Reliance Power will soon be among world's biggest coal companies: Anil Ambani

Reliance Power will soon be among world's biggest coal companies: Anil AmbaniReliance 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.

Addressing investors at the AGM, he said, "With 65 million tonnes per annum (mtpa) from domestic mines and 30 mtpa from Indonesia, Reliance Power will be among the world's largest coal companies."

He added that Reliance Power would be operating 5,000 mw capacity by the end of this year, almost triple of its current capacity of 1,540 mw.

Speaking in one after the other AGMs of group companies, he assured share owners that 2013 would be a turning point for the group, which would lead to a spurt in the stock prices of all group companies on the Bombay Stock Exchange.

Mr. Ambani also promised shareholders that Reliance Power would pay maiden dividend to shareholders next year. He also ruled out the possibility of Reliance Power's merger with Reliance Infra.

Stock in Reliance Power jumped 1.5 per cent to close at Rs 78 on Tuesday.