Tata Steel to Pay Annual Bonus of Rs 314

Posted By: Jaydatt Chaudhary Posted On: Sep 05, 2023

Tata Steel announced a total payout of Rs 314.70 crore on account of annual bonus to employees for the year 2022-23 after the company signed a memorandum of settlement with Tata Workers' Union (TWU) here. According to the memorandum of settlement, the total payout for eligible employees of all applicable divisions of the company on account of annual bonus will be Rs 314.70 crore, the company said in a statement on Monday.

The minimum and maximum annual bonus payable for 2022-23 will be Rs 42,561 and Rs 4,61,019, respectively.

Since the majority of employees of the steel company are drawing salaries higher than the limit laid down in the Payment of Bonus (Amendment) Act, 2015, they are not eligible for bonuses under the Act. However, respecting our old traditions, the company is going to pay bonuses to all employees in the unionised category, it said.

T V Narendran, CEO & MD, Atrayee Sanyal, vice-president (HRM) and other senior executives signed on management's behalf and Sanjeev Kumar Choudhary, president and Satish Kumar Singh, general secretary, TWU and other office bearers signed on union's behalf in presence of Rakesh Prasad, Deputy Labour Commissioner, Jamshedpur.

(With PTI Inputs)

Source: News18
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Avaada to set up green hydrogen plant at Tata's Gopalpur Industrial Park

Posted By: Ramesh Sharma Posted On: Sep 07, 2023
The green hydrogen space in India has gained momentum after the government rolled out the national green hydrogen mission earlier this year. (Photo: Bloomberg)

New Delhi: Renewable energy company Avaada Group on Thursday announced setting up a green hydrogen and ammonia manufacturing unit at Gopalpur Industrial Park of Tata Steel SEZ Ltd in Odisha.

The announcement follows Avaada's signing of a memorandum of understanding (MoU) with Tata Steel Special Economic Zone Ltd (TSSEZL).

Earlier, TSSEZL had signed an MoU with ACME Clean Energy.

"The MoU is a crucial milestone in our journey towards the fruition of our green ammonia venture," said Vineet Mittal, chairman, Avaada Group.

The project is slated to generate around 1,600 direct and 4,000 indirect job opportunities, a company statement said, and will aim to curtail annual carbon dioxide emissions by nearly 2 million tonne.

The green hydrogen space in the country has gained momentum after the government rolled out the national green hydrogen mission earlier this year.

The renewable energy group has set ambitious targets to achieve 11GW of operational projects by 2026 and 30GW by 2030.

It has an operational renewable energy capacity of 4GW, and 3GW under construction. Apart from investing in solar and wind energy projects and green hydrogen projects, the company has ventured into solar module manufacturing, as well as manufacturing of electrolyzers.

Mint recently reported that the company is set to expand its workforce by nearly 3,000 employees in the next two years. At present, Avaada employs nearly 700 people. The expansion is aligned with its increasing activities in solar module manufacturing as well as green hydrogen operations.

In June, the company secured the largest funding in India's renewable energy sector worth $1.3 billion. While Brookfield Global Transition Fund invested $1 billion, existing shareholder Global Power Synergy Public Co. raised its stake in Avaada Energy Pvt Ltd through an infusion of $233 million.

Source: Live Mint
Related Posts: AVAADA,HYDROGEN PLANT,GREEN HYDROGEN,TATA STEEL SEZ LTD,CARBON EMISSIONS

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