New Delhi: India’s biggest company has a big plan. Reliance Industries chief Mukesh Ambani announced an ambitious agenda for his company’s expansion into the power sector on Friday. Addressing RIL’s annual general meeting, Ambani said the company was making plans to invest in coal-powered plants, hydroelectric projects and even nuclear power once it opened up to the private sector.
RIL’s meeting came in the backdrop of dramatic developments. It came less than a month after the Ambani brothers scrapped their old non-compete agreement. The meeting also took place barely a week after RIL re-entered the telecom sector with its purchase of Infotel.
On Tuesday the cabinet committee on economic affairs approved stake sales in Coal India and Hindustan Copper. The government will sell 10% of Coal India through an IPO for an estimated $2.7 billion. As for Hindustan Copper, the government will divest a 10% stake and sell another 10% through fresh equity. That deal is expected to bring in a total of about $1.06 billion.