RENEWABLE ENERGY

India plans to halt $2.8 billion import of power equipment from China

India will stop power equipment imports from China, power minister Raj Kumar Singh said, amid simmering border tensions between the two neighbors.

The South Asian nation has the capability to manufacture all kinds of electricity equipment, Singh said at a meeting with energy officials of states, encouraging them to promote local procurement. China accounted for 210 billion rupees ($2.8 billion) of the total 710 billion rupees of equipment for non-renewable power projects imported in the year ended March 2019, according to Singh.

Shares of state-run Bharat Heavy ELectricals Ltd., the country’s largest power-equipment maker, surged as much as 5.3% after Singh’s comments.

Source
The Print
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