SOLARMONTHLY UPDATE
Issue VIII Aug-Sep 2016Vol. I
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EDITORIAL
Is GST being perceived as spelling doom for Solar?
There has been much debate on whether the Goods and Services Tax (GST) is really good for India Inc., and in particular, the solar industry, over the past few months since the bill was cleared by the Parliament. It has been touted as a major reform that would replace a cumbersome multi-point tax system, a big deterrent to the ease of doing business in India, with a single, centralized tax applicable across all the States of India. By nature, if a single-tax is to replace multiple taxes and incentives across States and geographical boundaries, it is bound to do away with individual incentives and protectionist measures for all
industries, irrespective of size or vulnerability. Or will it? Were incentives not meant as short-term measures, to be weaned out once the industry is able to gain wings of its own? If GST plans to compensate the affected few, that too would facilitate the movement toward making India Inc., grow stronger in the long run.
Moreover, it would be unfair to conclude that GST would be bad for the solar industry as a whole without analyzing the individual impact on individual sections of the industry, on how material is procured (domestic versus import) by manufacturers, how big or small the solar participant is and whether or not the incentives were anyhow meant to be withdrawn and its implications are already factored in under existing tenders floated by the Government and its nodal agencies.
The prime confusion for the solar equipment industry is that, electricity transmission and distribution has been clearly left out of the ambit of GST as it comes under the jurisdiction of the States (levies and taxes on consumption or sale of electricity). Solar equipment are currently exempt from indirect taxes across States, which, could potentially have an 18% GST levied on it. With capital costs constituting bulk of solar energy generation costs, the industry, comprising largely private enterprises, is likely to be heavily impacted cost wise. They would find it difficult to offset the input cost escalation, courtesy GST, anywhere other than on power generated. In the case of thermal and other forms of power produced by large public sector entities, on the other hand, the same could be offset into various other heads of expenditure.
The Government has no doubt assured that regulators will decide the fate of solar power individually, as Power Purchase Agreements (PPA)s would need to be amended in case the GST does bring about changes in the cost structure. The pass through arrangement would also require to be outlined. Pricing of future solar projects which are already being accused of hitting unviable lows could be hit by the uncertainty in the short term and the viability and funding for existing projects too could take a hit on account of this uncertainty. Given the 18 month time frame for commissioning of solar projects, tenders for solar projects floated until April 2016, are likely to meet with an uncertain and tepid response from solar participants, delaying the solar target for this financial year.
On the whole, LSI opines that it is more the uncertainty, rather than the revised tax regime that could impact the solar industry pipeline. Temporary changes in cost and bidding structures could take place, which LSI hopes, get evened out once the details of the new GST structure are announced, that would take into account these imperfections, as the basic premise of GST is to even out tiers and imperfections in the existing tax structure.
SOLAR MONTHLY UPDATE | Aug-Sep 2016 3
NTPC becomes first Indian Quasi Sovereign Entity
to issue Green Masala Bonds to raise US$ 300 mn
at the London Stock Exchange (LSE)
National Thermal Power Corporation (NTPC) raised $300 million (Rs 2,000 crores) with a 7.48 per cent annual yield with the launch of its 'Green Masala Bond' on the LSE.
NTPC's bond issue was described as the first-ever Indian quasi-sovereign issue of a Masala Bond. The proceeds from it will be invested in the renewable energy market as it seeks to add more wind and solar power projects to its portfolio.
Implementation of a Scheme for Development of
Solar Zones in the country commencing from
2016-17 onwards (i.e. from the year 2016-17 to
2020-21)
The Indian Government has received sanction of the President for implementation of a Scheme for setting up of 10 solar zones each having around 10,000 hectares of Government owned or privately owned wasteland, uncultivable land or fallow land in one or more than one patches. This will be accomplished in a span of 5 years from 2016-17 to 2020-21, with an estimated Central Financial Assistance (CFA) of Rs.44 Crore.
Coal India Limited (CIL) and SECI sign two
agreements for 200 MW worth of solar power
projects in MP
On 28th June 2016, CIL and SECI have signed two agreements for implementation of 200 MW solar power projects in the State of Madhya Pradesh.
India's Tata Power Buys Welspun Renewables
India's Tata Power Co. announced in July 2016 that it had agreed to acquire renewable-energy company Welspun Renewables Energy Pvt. Ltd. in a deal with an enterprise value of Rs.92.49 billion (approx. US$1.38 billion). The deal is expected to come through by September 2016.
