sentiment holds. The IPO is a book-built issue comprising a fresh issue of Rs 1,200 crore and an offer for sale of Rs 1,900 crore. The issue closes on February 25, with listing scheduled for March 2 on the BSE and NSE. Investors can bid for a minimum of 14 shares and in multiples thereafter. At the upper price band, the minimum investment for retail investors stands at Rs 14,742. Up to 50% of the issue is reserved for qualified institutional buyers, at least 35% for retail investors and at least 15% for non-institutional investors. According to a CRISIL report, CleanMax is India’s largest commercial and industrial renewable energy provider as of March 31, 2025. As of July 2025, it had 2.54 GW of operational, owned and managed capacity and an additional 2.53 GW of contracted capacity under execution. The company supplies renewable power through long-term power purchase agreements and energy attribute purchase agreements. It also offers EPC services and operations and maintenance solutions for solar, wind and hybrid plants, along with carbon credit services. Its client base includes technology companies, data centres and traditional industrial and manufacturing firms. Live Events For FY25, CleanMax reported total income of Rs 1,610 crore and a profit after tax of Rs 19 crore. EBITDA rose to Rs 1,015 crore from Rs 742 crore in FY24, reflecting improved operating performance. Total borrowings stood at Rs 7,974 crore as of March 2025. Of the fresh issue proceeds, Rs 1,123 crore will be used to repay or prepay outstanding borrowings of the company and certain subsidiaries, with the remainder allocated towards general corporate purposes. The modest grey market premium suggests that while the renewable energy theme remains structurally attractive, expectations of near-term listing gains are muted. Investor focus will now shift to subscription trends across institutional, retail and non-institutional segments during the three-day bidding window. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Odisha's Global Cleantech Expo, a significant boost to India's net zero goals, commenced in Bhubaneswar. The event, featuring over 200 companies from 20 nations, highlights Odisha's commitment to clean energy adoption through MSME support and ambitious renewable targets. View More

Bhubaneswar: The first edition of Global Cleantech Expo-Odisha kicked off yesterday at the IDCO Exhibition Ground, Bhubaneswar, providing a major boost to India’s net zero vision. The two-day summit was inaugurated by Chief Guest Gokulananda Mallik, Minister of State (Independent Charge), MSME Department, Government of Odisha. Addressing the gathering, Minister Mallik stated, “Odisha is actively supporting MSMEs through subsidies, credit guarantees, and policy incentives to accelerate clean energy adoption. We want every home to be solarised, noting that nearly 5,000 MSMEs are already engaged in the clean energy ecosystem across the state.” Under the leadership of Prime Minister Narendra Modi, India is rapidly emerging as a global cleantech powerhouse, he added. Additionally, the Startup India initiative, supported by targeted policies and ambitious climate targets, is empowering a new generation of entrepreneurs to innovate in clean energy. As a result, MSMEs are scaling up green solutions and playing a pivotal role in achieving the country’s climate and economic development objectives. The minister further emphasised the urgency of transitioning to clean energy to combat climate change, highlighting the government’s commitment to environmental protection through its “5J” vision- Jal, Jungle, Jami, Jiba Jantu, and Jana Sadharan, aimed at ensuring sustainable development alongside ecological conservation. The event witnessed participation from more than 200 companies representing over 20 countries, including Australia, Germany, France, and the United States, positioning Odisha as a promising destination for clean energy innovation and investment. Bringing together industry leaders, policymakers, innovators, and investors, the expo stands as the first large-scale cleantech exhibition of its kind in Eastern India. Live Events The summit commenced with welcome remarks by Debi Prasad Dash, Executive Director of the NetZero Energy Transition Association (NETRA), followed by insightful addresses from Amlan Kanti Das, Sr. Vice President, Operations & R&D, Luminous Power Technologies. Guests of Honour included Saidutta Biplab Keshari Pradhan, CEO of Odisha Renewable Energy Development Agency; Arvind Singh, CEO of TP Central Odisha Distribution Limited; Dr. Satyapriya Rath, IAS, Managing Director of GRIDCO Limited; and Sarada Prasad Satpathy, State General Secretary of Bharatiya Janata Party Odisha. The vote of thanks was delivered by Prashant Panigrahi, President of the Odisha Cleantech Association (OCTA) and MD of Gayatri Solar. Debi Prasad Dash, Principal Advisor, Global Cleantech Expo-Odisha and Executive Director, NetZero Energy Transition Association (NETRA), added, “With the event’s resounding success, Eastern India has firmly entered the global clean energy map. This platform is catalysing investment, partnerships, and technology transfer for a sustainable future.” Leading clean energy companies such as Saatvik Green Energy , Navitas