Andhra Pradesh is eyeing a Rs 10 lakh crore investment in the clean energy sector in the state as it unveiled a new policy that incentivises investments across solar, wind and round-the-clock renewable energy projects to achieve net zero carbon emissions by 2047.

Andhra Pradesh Chief Minister N Chandrababu Naidu unveiled the AP Integrated Clean Energy (ICE) Policy that envisages incentives ranging from hassle-free land acquisition at reasonable price to power subsidy to certain sectors.

The ICE Policy will involve a proposed investment outlay of Rs 10 lakh crore, creating direct and indirect employment for 7,50,000 workers, the policy document said.

The policy looks to leverage the state’s vast renewable energy potential across wind, solar and hybrid sources, storage capabilities through pumped storage projects, a long coastline, six operational ports (with four under development) and skilled manpower availability as it pivots energy transition.

The Andhra Pradesh government is committed to promoting generation from renewables by creating a more conducive policy and investment framework to spur competition and private participation in the sector while maintaining a balance in the interests of all stakeholders, it said.

The police will aid in setting up projects that generate electricity from abundant sunlight and wind energy as well from pump-storage projects on water bodies.

Andhra Pradesh is targeting 78.5 gigawatts of solar capacity, 35 GW of wind energy, 22 GW of pumped storage and 1.5 million tonnes per annum of green hydrogen manufacturing capacity. It is also looking to set up 25 GWh of battery energy storage as well as projects to manufacture ethanol and biogas from biomass and 5,000 EV charging stations.

It is also looking at 25-30 GW of cleantech manufacturing that will create jobs for the local population.

To develop relevant skills in our workforce, the University for Green Energy and Circular Economy (UGC) will be established in collaboration with the government of India and industries under PPP (Public-Private Partnership) Mode, it said.

Clean Energy Knowledge & Skill Development Center (CEKSDC) will be formed to serve as a knowledge and training hub and enable partnerships with academia, think tanks, and industry.

The incentives in the policy include concessional land lease for all clean energy projects as well as renewable energy component manufacturing units. Stamp duty will be waived for mini-hydro, pump storage projects, battery storage, biofuels and manufacturing units while capital subsidies provided for battery storage, green hydrogen, biofuels and renewable energy manufacturing projects.

Electricity duty and other open access charges will be waived

Other incentives include a capital subsidy for electrolyser and biofuel projects, reimbursement of net state GST for 5 years, waiver of ED and reimbursement/waiver of intra-state transmission charges.

Capital subsidy of up to 25% is being offered for renewable energy manufacturing projects as also reimbursement of net state GST, off-take guarantee, and power subsidy of Re 1 per unit for 5-10 years.

New and Renewable Energy Development Corporation Of Andhra Pradesh (NREDCAP) will be the state nodal agency facilitating access to land parcels, and will support power power evacuation and open access, help in availing central government incentives, facilitate relevant approvals and clearances and support capacity allocation.

The policy will be operational for five years.

The ICE policy is in line with Andhra Pradesh’s ambitious target of net zero carbon emission by 2047, the document said, adding with renewed efforts under the policy, Andhra Pradesh will attract investment for the next 5 years, scaling up its renewable energy capacity multifold and claiming its rightful place as a leading state in the energy transition.

Human resources and staffing solutions firm CIEL HR Group has acquired Mumbai-based firms Thomas Assessment Private Limited and People Metrics Private Limited, which specialise in talent assessment.

These acquisitions enhance CIEL HR’s capabilities in the Indian talent assessment and development market while broadening its presence across the SAARC region, strengthening its geographic reach and service portfolio.

Thomas Assessment, backed by 43 years of global expertise, specialises in psychometric tools for behavioural, cognitive, personality, and emotional intelligence assessments, while People Metrics provides comprehensive assessment solutions.

“This (Thomas Assessment) is one important strategic acquisition which strengthens our presence in the assessment and development sector of the HR value chain. We also strengthen our talent assessment and development solutions and gain entry into the SAARC region, with Thomas,” said K Pandiarajan, Executive Chairperson and Director of CIEL Group, during a media briefing.

The Bengaluru-based firm has acquired a 51% stake in Thomas Assessment through an undisclosed cash and share swap deal, with plans to fully acquire the HR services company over the next 18 months, according to Pandiarajan.

