New Delhi, May 20 : Reliance Power (RPower) Tuesday said the fourth 660 MW unit of its Sasan Ultra Mega Power Project in Madhya Pradesh has started electricity generation.
"The fourth 660 MW unit of the 3960 MW (6X660MW) Sasan Ultra Mega Power Plant (UMPP) being developed by Sasan Power Ltd., a wholly owned subsidiary of the company, has commenced power generation", RPower said in a filing to the BSE.
The total operational capacity of the plant has thus reached 2,640 MW.
The remaining two units are in the advanced stage of construction and will be commissioned in the next few months, the statement added.
Indian markets have managed to pullback from the quick decline witnessed in August. But, the investors have become very cautious and many of them are confused as well. The market direction is dependent on various factors and many of them are out of control of the companies one may invest in. The risk of war on Syria scared the investors in August and September. The Indian currency also faced one of the fastest falls in the month of August. Investors should be cautious about where they put their money. So, we are presenting some of the stocks which one can invest in medium to long term.
Mumbai, April 4 : Reliance Power Thursday said it has commissioned the first 660 MW unit of the Sasan ultra mega power project (UMPP) in Madhya Pradesh.
The company informed the Bombay Stock Exchange in a filing that it has started commercial operations at its 3,960 MW Sasan UMPP March 30.
"The sucessful commissioning of the first unit in record time is a clear demonstration of the execution capabilities of Reliance - the ability to build large coal mine projects ahead of schedule," said J. P. Chalasani, CEO Reliance Power.
New Delhi, March 11 : Reliance Power has commissioned the first 660 MW unit of its Sasan ultra mega power project (UMPP) in Madhya Pradesh, the company said Monday.
"The first 660 MW unit at the Sasan Ultra Mega Power Plant has been successfully synchronised on March 9, 2013," a company statement said.
The unit would start selling electricity from the plant in the next 15 days to 14 distribution companies in seven states, benefiting an estimated 350 million people.
The plant has also been connected to the national power transmission grid, the company statement added.
Promoters of Reliance Power Ltd on Wednesday confirmed that they had sold 5.42 per cent stakes in the founder firm and pocketed around Rs 1,500 crore.
The promoters, viz. Reliance Infrastructure Limited, AAA Project Ventures Private Limited and Reliance Innoventures Private Limited, said in a joint statement that the offer for sale received bids worth close to Rs 2,300 crore, and was over-subscribed roughly 1.6 times.
Indian Stock market was trading flat on Monday morning. The BSE Sensex was marginally down at 18733 and NSE Nifty was down by 4 points at 5693. Asian markets were trading lower. Hang Seng was down by 0.3% at 22031, Straits Times was down at 3031 and Nikkei 225 was down by half per cent at 9007.
Among Indian stocks, ACC was up by nearly 2 per cent at Rs 1434. Dr Reddy's Labs and Cipla were up by 1.5% each. Kotak Mahindra Bank was also among major gainers at Rs 620.
Some of the issues that coal block allottees have pointed out before an Inter-Ministerial Group (IMG) are genuine and some are false, an IMG member present at the meeting said.
Coal block allottees were recently called by the IMG to explain the reason behind the long delays in development of coalmines as the union government is considering annulment of controversial coal blocks allotted to around 58 companies as these companies failed to start coal production in time.
Reliance Group chairman Anil Ambani has said that Reliance Power would soon be counted among the world's biggest coal companies.
Speaking at the company's 18th Annual General Meeting (AGM), Mr. Ambani said that Reliance Power's projects would benefit from the captive coal availability in India as well as overseas.
Reliance Power Ltd. has rebutted allegations that it has received undue financial benefit when the government allowed it to use surplus coal from one project in another project.
Netherland’s energy major, Shell and Anil Ambani's Reliance Power have announced that the two companies will jointly develop a floating facility for importing gas from ships off the coast of Kakinada in Andhra Pradesh by the year 2014.