Solar, Novasys Greenergy, Australian Premium Solar, Gautam Solar, Pahal Solar, Eastman Auto & Power, Trontek, Galo Energy, JD Solar and Latteys Industries showcased cutting-edge solutions spanning solar energy, battery storage, green hydrogen, and electric mobility. Amlan Kanti Das, Sr. Vice President-Operations and R&D, Luminous Power Technologies (P) Ltd., noted, “Odisha contributes 40 to 59 per cent of India’s mineral volume, making it a strategic hub for Luminous to drive global leadership in energy storage. With 30 acres of land in Odisha and access to critical minerals, we are accelerating innovation in advanced energy storage solutions.” Odisha’s ambitious energy vision, including its 10 GW renewable target, advancements in battery storage, EVs, green hydrogen, and adoption of newer technologies like tidal energy, AGRO PV, floating solar, and advanced BESS for grid modernisation, took centre stage at the expo. The event not only highlighted Odisha’s growth but also connected the broader Eastern India market, including Andhra Pradesh, West Bengal, Bihar, Chhattisgarh, Jharkhand, and neighbouring states. The event is expected to attract over 10,000 business visitors from Odisha and neighbouring states, with more than 1,000 business delegates participating in the conference, CXO roundtable, and Cleantech Excellence Awards. Specialised pavilions feature the latest in battery energy storage, EV and charging infrastructure, solar, green hydrogen, smart grids, and academic research. High-impact activities across both days include the Clean Energy Leadership Conference, workshops for students and professionals, and B2B networking sessions with global OEMs, startups, regulators, and financiers. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

As global manufacturers recalibrate their growth strategies, India is emerging as more than just a high-potential sales market. View More

India is now a key growth area for global manufacturers dealing with changing supply chains and increasing demand in new markets. During an interview with The Economic Times Digital, Alok Nigam , Managing Director of Brother International India , explained the company's strategy to elevate India from a sales point to a hub for manufacturing, innovation, and solutions. He explains how India is influencing Brother's worldwide strategy, highlighting local manufacturing, SME demand, Tier 2/3 growth, localisation within Make in India, and a move to workflow-centric solutions. Edited excerpts. Economic Times (ET): Global technology-led manufacturers are increasingly rethinking India’s role beyond sales. At Brother, what has changed in how India is viewed, from a market to a strategic growth and innovation hub?Alok Nigam (AN): India has evolved from being simply a sales market to becoming a strategic pillar in Brother’s global growth and manufacturing roadmap. In 2022, we established Brother Machinery India as a dedicated subsidiary for our machinery business, and by 2024, we began local production of machine tools, underlining a long-term commitment to India’s manufacturing ecosystem. We have also built a network of Technology Centres in Bengaluru, Gurugram, and Pune to support customers with application expertise, training, and service assurance. From a market perspective, India represents one of the few large economies where demand for printing, manufacturing, and industrial solutions continues to expand. India’s scale, demographic momentum, and industrial growth make it central to Brother’s long-term global strategy. Today, India is not just a market we serve, but a hub where we manufacture, innovate, and build capabilities for the future. ET: Brother India is targeting a 25% share of the printing market over the next two years. What segments, home, SME, SOHO, and enterprise, will drive this growth, and what differentiates Brother in an increasingly crowded market?AN: Our growth strategy is anchored around home users, SOHO professionals, and the SMB segment, which together are driving our ambition to expand our ink-tank printer share to 25% over the next two years. In ink-tank printers, demand is coming from households and small offices that require low cost of ownership, reliability, and easy connectivity. In laser printers, SMBs and SOHOs already contribute nearly 40% of our business, reflecting strong demand for durable, high-volume printing solutions. What differentiates Brother is our focus on long-term value rather than short-term pricing. We combine competitive cost-per-page economics with robust build quality and dependable after-sales support, which is critical for Indian customers. As the Indian market continues to grow while many global markets mature, we see a clear opportunity to build sustainable leadership by focusing on technology, service depth and customer trust. Live Events ET: You have spoken about Tier 2 and Tier 3 cities as key growth drivers. What structural changes, digital infrastructure, IT adoption, and SME formalisation are you seeing on the ground that make these markets central to Brother’s strategy?AN: For Brother International India, Tier 2 and Tier 3 cities have emerged as powerful growth drivers due to the structural transformation taking place across India’s economic landscape. On