New Low Solar Price Record Set In Chile - 2.91¢
Per kWh
A couple of companies managed to secure a huge share in the latest electricity auction held in Chile, where a new record-low solar bid was set (globally) and wind projects took 40% of the auctioned power contracts. According to media reports, Mainstream Renewable Power Ltd. and Empresa Nacional de Electricidad/Chile SA won more than two-thirds of the electricity supply auction in Chile. Meanwhile, Solarpack set a new record-low solar bid at 2.91¢/kWh ($29.1/MWh). That beats the 2.99¢/kWh bid a Masdar Consortium provided for an 800 MW solar power project in Dubai earlier this year.
lSolar News Round Up
lSolar State Focus - Tamil nadu
lCompany Limelight - Essel Group
lSolar Tender Tracker -
August - September 2016
Inside this Issue:
450 MW solar bid of Solar Energy Corporation of
India (SECI) in Maharashtra results in establishing
new low tariff of Rs.4.42/KWh
Results of the 450 MW VGF category SECI solar tender in Maharashtra witnessed two existing developers winning the project at a tariff of Rs. 4.43/KWh and VGF of around Rs.19 lakhs-Rs.20 lakhs per MW where as the lowest bid fell to a record low of Rs.4.42/KWh with 0 VGF by a new player, namely, Vijay Printing Press Private Limited.
World Solar Tariff hits new low of US$23 per
MWh in Abu Dhabi Solar Auction
An Asian consortium, comprising of Marubeni and Jinko Solar, is proposing to build a solar power complex of 1,170 MW in Abu Dhabi and sell the electricity at just US$ 23 (EUR 20.5) per MWh, The same consortium made the lowest bid of US$ 24.2/MWh in the Emirate's tender for the right to build and operate the 350-MW solar photovoltaic (PV) park in Sweihan. A local company has offered US$ 25.3/MWh, the second-best bid. The Abu Dhabi solar tender for the Sweihan PV IPP project , solar power prices fell to record low at US$ 2.42 cents (approx. Rs.1.65) per KWh with bidders claiming to make 7% IRR. The procurement subsidiary at the Abu Dhabi Water and Electricity Authority (ADWEA) will announce the winner after the economic viability and quality of the bids are evaluated.
More than 44,235 MW accumulative capacity of
Renewable Energy Installed in the Country
The Ministry of New and Renewable Energy (MNRE) informed the Parliament that total accumulative capacity of over 44,235 MW have been installed in the country from various renewable energy sources. These sources include 27,151 MW of Wind Power, 7,805 MW of Solar Power, 4,304 MW of Small Hydro Power and 4,975 MW of Bio power.
SOLAR NEWS ROUND UP
SOLAR MONTHLY UPDATE | Aug-Sep 2016 4
5
SOLAR STATE FOCUS – Tamil Nadu
SOLAR MONTHLY UPDATE | Aug-Sep 2016
Solar Potential of Tamil Nadu – Demand and
Supply
Tamil Nadu has a reasonably high solar radiation rate in India (5.6-6.0 kWh/sq.m) and a solar potential of around 17.57 GW, according to official statistics by the MNRE, with around 300 clear sunny days in a year. The State was one of the pioneers in tapping renewable energy as a source to tackle its power cuts, more than a decade ago. The State had drafted its Solar Energy Policy in 2012, which had set itself a target of solar power generation of 3,000 MW to be achieved by 2015.
India's Total Commissioned Solar Capacity of 8,062.04 MW and share by State (MW, %) as on 31/07/2016
Source: Ministry of New and Renewable Energy (MNRE)
According to the Solar Tariff Order of the Tamil Nadu Energy Regulatory Commision (TNERC) dated March 31st 2016, however, the total installed solar capacity in the State was only around 850 MW as on March 31, 2016. The major solar projects linked to the Tamil Nadu Generation and Distribution Corporation (TANGEDCO) grid are: Adani – 360 MW (648 MW), SunEdison - 150 MW in Virudhunagar and Welspun - 100 MW (200 MW project in Tiruchi and Karur). The share of domestic rooftop solar projects in the State comprised an installed capacity of 20 MW.