“Since our inception, we have focused on elevating the standards of talent assessment and organisation development in India. I am excited to see us become a part of the CIEL HR Group taking our product suite to the large clientele of CIEL HR Group and unleashing our synergies,” said Sundara Rajan, Founder and Director of Thomas Assessments and People Metrics.

These two acquisitions follow the Bengaluru-based company’s purchase of another Mumbai-based upskilling startup Courseplay for $2 million in a mix of cash and share swap.

Before these acquisitions, the firm had bought Chennai-based IT staffing company Aargee Staffing Services in December 2023 and talent assessment company Jombay in December 2022.

CIEL HR Group, which is gearing up for an initial public offering (IPO) in the fourth quarter of the current fiscal year, is backed by prominent investors such as Sridhar Vembu of Zoho, CK Ranganathan of CavinKare, and NS Rajan, the former group Chief Human Resources Officer of Tata Group​

The Bengaluru-based company clocked a consolidated revenue from operations of Rs 1,085 crore for FY24, up 36% from Rs 799 crore in the previous fiscal year. Additionally, its profit after tax for FY24 amounted to Rs 10.8 crore.

“We have been growing at around 40% over last year as of the six months of this past year. We are well on our way to meeting our commitments to the shareholders,” remarked Pandiarajan.

CIEL HR Group offers a comprehensive range of technology-driven human resources solutions that span the entire employee lifecycle, influencing all aspects of HR management. As of June 30, 2024, the company operates from 92 offices across 43 locations and has served 3,958 clients across various sectors.

Tetr College of Business, a global business school, has introduced a $10 million fund—‘Tetr – Under 20’—aimed at supporting student entrepreneurs through targeted investments.

The sector-agnostic fund aims to support a minimum of 20 innovative ideas, focusing on areas including, artificial intelligence (AI), emerging technologies, and sustainability.

“The next decade belongs to those who can harness AI, emerging technologies, and sustainability to solve our world’s most pressing challenges. We are looking for young minds who see these as tools to reshape industries and create meaningful impact,” Pratham Mittal, Founder, Tetr College of Business and Masters’ Union, remarked.

The fund is spearheaded by Manoj Kohli (former Head of SoftBank India), Viney Sawhney (Professor at Harvard University), Nitin Gaur (former Advisory Board Member at Stanford University), Mihir Mankad (also a Professor at Harvard University), Debesh Sharma (Founder and CEO of MetaFora), and Mittal.

The initiative seeks to empower the next generation of business leaders by offering them access to guidance and mentorship from experienced industry professionals.

“Entrepreneurship is the lifeblood of a thriving economy, and Tetr’s fund recognises the immense potential today’s young minds hold,” said Kohli.

“Traditionally, VCs look for established businesses and teams with proven track records. For young entrepreneurs, however, we only look for passion, willingness to learn and adapt, and the ability to build and test their ideas with real users,” he added.

Selected students in the Tetr – Under 20 programme can choose to focus on their startup or continue their education while building their business. They will access Tetr’s global incubation network, offering expert mentorship, advanced facilities, and valuable industry connections.

Backed by a network of venture capitalists, founders, and industry leaders, the fund will provide comprehensive support in areas such as product development, marketing, talent acquisition, and regulatory guidance. A pitch day will be held for startups to present their ventures to venture capitalists and investors.

In return for their investment, investors will receive equity in the startups based on their investment amount. Additionally, a portion of the fund will be specifically allocated for startups founded by Tetr’s students.

The opportunity is available to all aspiring entrepreneurs across the globe. Applicants must be 20 or younger, as of December 31, 2024. Companies in pre-revenue or post-revenue stages with innovative ideas that can transform industries can also apply.

Founded in 2024, Bengaluru-based Tetr College of Business has 110 undergraduate students from across the globe, learning by building businesses in seven countries: the USA, Italy, Singapore, Brazil, UAE, India, and Ghana. As part of its four-year Bachelor’s programme, students will attend prestigious institutions, receiving instruction and mentorship from leading educators and business leaders from Harvard, Stanford, MIT, Cornell, NASA, Estee Lauder, and American Express.

(The article was updated)