Mumbai: Industrialist Anil Ambani on Tuesday said that his group firm Reliance Power is poised to become the country’s largest private sector power generation and coal mining company in the next five years, and the company has tied up funds worth $17 billion for its businesses.
Addressing shareholders at its annual general meeting (AGM) here, R-Power chairman Anil Ambani said that the company was on track to achieve a total operating capacity of 5,000 MW by the end of 2012.
Anil Ambani, chairman, Reliance Power. Photo: Bloomberg
He further said that R-Power’s 4 billion tonnes of captive coal resources in India and Indonesia would insulate it from fuel supply risks.
Ambani said that R-Power was set to commence coal production in India and Indonesia next year and poised to join the league of the world’s top ten thermal coal producing companies with a production capability of up to 100 million tonnes per annum.
He said that the company has signed an MoU with the US Exim Bank for a $5 billion (Rs 25,000 crore) facility and has received approval for $1.6 billion (Rs 8,000 crore) -- the largest in the country.
Besides, it has signed an MoU with Chinese banks for $12 billion (Rs 60,000 crore), which represents the largest support by Chinese banks outside China. The banks include Bank of China, China Development and C-Exim.
The company has received approval for $1.1 billion (Rs 5,500 crore) for Sasan, a first in India, he added.
The company’s bank of projects with land and other critical clearances for nearly 30,000 MW capacity was a significant advantage, as these are the most commonly cited challenges in infrastructure project development, he added.
Ambani also listed out R-Power’s partnerships with global leaders like GE, Caterpillar, Komatsu, Shanghai Electric among the benefits enjoyed by the company and said that its in-house EPC talent pool gave it further execution firepower.
“The company’s innovation and financial engineering capability, has enabled it to expand sources of funding and secure competitive financing from US-EXIM, Chinese and global banks,” he said.
Ambani also said that Reliance Power was set to become India’s largest green power company and was building the country’s largest single location wind project in Maharashtra (200 MW) at an outlay of Rs 1,400 crore.
He said that the first phase of the 1,200 MW Rosa plant in Uttar Pradesh has demonstrated a strong operating performance and the first phase of 1,400 MW at Samalkot gas-based project would get fully commissioned in March 2012.
The entire 2,400 MW Samalkot plant will be commissioned by 2012, becoming the country’s largest gas-based power plant.
The company is also setting India’s largest solar facility in Rajasthan at an outlay of Rs 2,600 crore.