the ground, we see these markets benefiting from improved physical and digital infrastructure, rising internet penetration, and greater access to technology-enabled services. Government-led digitization initiatives, coupled with expanding broadband and mobile connectivity, have helped smaller cities leapfrog traditional adoption cycles, making technology more accessible to businesses and consumers alike. These changes are creating demand for reliable, efficient, and productivity-focused solutions that support everyday business operations. From an IT adoption perspective, small and medium enterprises in these regions are increasingly formalising and investing in technology to scale their operations. Many SMEs are transitioning from informal setups to structured businesses, driven by GST compliance, digital payments, and easier access to financing. This shift is translating into higher adoption of office automation, documentation, labeling, and workflow solutions, areas where Brother’s portfolio is well-positioned. Importantly, these businesses are no longer limited by geography; they are serving regional, national, and even global customers, which raises expectations around quality, efficiency, and operational reliability. These structural and behavioural shifts reinforce why Tier 2 and Tier 3 cities are central to Brother’s long-term strategy in India. We are responding by strengthening our distribution, service reach, and partner ecosystem in these markets, ensuring customers receive the same dependable experience they expect anywhere else. As digital maturity deepens and SMEs continue to professionalize, these cities represent not just incremental growth but sustainable, future-ready demand, making them integral to how Brother plans, invests, and grows in India. ET: How is India’s SME and MSME ecosystem reshaping demand, from basic printing to automation,workflow optimisation, and productivity tools? What are customers asking for today that they were not five years ago?AN: India's SME and MSME ecosystem is evolving rapidly, with businesses shifting from basic, transactional printing toward solutions that support automation, workflow optimization, and productivity. For Brother International India, this reflects a broader change in how small businesses operate today, more structured, compliance-driven, and growth-focused than they were five years ago. Customer expectations have shifted just as decisively. Where price once dominated purchase decisions, SMEs now prioritise integrated solutions for documentation, labeling, scanning, and digital workflow. Reliability, ease of use, and total cost of ownership matter far more than upfront cost alone. Brother's SME strategy mirrors this evolution. Rather than positioning standalone hardware, the company is delivering purpose-built business solutions designed to streamline workflows, boost productivity, and support sustainable scaling, establishing Brother not just as a product provider but as a long-term productivity partner for India's growing businesses. ET: Brother is positioning itself as a solutions-led partner rather than a hardware seller. Can you explain this transition and share examples across offices, retail, apparel, logistics, or warehousing?AN: Brother is transforming from a hardware manufacturer to a solutions-led partner that addresses specific operational challenges across industries. Rather than simply selling printers, Brother now develops comprehensive solutions tailored to business needs in offices, retail, apparel, logistics, and warehousing, recognising that customers need integrated systems that solve real problems, not just equipment. This approach is exemplified through THE NEXT Partner Program and ISV partnerships, which provide co-development funds and engineering support for industry-specific applications. In logistics, Brother delivers mobile printing solutions integrated with warehouse management systems. For retail, they offer end-to-end solutions connecting mobile printers with POS systems. In apparel, their direct-to-garment solutions include workflow optimisation alongside equipment. This strategic shift enables Brother to create deeper customer relationships by understanding entire operational ecosystems rather than just printing needs. By offering managed services including deployment, maintenance, and supplies management, Brother moves conversations from price comparisons to total cost of ownership and operational efficiency gains that resonate with decision-makers across all sectors. ET: Are India-specific use cases influencing product design, software integration, or workflow solutions at Brother globally? Can you share instances where Indian customers' needs have driven innovation?AN: India is actively shaping Brother's global product strategy, not just serving as a regional market. The company has introduced innovations specifically for Indian conditions, including auto-duplex printing in ink tank printers, rare in this category locally, and cost-per-print optimized to as low as 33 paise per page. These developments directly address demand for affordable, high-volume printing as growth accelerates beyond metros into tier 2 and tier 3 cities, where cost efficiency and durability are non-negotiable. India's