Madhya Pradesh,
790.37, 10%
Punjab, 520.70, 6%
Maharashtra, 385.76,
5%
Karnataka,
238.32, 3%
States, with < 40 MW
commissioned (Delhi,
Jharkhand, Haryana,
Kerala, West Bengal,
Chandigarh,
Andaman & Nicobar,
Tripura, Daman &
Diu, J&K,
Lakshadweep,
Arunachal Pradesh,
Himachal Pradesh
Mizoram &
Puducherry),103.51,
1%
Uttarakhand,41.15, 1%
Odisha, 66.92, 1%
Bihar, 80.10, 1%
Uttar Pradesh,
143.50, 2%
Chhattisgarh,
123.78, 2%Others(PSU/channel
partner)
under Rooftop
100.92, 1%
Andhra
Pradesh,
935.80,
12%
Telangana,845.84, 10%
Rajasthan,
1,294.60, 16%
Tamil Nadu,
1,267.41, 16%
Gujarat,1,123.36
14%
Tamil Nadu – Commissioned Capacity bySolar Scheme as on 31/01/ 2016 (418.95 MW)
Source: GW Solar Plan, January 2016, MNRE
Total MNREProjects
StatePolicy
RPO RECScheme
CPSUsPvt. initiative(Rooftop)
Tamil Nadu
Rest of India
49.85
1,799.51
119.51
691.42
190.86
0.00
1,463.78
182.08
26.00
100.000.00 20.01
Renewable Generation
Generating capacity from privately owned wind farms is 7,512 MW as on 29-02-2016. The installed capacity of cogeneration plants is 659.4 MW and biomass power projects is 230 MW. The solar generation capacity is 581.26 MW.
6SOLAR MONTHLY UPDATE | Aug-Sep 2016
Tamil Nadu Power Generation Shares bySource ex. Renewables as of February 28, 2016
Demand
The present demand in the State is around 13,700 MW. The expected peak may vary from 14,200 MW to 14,800 MW. The peak power requirement is increasing at the rate of around 8% annually in the State. Therefore, any capacity addition will help the State to a great extent.
Solar Park
The MNRE has approved 33 solar parks across 21 States with aggregate capacity of 19,900 MW. SECI, the implementing agency, has released Rs.54.93 crore of the Rs.374 crore sanctioned, to respective States development agencies. The details of the solar park set up in Tamil Nadu are as below:
Name of the Solar Park Name ofthe implementing Agency
Capacity(MW)
Outlay Date of Sanction
Kamuthi Solar Park, Ramanathapuram
District 648 Adani Group and TANGEDCO Rs.4,536 crore July 2015
Source: MNRE and TANGEDCO
Tamil Nadu has surpassed India's first solar Park, Charanka with a current capacity of 345 MW as of July 2016, with its Kamuthi Solar Park in Ramanathapuram District with a proposed capacity of 648 MW of which 360 MW have been connected to the grid as of July 2016.
The Kamuthi solar power park in Tamil Nadu will be spread across 5 different solar power projects. Power generated from the park will be sold to the Tamil Nadu Generation and Distribution Corporation through a long-term power purchase
agreement with duration of 25 years. The Adani Group had s igned a Memorandum of Understanding with the Government of Tamil Nadu in order to set up the solar power park in 2015. The power is expected to be sold at Rs.7.01/kWh (US¢10.0/kWh) which represents a huge premium to the tariffs discovered in the recently concluded solar power auctions. The project has put a lot of heat on TANGEDCO, which is procuring power at a costly rate as compared to the market.
Share of TNfrom Central
Grid39.46%
Captive and Biomassfor Sharing
0.49%
Private generation6.16%
Hydro16.52% Gas
3.73%
Thermal33.65%
Supply –Electricity Generation
The generating capacity connected to the Tamil Nadu's grid, including the allocation from Central Generating stations, is 13,848.5MW as on 29-2-2016 comprising of 4,660MW from TANGEDCO's four thermal stations, 516MW from four gas turbine stations, 2,288MW from hydro stations, 852.5MW from private generating stations, 68 MW as contribution to Tamil Nadu grid by sale of electricity from captive generation & biomass plants, and 5,464 MW as Tamil Nadu's share from central generating stations.
7SOLAR MONTHLY UPDATE | Aug-Sep 2016
Tamil Nadu Solar Policy Highlights and Incentives
Sl.No.
