The company has already signed power purchase agreements with two players for medium-term power supply
Anil Ambani-led Reliance Infrastructure (R-Infra), which supplies power to Mumbai suburbs, will buy electricity from three generation companies for the next three years, reports PTI.
The company has accepted medium-term bids of Abhijeet Group, KSK-Wardha Power Company Ltd and Vidarbha Industries Power Ltd to power Mumbai suburbs for the next three years, the source close to the development told PTI in Mumbai.
The company has already signed power purchase agreements (PPAs) with two players for medium-term power supply and in the process of signing it with the third one, a source said.
Nagpur-based Abhijeet group will supply 55 MW power for three years starting from April 1, 2011, at a rate of Rs4.80 per unit while KSK-Wardha Power Company Ltd, a special purpose vehicle of Hyderabad-based KSK Energy, will supply 260 MW power for three years at Rs4.85 per unit.
Vidarbha Industries Power Ltd, a subsidiary of Reliance Power, will supply 135 MW power for two years, starting from 2012 April, at a rate of Rs4.85 per unit, the source said.
As per the medium-term contracts, the power supply will start from April 1, 2011, and the company will buy 315 MW for the first year and 450 MW for the next two-years.
R-Infra had forwarded the medium-term bids to the state power regulator Maharashtra Electricity Regulatory Commission (MERC) for its approval earlier this year and had issued Letter of Intent (LoI) — a document outlining an agreement between two or more parties before the agreement is finalized — to the selected power producers, its CEO Lalit Jalan had said in May. The long-term bids, to supply power to Mumbai for 25 years, are under process and it would take some more time to reach finalisation, the source said.
"The company is negotiating with power generators who bid for long-term power supply, for better rates" the source said.
R-Infra had invited long-term bids from domestic and foreign companies to procure 1,500 MW of power to meet demand for its Mumbai distribution licence area, in July 2009.
A tender floated by the company had said it "intends to procure power on 'round the clock' basis for a period of 25 years, with power supply starting from 48 months to 60 months from the date of signing of relevant documents.
"The power supply, as per the long-term contract, will start from April, 2014, for next 25 years," Mr Jalan had said recently. Reliance Infra supplies close to 1,500 MW power to around 27 lakh customers in the Mumbai suburbs.
The idea of instant marriage is exciting, but the commercial itself is pretty juvenile and badly made—in fact, it’s quite boring
Wisdom suggests that you really, really must know a person before you pop the big question. On issues of compatibility, values, attitudes, ideologies, etc, etc. However, Bharat Matrimony has turned that concept on its head. They have converted the process of marriage into an easy a chore as whipping up Maggie noodles.
Here’s their promise: akin to ‘Privilege Banking’ and ‘Privilege Flying’, they have come up with the offer of ‘Privilege Matrimony’. What this means is that these chaps will get you married on a priority basis, maybe even inside a given working day! Wow! The strategic intent is this: Because you don’t have the time to search for, and then suss out a suitable partner, Privilege Matrimony’s ‘relationship managers’ will take that load off your back, and find you a partner who they think is perfect for you! But sorry, there’s a caveat: this service comes with no guarantees. So if the ‘product’ turns out to be faulty, you are on your own, mate.
The commercial begins with a shot of two executives inside an office elevator. One looks like a winner, and the other a loser. Through the door, a hand slips in and delivers an envelope to the winner suit, and it turns out to be a pretty woman’s picture. This stupefies the loser exec a great deal, and since he has no work to do at office, the fellow decides to unravel the mystery of the said picture. He keeps a watchful eye on the proceedings, as the girl’s kundali arrives in the middle of a meeting. A coffee date gets arranged over the facsimile machine. And then the winner exec’s dinner meet with the full family gets finalised to formalise the rishta! All in a day’s work, how cool is that.
The commercial itself is pretty juvenile and badly made—in fact, it’s quite boring, so let’s forget about that. It’s the idea of instant marriage that excites. I don’t know if the conservative Indian families will bite, but perhaps the twitterati may get sucked in.
Which is what Bharat Matrimony must hope for. Just two quick points: One, if on office time such activities are allowed to go on, the execs should be summarily sacked. Two, if this is the way people get married these days, the ‘Privilege Matrimony’ package must also include a ‘Privilege Divorce’ scheme, to cut headaches and queues at the family courts.
Meanwhile, you go get married. I need to prepare some noodles.
While the number of outbound deals tripled from 22 in Q2 of 2009 to 66 in the same quarter of this year, the number of inbound deals decreased to 23 in the second quarter of 2010 as against 24 deals last year during the same period
Driven by Reliance Infratel's $10.86 billion merger deal with GTL Infrastructure, the total value of merger and acquisition (M&A) deals in the country jumped nine-fold to $24.8 billion in the second quarter (Q2) of 2010, reports PTI.
According to a monthly report of VCCEdge, the financial research platform of VCCircle.com, the M&A deal value during the April-June period touched $ 24.8 billion, taking the total M&A kitty so far this year to $48 billion. In comparison, it was $2.8 billion in the second quarter of 2009.
The deal count also witnessed an upward trend and surged to 182 in Q2 of the 2010 calendar year, compared to 98 in the year-ago period.
The period saw as many as 91 domestic deals worth $14 billion, compared to 50 deals worth $1.7 billion in the year-ago period, the report said.
While the number of outbound deals tripled from 22 in Q2 of 2009 to 66 in the same quarter of this year, the number of inbound deals decreased to 23 in the second quarter of 2010 as against 24 deals last year during the same period.
Big tickets dominated the M&A space this quarter as larger deals (worth $100 million and above) accounted for as much as 96% of the total capital invested in the second quarter this year.
"Q2, 2010, saw some big tickets deals, which sent the total M&A deal value soaring. This signalled the return of investor confidence and liquidity to the market," the report noted.
The top transaction in the April-June period was Reliance Communication subsidiary Reliance Infratel's $10.86 billion deal to merge its telecom tower business with GTL Infra. The combined entity would be the world's largest independent telecom infrastructure company, with 80,000 towers.
Other major M&A transactions during Q2 include Abbott's $3.72 billion buyout of Piramal Healthcare's solutions business and Hinduja Group's acquisition of Luxembourg-based KBL European Private Bankers for $1.67 billion.
Meanwhile, a sector-wise analysis shows that telecom, healthcare and financial services were the most targeted sectors, attracting deals worth $12 billion, $3.8 billion and $3.4 billion, respectively, in the latest quarter.
In terms of deal volume, the most active sector was information technology, which cornered 38 deals, followed by consumer discretionary and industrials, with 30 and 23 deals respectively.
The five major deals in the second quarter of this year accounted for over 75% of the total M&A deals, the report added.