challenging operational environment has also driven meaningful engineering improvements. Brother has built printers to withstand dust, humidity, and power fluctuations, resulting in more rugged, reliable hardware with relevance well beyond India. Similar conditions across Asia, Africa, and Latin America make India an effective proving ground for innovations that can scale globally. As Brother targets a 25% market share amid India's printer boom, the insights gained here from localised dealer networks to high-volume, low-cost workflow requirements are feeding back into its global product roadmap, particularly for other price-sensitive, fast-growing markets where comparable customer demands exist. ET: As India pushes for Make in India, how is Brother approaching localisation, whether in manufacturing, sourcing, assembly, or product customisation? What constraints and advantages do India offer?AN: Brother is strategically embracing Make in India through its new machine tool manufacturing facility in Tumakuru, near Bengaluru, which began operations in September 2024. This plant, Brother's third global manufacturing base alongside Japan and China, produces tapping centers for India's growing automotive and motorcycle industries. The localisation enables faster delivery times, closer proximity to customers, and positions Brother to serve both domestic demand and export to regional markets, demonstrating significant commitment beyond mere market access. However, Brother's approach reveals both advantages and constraints of Indian manufacturing. While the facility handles assembly and production, precision critical components are still sourced from Japan, highlighting India's ongoing challenge in developing a high-precision component ecosystem. The advantages include access to a skilled workforce, cost-competitive labor, renewable energy infrastructure (the plant uses solar power), and India's strategic location for exports. The growing domestic manufacturing sector, particularly in automotive and two-wheelers, provides strong market demand that justifies local production investments. The constraints include maintaining quality standards requiring imported precision parts, navigating complex regulations, and building supplier networks meeting Brother's specifications. Despite these challenges, the Tumakuru facility represents Brother's long-term commitment to India's industrial development. By investing in local production, Brother gains supply chain resilience, reduces logistics costs, and positions itself to benefit from India's manufacturing growth trajectory while contributing meaningfully to Make in India objectives and building deeper integration into the country's industrial ecosystem. ET: With a presence across metros and smaller towns, how critical is after-sales service and channel depth to winning India? What investments are being made in service infrastructure and partner capability?AN: After-sales service and channel depth are critical to Brother India's success, especially as the company expands into tier 2 and tier 3 cities, where reliable support determines brand loyalty. Brother has adopted a "within arm's reach" service philosophy, ensuring customers across metros and smaller towns have access to timely support and maintenance. This approach recognises that in India's diverse geography, dependable after-sales service often matters more than initial product features, particularly for businesses that cannot afford printer downtime disrupting operations. Brother is investing substantially in localised service networks with on-site service capabilities, ensuring technicians can reach customers quickly even in remote locations. The company is also heavily investing in dealer and partner capability development through training programs, diagnostic tools, and spare parts inventory that enable partners to resolve issues locally rather than escalating to regional hubs. This empowers channel partners who serve as the primary customer touchpoint in smaller markets to deliver consistent, high-quality service experiences that build trust and loyalty. ET: The printing and imaging space is seeing pressure from digitisation and paperless workflows. How does Brother balance this structural shift while continuing to grow its core business?AN: Brother's response to digitalisation isn't defensive; it's strategic. Rather than treating the shift away from paper as a threat, the company has reframed its position around "digital-enabled" workflows, where printing and scanning serve as bridges between physical and digital worlds. Paper, Brother argues, remains essential for compliance, contracts, labels, and tangible outputs, even as digital transformation accelerates. This thinking has pushed Brother beyond hardware into software integrations, cloud connectivity, and document capture tools that embed its devices into broader digital ecosystems. Multifunction printers and scanners now connect seamlessly with document management systems, supporting hybrid workflows rather than forcing all-or-nothing paperless transitions. Digitalisation has also opened new growth vectors that Brother is actively pursuing: on-demand label printing for e-commerce logistics, mobile receipt printing for retail, and direct-to-garment