Description Highlights and Incentives (Solar PV/Solar Thermal)
1.
2.
3.
4.
Comprehensive Tariff Order on Solar Power. Order no.4 of 2014dt. 12.9.2014 and no. 4 of 2015 dated 1.4.2015 with RPO Regulations2010 dt. 7.12.2010 with amendments dt. 29.07.2011, 15.07.2013 and24.4.2015.
Order Dated
One year from 1.4.2015
Rs.5.10/kwh for solar PV and Rs.11.03/kwh for Solar Thermal withAccelerated Depreciation (AD) benefit. AD benefit is fixed at Rs.0.54 perunit for Solar PV and Rs.1.17 per unit for Solar Thermal projects.
Control Period
Tariff
Financial Parameters
5.
6.
Solar PV Rs.700 lakhs /MWSolar Thermal- Rs.1200 lakhs/MW
70:30
10 years with one year moratorium
12.7% p.a.
3.6% on 95% of capital cost
20% (Pre-Tax)
1.4% of capital cost for first year5.72% p.a.
13.2% p.a.
10.07%
Solar PV-19%Solar Thermal-23%
Solar Thermal- 10%
25 years
(i) Capital Cost
(ii) Debt Equity Ratio
(iii) Loan Tenure
(iv) Interest on Loan (%)
(v) Depreciation
(vi) Return on Equity
(vii) O&M ExpensesEscalation (%)
(viii) Interest on Working Capital (%)
Discount factor for levelised Tariff
Normative Parameters
(i) PLF/Capacity Utilization Factor
(ii) Auxiliary Consumption
(iii) Useful life (Years)
7.
lAppropriate tax incentives as per Tamil Nadu Industrial Policy will be provided to attract investors from India and abroad.
lAll solar power producers are eligible to avail of the Clean DevelopmentMechanism (CDM) benefits to enhance the viability of the projects.
l100% of electricity generated from solar power used for self consumption/sale to utility, allowed for 5 years.
lExemption from demand cut to the extent of 100% of the installed capacity assigned for captive use purpose will be allowed.
lGuaranteed single window clearance will be provided through TEDA in30 days so that the plants can be commissioned in less than 12 months.
lSolar water heating system mandatory for new house/building/marriagehalls/ hotels etc by amending relevant Acts of Municipalities/Corporations
(i) Rebate
8.
9.
1% p.m. beyond 60 days
100% to developer in 1st year after COD; 10% to beneficiary in 2nd year;10% increase progressively up to 50%, thereafter, equal sharing
Nil
(ii) Late Payment Surcharge
Sharing of CDM Benefits
Subsidy/Incentive by Govt., taxbenefit on Advance Depreciation (AD)
10.
11.
Nil
As per Acts, Codes , Regulations and Orders
Taxes & Duties
Evacuation Facilities
8SOLAR MONTHLY UPDATE | Aug-Sep 2016
COMPANY LIMELIGHT – RAYS POWER INFRA PVT. LTD.
About the Company
Rays Power Infra Pvt. Ltd. (RPIPL) provides turnkey Solar Power Plant EPC solutions. Established in the year 2011, RPIPL is the brainchild of two young and dynamic IT (Roorkee) graduates turned technocrats now, with a mission to establish a brand name in the field of power infrastructure. Started as a PMC then to EPC projects and there after turnkey solutions, RPIPL became the 3rd largest EPC company in India in less than half a decade.
RPIPL offers consulting services for various EPC companies & developers. Apart from executing solar projects under the EPC (Engineering Procurement Commissioning) model, the company has executed a few projects as an Independent Power Producer.
The company follows & offers the vision of Simple yet sustainable solutions' for all its customers. With the increasing demand, the company has planned to diversify from a business-customer driven model to end user model, approaching the individual through rooftop development. Adopting the millennial trend, the company is now moving to offer a variety of consumable solar products for the end user with the support of E- Commerce, this year onwards.
RPIPLEnergy Planning Designing, Procurement, Construction, Commissioning and Post Project Management of projects, Transmission Lines, Sub-stations. The company is recognized as an innovative player in project execution for using the most advanced technologies to bring down CAPEX. Other offerings include, Pre-Bid MOU for various tenders and support in bidding.
