Reliance Infra gets Mumbai distribution licence for next 25 years

The Anil Ambani-promoted Reliance Infra, having a consumer base of over 27 lakh, currently holds distribution licence in the suburbs which is due to expire on 15th August

Mumbai: The Maharashtra Electricity Regulatory Commission (MERC) on Thursday granted Reliance Infrastructure (Reliance Infra) the license to transmit and distribute power in suburban Mumbai for the next 25 years, reports PTI.

The Anil Ambani-promoted Reliance Infra, having a consumer base of over 27 lakh, currently holds distribution licence in the suburbs which is due to expire on 15th August.

In view of this expiry, MERC had invited bids from utilities for distribution in this region.

Lanco, Indiabulls, Torrent Power, Maharashtra State Electricity Distribution Company and Reliance Infra had submitted bids.

After considering the suggestions and objections by the bidders and other stakeholders, the commission on Thursday granted Reliance Infra the licence to distribute electricity in the suburbs.

“The commission is of the view that it is in the public interest to grant licence to Reliance Infra to distribute electricity in the proposed area of supply. The commission grants distribution licence to Reliance Infra to supply electricity in the proposed area of supply for 25 years from 16th August,” MERC said in its order.

Bombay Suburban Electricity Supply or BSES, which was renamed as Reliance Energy and subsequently renamed again as Reliance Infrastructure, had received the licence to distribute power in the region in 1926, which was due to expire on 15 August 2011.

MERC has also granted license to transmit power in the region.

This transmission licence is granted to Reliance Infra for evacuation of power from generating units at Dahanu and extended transmission system for interconnecting various load centres in suburbs in and around Mumbai, the commission said.

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SEBI to set up international advisory board

The regulator is also in the process of creating a post of ‘chief economist’, and engaging an outside independent agency to make recommendations on SEBI’s organisational structure, human resources, technology and its regulatory and oversight roles

New Delhi: At a time when global financial developments hold the key to stock market movements in India, SEBI (Securities and Exchange Board of India) is planning to set up an international advisory board to assess the equity trends across the world, reports PTI.

The capital market watchdog is also in the process of creating a post of ‘chief economist’, and engaging an outside independent agency to make recommendations on SEBI’s organisational structure, human resources, technology and its regulatory and oversight roles.

These issues were discussed at SEBI’s last board meeting and the proposed steps are part of the regulator’s medium and long term measures for its roles, functions and structure.

The proposed international advisory board could meet twice a year to assess the trends in global markets and to guide the activities towards meeting the emerging challenges.

Besides, SEBI also plans to organise brain-storming sessions with international and domestic experts, including its own past chairmen.

The outside agency is proposed to be engaged within the next 9-12 months.

Of late, global developments have become key to movements in domestic market and SEBI feels that it has become important to keep a track of global developments and trends.

SEBI told its board that the events related to the recent global financial crisis have highlighted the need for continuous assessment of various developments and an immediate regulatory response.

The market regulator last went through an organisational restructuring in 2003 and the market has gone through a sea change since then.

“It is, therefore, proposed to revisit the structural and organisational issues, re-prioritise areas of focus and look at the technological and man power needs with emphasis on attracting and retaining good quality talent,” SEBI said.

SEBI has proposed this exercise to be undertaken by an independent reputed agency.

At the same time, it is planning to strengthen its internal research capabilities by hiring a chief economist, who would be given pay, benefits and other allowances equivalent to an executive director of SEBI.

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