printing for custom apparel. By diversifying into these application-driven categories while modernizing traditional office printing, Brother converts a structural industry shift into a tangible commercial opportunity. ET: Looking ahead, what does Brother’s five-year roadmap for India look like in terms of manufacturing investments, localisation, retail expansion, and technology-led solutions?AN: Brother India's five-year roadmap focuses on aggressive expansion into tier 2 and tier 3 cities to capture a larger market share in India's growing print market, driven by SMEs, e-commerce, education, and government digitisation. The strategy emphasises strengthening distribution networks and dealer partnerships to deliver consistent experiences across urban and semi-urban markets, positioning India as a strategic priority for sustained growth. On manufacturing and localisation, Brother is expanding beyond the Tumakuru machine tool facility with a new Technology Center in Pune (opened June 2025), signalling India's growing role in global operations. This suggests deeper localisation potentially extending to other product categories, component sourcing, and India-focused R&D. The long-term vision positions India as a comprehensive manufacturing and innovation hub, not just an assembly location. Brother's five-year vision treats India as integral to global strategy, balancing local manufacturing, retail expansion, and innovation that serves domestic demand while enabling potential exports to South Asia and Middle Eastern markets. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

Manilam Industries India's Rs 40 crore SME IPO opened for subscription on Friday. Investors can bid in the IPO till February 24, with listing scheduled on the NSE SME platform on February 27. The company is engaged in manufacturing decorative laminates and trading plywood. Proceeds will fund capital expenditure, loan repayment, and working capital. View More

Manilam Industries India' Rs 40 crore SME IPO opened for subscription on Friday and will close on February 24, with listing scheduled on the NSE SME platform on February 27. The grey market premium (GMP) stood at 0%, indicating muted expectations of listing gains at this stage. The IPO comprises a fresh issue of 0.47 crore shares worth Rs 32.42 crore and an offer for sale of 0.11 crore shares aggregating to Rs 7.53 crore. The price band has been fixed at Rs 65 to Rs 69 per share, with a lot size of 2,000 shares. Ahead of the issue opening, the company raised Rs 11.30 crore from anchor investors on February 19 by allocating 16.38 lakh shares. Of the total issue, 47.36% has been allocated to qualified institutional buyers, 14.30% to non-institutional investors and 33.30% to retail investors. Incorporated in 2015, Manilam Industries is engaged in the manufacturing and sale of decorative laminates and in the trading of plywood. The company operates a manufacturing facility in Bareilly, Uttar Pradesh, spread across 20,650 square metres. It follows a business-to-business model, supplying products to distributors catering to residential and commercial segments. The company has launched multiple laminate collections, including Artistica, Vogue, Dwar and Magnificent, along with newer offerings such as Chromatic Tales and Wall Cladding. It has also set up experience centres in cities such as Bangalore, Delhi and Chennai to strengthen brand presence and distributor engagement. Live Events On the financial front, Manilam Industries reported total income of Rs 142.16 crore in FY25, compared with Rs 138.04 crore in FY24 and Rs 148.82 crore in FY23. Profit after tax stood at Rs 7.38 crore in FY25, up from Rs 3.10 crore in FY24 and Rs 1.53 crore in FY23. The proceeds from the fresh issue will be used towards capital expenditure for purchase of machinery and installation of solar panels, repayment of certain loans, working capital requirements and general corporate purposes. Out of the net proceeds, Rs 16.65 crore has been earmarked for working capital, Rs 3.50 crore for loan repayment and Rs 3.45 crore towards capital expenditure. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

With this, total signed portfolio hits 5,820 MW View More

Maharashtra State Electricity Distribution Company plans a major restructuring. The agriculture business will be separated by April. This move precedes a planned Initial Public Offering by December. The company aims to reduce its debt significantly. This will strengthen its financial position for the listing. The company is also shifting towards renewable energy sources. View More