Solar and Renewables Focus
Having an early entry advantage along with a creative and dedicated team, RPIPL is built on one of the most innovative, client friendly and revenue boosting models. Consequently, the company boasts of handling numerous projects across the length and breadth of the country with over 500 MW of solar power plant waiting to be commissioned as of August 2016. With a PAN-India presence across 8 states and a team of over 250 people, the company currently handles a solar portfolio of 320 MW solar plants at various stages ranging from concept to commissioning.
Projects Commissioned
l55 MW Solar Project in Uttar Pradesh
l100 MW Solar Power Project in Tehsil, Roorkee District, and Uttarakhand under Uttar Pradesh
offers end to end solutions for Renewable
Sl.No.
Description Highlights and Incentives (Solar PV/Solar Thermal)
12. As a promotional measure, under sections 61(h) and 86(1) (e) of the Act,the Commission decides to adopt 30% in each of the transmission,wheeling, scheduling and system operation charges to solar power onthe respective charges specified in the relevant orders issued bythe Commission from time to time. Apart from these charges, the SolarPower Companies (SPC)s shall have to bear the actual line losses in kindas specified in the relevant orders of the Commission and as amendedfrom time to time. In respect of the plants availing Renewable EnergyCertificate (REC), 100% of the respective charges as specified inthe relevant orders will apply.
Transmission andWheeling charges
13.
14.
15.
16.
50% of the cross subsidy surcharge for third party open access consumers.
None
Up to one billing cycle
Distribution Licensee: 2011-2015: 9% including solar 0.05%2015-16: 11% including solar 1%Captive and Open Access Consumers:2011-13 - 9% including solar 0.05%
Cross Subsidy charge
Dispatch Principles
Banking
Solar Purchase Obligations (SPO)and Renewable PurchaseObligations (RPO)
Source: MNRE and Tamil Nadu Electricity Regulatory Commssion (TNERC)
9SOLAR MONTHLY UPDATE | Aug-Sep 2016
Director's Quote
After successfully commissioning a 55 MW Solar Power PV project in U.P., this 100 MW project in Uttarakhand will be our biggest project, adding another remarkable milestone to Rays' list of executed projects. Moreover, instead of forcing farmers to sell their land, Rays Power Infra has devised a unique model where farmers can also become a part of the project, and as a result, will enable the solar company to acquire 500 acres of land in such a difficult terrain.”
“Rays Power Infra is following a co-development model, i.e., we have got the necessary permission from all local authorities, and are also working with foreign investors. Since this is a mega-sized project and will require lot of land area, farmers will be getting a recurring rental income for more than 25 years by leasing their lands.”
–Pawan Sharma, Director-Projects, Rays Power Infra
Renewable Energy UPREDA State Solar Competitive Bidding scheme The Project's execution began in August, 2016, and is expected to be commissioned by February, 2017. It will be executed by Rays Power Infra on turnkey basis – from land acquisition to commissioning. It is RPIPL's largest project in the solar space launched in a unique co-development model with farmers instead of forcing them to sell their land for solar development, which is a first in the country and could well prove a unique solution to land acquisition problems in the sector.
Projects under Construction
Projects under Solar Parks in Rajasthan, Telangana, AP and Karnataka
Future plans
RPIPL has set itself a target to commission 100 MW of solar power projects under the engineering, procurement and construction (EPC) segment across the country by March 2017. Between 2015 and 2016, the company had commissioned around 390 MW of EPC solar projects. Through its subsidiary, Rays Solar Kart, the company is planning to tap the roof-top segment and it has already completed projects for IT companies like Infosys in Hyderabad.
The company is also in talks with several investors to raise funds for its projects. It had earlier partnered with Hilliard Energy to jointly develop 150 MW of solar power facility, entailing an investment of $130 million (about Rs.870 crore). In the first phase, a 10 MW solar project was commissioned at Kalwakurthy in Telangana and the power generated was sold to the power distribution companies (Discoms).