For the three month period ended March 31, 2012, Reliance Power has registered around 24% increase in consolidated net profit, which remained at Rs 231 crore.
The company recorded consolidated net profit of Rs 186.62 crore during the year-ago period.
Company's total income during the fourth quarter of the fiscal 2011-12 soared to Rs 653 crore as against Rs 598 crore during the same period a year ago.
Some of the power companies in the country are objecting a fuel supply deal proposed by Coal India (CIL) mainly due to the penalty clause.
CIL has entered into the fuel supply agreement with 13 power units including Reliance Power's Rosa Power project. However, some firms are opposing the penalty clause in the agreement and have not signed the agreement with the company.
The Delhi High Court has said in a ruling on 20 March that no coercive steps shall be taken against Reliance Power Ltd to procure power from the proposed Krishnapatnam Ultra Mega Power Project (UMPP) at this point of time.
The court order ruled that no coercice action can be taken against the by company by or on behalf of any of the States procuring power from the proposed Krishnapatnam UMPP.
Reliance Power led by Anil Ambani has entered into an agreement with Germany’s RWE Power International for technical assistance in extracting coal from its captive mines of the Tilaiya ultra-mega power project in Jharkhand.
RWE Power is the biggest coal miner in Germany and is among the biggest energy utility companies in the whole of Europe. RWE will assist the Indian company in designing and planning engineering aspects for its captive mine and will also help in acquiring equipment.
The Comptroller and Auditor General of India (CAG) has asked the union Power Ministry to file a reply on the issue of allowing Reliance Power to use surplus coal from its 4,000 MW Sasan project in Madhya Pradesh to an another project in the state.
New Delhi, Oct 3 - Reliance Power, part of the Anil Ambani-led Reliance Group, Monday said its 3,960 MW Tilaiya ultra mega power project in Jharkhand has got approval for carbon credits from the United Nations Framework Convention on Climate Change (UNFCCC).
The Tilaiya plant will generate 21.3 million carbon credits during the initial ten-year period valued at over Rs. 2,000 crore.
New Delhi, May 27 : Reliance Power part of the Anil Dhirubhai Ambani Group (ADAG) Friday said its total income had risen by a whopping 124 percent at Rs. 1,892.47 crore for the fiscal ended March 31 while its net profit rose by 11 percent at Rs. 760.44 crore.
The robust results led to shares of the company soaring 7.6 percent to an intra-day high of Rs. 119 at the Bombay Stock Exchange.
Analysts said that Shanghai Electric Group Co.’s $10 billion deal to supply coal-fired generators to India’s Reliance Power Ltd. shows Chinese apparatus makers are increasing exports while the domestic market disappears because of government actions to curb pollution.
The share of revenue from exports has almost in two at Shanghai Electric. It is the China’s biggest power-equipment maker by market value, and Harbin Power Equipment Co. as they participate with global rivals goes ahead by General Electric Co.
Reliance Power received a $900 million loan from the US Export-Import Bank for establishing a coal-fired power plant in India.
The USEIB apparently reversed a prior decision and refused the funding request when its Board of Directors voted in majority to give a nod to the loan for the 3,960 megawatt Sasan power plant in the state of Madhya Pradesh.
Reportedly, the USEIB's earlier rejection to fund the project was due to criticism of the power plant by environmental committees, whose argument was that the project would emit carbon dioxide to the atmosphere and add to global warming.
Reliance Power Ltd. has announced that it has acquired three coal mines from Indonesia's Sugico Group. It will be combined with reserves of two billion tons. This has been another success for the Indian company to acquire an international company in this quarter.
A senior Reliance Power executive has informed that the company is looking forward to set up its ultra mega power plant at Krishnapatnam in southern India.
Moreover, the acquisition will be done by the Reliance Coal Resources Ltd. Reliance Coal Resources Ltd. has signed an agreement with the foreign company, Sugico.