Reliance Power concludes India’s largest fundraiserSeptember 28th, 2010 - 2:14 pm ICT by IANS
Mumbai, Sep 28 (IANS) Top private energy-generation firm Reliance Power Tuesday said it has successfully concluded India’s largest fundraising exercise by any company worth Rs.50,000 crore ($11.1 billion) to finance 10,000 MW worth of projects.
Addressing the company’s annual general meeting here, group chairman Anil Ambani said the money raised had helped financial closure for two ultra-mega power projects of 4,000 MW each - at Sasan in Madhya Pradesh and Krishnapatnam in Andhra Pradesh.
“Our ambition is to achieve 25,000 MW of power generation by 2015,” Ambani told the well-attended meeting, adding that 5,000 MW of capacity will be achieved over the next 24 months and 20,000 MW in the three years after that.
Reliance Power, which currently produces 6,000 MW of power currently, has three of the four ultra-mega power projects awarded by the government. The other one being the 4,000 MW Tilaiya project in Jharkhand.
While domestic coal will support 20,000 MW of power generation, feed stock for another 10,000 MW would come from Indonesia.
The company also announced an outlay of Rs.10,000 crore (over $2 billion) for the 2,400 MW power project at Samalkot in Andhra Pradesh. The construction for this unit, which had already started, will be completed by 2012, the shareholders were told.
Ambani said the group’s programme also included 10,000 MW of gas-based power projects, with feedstock coming from the fields of Krishna-Godavari basin, off the Andhra Pradesh coast.
Besides 25,000 MW of thermal projects, which will make Reliance Power the largest power generation company in India, the aim was also for 3,000 MW of hydro power and 1,000 MW of wind energy by 2015.
The markets gave a thumbs up to the news. Reliance Power scrip gained 2.3 percent at Rs.173.50 on the Bombay Stock Exchange, soon after the chairman concluded his remarks.
- Tamil Nadu, Andhra Pradesh may get ultra-mega power plants - Aug 15, 2011
- Reliance Power to raise capacity to 5,000 MW in 24 months - Sep 28, 2010
- Anil Ambani mulls public issue, commercial bank for group firms (Roundup) - Sep 28, 2010
- Reliance Power's Q1 operating revenues up 300 percent - Aug 11, 2011
- Reliance Power places $10-bn equipment order for 32,000 MW - Oct 28, 2010
- Reliance Power's Tilaiya project gets approval for carbon credits - Oct 03, 2011
- Reliance Power total income doubles in third quarter - Feb 14, 2011
- Two Anil Ambani group firms propose $11 bn merger deal - Jul 04, 2010
- Reliance Power buys Jharkhand's Tilaiya firm - Aug 07, 2009
- Reliance Power total income rises 124 percent in 2011-12 - May 27, 2011
- Reliance Power's second quarter operating revenue up 189 percent - Nov 08, 2011
- Jharkhand to get second 4,000 MW power plant - Jun 17, 2012
- Reliance Infra transfers 433 MW capacity to Reliance Power - May 28, 2010
- Reliance Power's Samalkot plant ready for commissioning - Feb 07, 2012
- Ambani seeks higher power tariff to ensure industry's health - Sep 04, 2012
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