Awards and Recognitions
Company
l“India's 3rd Largest Turnkey Solar Solution
Provider” - Bridge to India Magazine.
l“Most Promising Brand in Power & Energy
Sector” By WCRC, London November 2015
l“Consumer Need Fulfillment Award”, September 2016, Utkrisht Marketing Awards
Individual
lKetan Mehta, C.E.O. awarded with “Business
Leadership Award & Young Entrepreneur
Award” 2016 – Indian Achievers Forum
lHe has also been felicitated with the
“Industrialist Award 2016” under the Young Entrepreneur category- Industrial Conclave, Zee News, Rajasthan in August 2016
10SOLAR MONTHLY UPDATE | Aug-Sep 2016
SOLAR TENDERS FOR THE MONTHS OF AUGUST-SEPTEMBER 2016
Technical BidDate
Capacity Tendered (MW) SubmissionDate
StateOrganiser
Comprehensive operation & maintenance for5 years of 5 MW (AC) Solar PV POWER PLANT at
BDL, Bhanur (Telangana)
06.09.2016SECI 06.09 16.20Telangana
Source: LSI Financial Services Pvt.Ltd.
50 MW Grid Connected Solar PV Projects under Part-A (DCR) in Maharashtra
under NSM Phase-II Batch-IV, Tranche-III
17.09.2016SECI 16.09 16.20Maharashtra
650 (500+150) MW in Kadapa Solar Parkunder NSM Phase-II, Batch-IV
14.10.2016SECI 14.10 16.20AndhraPradesh
50 MW Grid Connected Solar PV Projects under Part-A (DCR) in Maharashtra
under NSM Phase-II Batch-IV, Tranche-III
17.09.2016SECI 16.09 16.20Maharashtra
Comprehensive operation & maintenance for5 years of 5 MW (AC) solar PV power plant at BDL,
Bhanur (Telangana)
28.09.2016SECI 27.09 16.20Telengana
100 MW Grid Connected PV under JNNSM Phase IIBatch-III Tranche-IV at Ananthapuramu Solar Park
30.09.2016SECI 30.09 16.20AndhraPradesh
100 MW Grid connected solar PV projects along withlarge scale battery energy storage system at Kadapa
Solar Park, Andhra Pradesh, under NSM Phase-II,Batch-IV, Tranche-V
30.09.2016SECI 30.09 16.20AndhraPradesh
On behalf of THDCIL for Design, Engineering, Supply,Construction, Erection, Testing, Commissioning and
O&M of 50 MW(AC) Solar PV Power Plant atKasargod Solar Park, Kerala
14.10.2016SECI 14.10 16.20Kerala
150 MW Grid connected Solar PV Projects inGujarat Solar Park, Charanka under NSM PHASE-II
BATCH-IV TRANCHE-VII.
28.10.2016SECI 28.10 16.20Gujarat
200 MW Grid connected Solar PV Projects along with largescale battery energy storage system in Pavagada Solar
Park, Karnataka under NSM Phase-II Batch-IV Tranche-VI
04.11.2016SECI 04.11.2016Karnataka
SOLAR MONTHLY UPDATE | Aug-Sep 2016
List of Banks and Institutions where LSI Financial Services Pvt. Ltd. is empanelled as
Financial Consultant for undertaking study of Techno-economic Viability (TEV) of Industrial
Projects and handling assignments of Lender's Independent Engineer (LIE)
Empanelment for TEVs
Banks
Allahabad Bank
Andhra Bank
West Bengal Industrial Infrastructure Development Corporation (WIIDC)
West Bengal Finance Corporation (WBFC)
Institutions
Bank of Baroda
Bank of India
Bank of Maharashtra
Central Bank of India
Corporation Bank
Indian Bank
Indian Overseas Bank
Oriental Bank of Commerce
Punjab National Bank
State Bank of Bikaner and Jaipur
State Bank of Hyderabad
State Bank of India (LHO, Bangalore)
State Bank of India (LHO, Kolkata)
State Bank of India (LHO, Mumbai)
State Bank of Mysore
UCO Bank
United Bank of India
Project Development Company of Rajasthan (PDCOR)
City and Industrial Development Corporation of Maharashtra Ltd. (CIDCO)
Andhra Pradesh Industrial Infrastructure Corporation (APIIC)
MPCON Limited
Empanelment for LIEs
Banks
Bank of Baroda, Eastern Zone
Bank of India, ZO. Kolkata
Central Bank of India*
United Bank of India*
United Bank of India*
Indian Overseas Bank*
UCO Bank*
State Bank of India*
Corporation Bank*
*These banks assign LIE to TEV Consultants
We are also empanelled with PFC Consulting Limited for
Resource Mobilization (Domestic & Foreign Currency)
LSI Wishes our Readers a
Happy
11DUSSEHRA11Happy
DIWALI
&
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