Maharashtra State Electricity Distribution Company plans to complete the demerger of its agriculture arm by April, a key step ahead of its planned initial public offering for December, a top official has said. "We are targeting an IPO by December for MSEDCL (Maharashtra State Electricity Distribution Company), and before that, we will demerge our agriculture business, which we aim to complete by April," its Chairman and Managing Director Lokesh Chandra told PTI on the sidelines of the Mumbai Climate Week. The agriculture segment will be carved out as a separate company, not a subsidiary, ensuring its liabilities do not remain on the balance sheet of the core distribution utility, Chandra said. MSEDCL carries total dues of about Rs 96,000 crore, of which nearly Rs 76,000 crore relates to unpaid agricultural consumption, he said. The accumulation of these arrears has led to higher working capital borrowings and financial strain, despite the core distribution business being operationally viable, Chandra added. Live Events Post-demerger in April, the residual entity will retain debt of roughly Rs 20,000 crore, which the company considers sustainable, he added. Following the carve-out, the company will undertake a balance sheet clean-up and debt restructuring before launching the IPO process. The listing is targeted for completion by December this year, Chandra said. The government is planning to dilute up to 10 per cent stake in the company through the IPO, he said, adding that IPO proceeds are likely to be deployed towards capital expenditure in transmission and distribution infrastructure. Maharashtra Chief Minister Devendra Fadnavis had announced that the state's intent to list the energy utilities, including MSEDCL and also the generation and transmission arms in December 2025. He hinted that the process will start with the listing of the transmission company in 2026. Chandra said that discussions with the state government are underway to address agriculture-related arrears. Once resolved, the restructuring is expected to strengthen financial metrics and improve valuation prospects at the time of listing. The company expects to save nearly Rs 66,000 crore in power procurement costs over the next five years through a strategic shift towards renewable energy backed by optimal storage planning. The utility has redesigned its resource adequacy and power procurement plan to raise the share of renewables from around 15 per cent currently to 52 per cent, while carefully balancing solar, wind and storage capacities, he said. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Battery storage costs plummeted by over a quarter to a record low of $78 per megawatt-hour last year, significantly improving the economics of pairing storage with renewables. This decline is crucial for strengthening solar project revenues, supporting renewable deployment, and accelerating grid balancing away from fossil fuels. View More

Battery storage costs fell more than a quarter to a record low last year, improving the economics of projects to pair the equipment with renewables and which can help tackle curtailment of solar and wind. The benchmark levelised cost of electricity for a standalone four-hour battery project declined 27% in 2025 from a year earlier to $78 per megawatt-hour and is expected to fall to $58 per megawatt-hour by 2035, BloombergNEF said in a report published Wednesday. “As costs continue to drop, we expect battery storage to strengthen solar project revenues, support broader renewable deployment and accelerate the shift toward storage‑led system balancing over fossil-fuel‑based peaking capacity,” said Amar Vasdev, a BNEF senior energy economics associate and lead author of the report. Bloomberg Lowering the cost of battery storage — which can soak up surplus electricity generated through the day and release it in the evening, when demand is highest — is seen as crucial, particularly as an influx of solar and wind generation in some countries begins to strain grids, forcing the curtailment of renewables projects. Wider adoption of storage technology is also improving the resilience of energy infrastructure as electricity demand rises sharply, and helped to cushion the impact of last month’s severe US winter storms. For developing economies, providing cheaper and reliable clean alternatives to the cost competitiveness of fossil fuels is regarded as key to promote decarbonisation. Live Events Battery storage was an exception in 2025 among most energy technologies, with supply chain constraints or other factors driving costs higher for wind farms, fixed-axis solar projects and combined-cycle gas turbines, the BNEF report said. Lower battery cell prices, improved designs and more competition helped propel the savings, and outpaced BNEF’s projection for an 11% cost reduction last year. Stationary energy storage deployments, excluding pumped hydro, are forecast to increase by a third in 2026 to 122.5 gigawatts, led by growth in Europe, the Middle East, Africa and Latin America, BNEF said in a separate report last month. Bloomberg Installations are being supported by the expansion of utility-scale projects, residential demand and the co-location of batteries with solar farms. Even with higher financing costs and the impacts of protectionist policies and supply-chain snarls, further innovation and competition should enable further cost reductions across clean energy, BNEF said in the Wednesday report. By 2035, additional levelised cost of electricity reductions could total 30% for solar, 25% for battery storage, 23% for onshore wind and 20% in offshore wind. .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now!

India's power sector tendering pipeline is now shifting towards hybrid and storage-based projects, reflecting a growing focus on improving energy reliability and supporting renewable energy integration, according to a report by Nuvama Research. View More