Reliance Power signs agreement with NTPC

New Delhi: Anil Ambani-led Reliance Power is believed to have signed the power purchase agreement with the state-owned NTPC for its upcoming 100MW solar power project at Jaisalmer in Rajasthan, reports PTI.

Reliance Power signed the power purchase agreement with NTPC Vidyut Vypar Nigam (NVVNL), a wholly-owned subsidiary of NTPC, for its 100MW solar thermal power project, sources in the know of development said.

The private sector power utility major won this project in tariff-based competitive bidding under the government's Jawaharlal Nehru National Solar Mission.

The project which is being set up in Jaisalmer is expected to be commissioned within the next 28 months i.e. by May 2013.

The project will be implemented by Rajasthan Sun Technique Energy Private Ltd (RSTEPL) a subsidiary of Reliance Power.

Reliance Power is currently generating 1,200MW of electricity from its coal-based power project at Shahjahanpur in Uttar Pradesh. The total capacity of the project is 2,400MW.

The Jawaharlal Nehru National Solar Mission is a major initiative of the Centre and state governments to promote ecologically sustainable growth while addressing India's energy security challenge.

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India’s exports to cross $500 billion by 2014-15: FIEO

New Delhi: If exports maintain an annual growth trend of 25%, Indian exports can cross $500 billion by 2014-15 from $220 billion expected in the current fiscal, reports PTI quoting the Federation of Indian Export Organisations (FIEO).

India's apex exporters body Federation of Indian Export Organisations president Ramu S Deora said emerging markets in Asia, Latin America, Africa and Middle-East countries would play an important role to achieve this ambitious target.

"Out of $500 billion exports, a major chunk will be contributed by Asia with a share of $230 billion with ASEAN alone importing more than $100 billion from India. Exports to Africa and Latin America will zoom," Mr Deora told reporters.

He said that central Asian nations like Kazakhstan and Uzbekistan and Commonwealth of Independent States (CIS) countries like Russia and Ukraine would also contribute in increasing Indian exports.

However, he said that the country's exports to traditional destinations-the US and Europe-would go down to 15% and 10%, respectively.

Currently, the US and EU accounts for about 35% of India's exports.

"Share of Europe and North America will be down to 15% and 10%, respectively as growth in advance economies will taper off," he added.

India's exports grew by 29.5% to $164.7 billion during April-December 2010-11. In December 2010, the shipments grew by 36.4% year-on-year.

In 2010-11, outbound shipments are expected to touch $220 billion.

Commerce secretary Rahul Khullar has said that demand for Indian goods are increasing in emerging markets.

"Over $500 billion exports by 2014-15 would require a compounded annual growth rate of about 25% which is ambitious but definitely achievable," he said.

The president had asked the government to act immediately on the bottlenecks like infrastructure and reducing transaction cost to achieve the milestone.

"Quantum jump in investment would be required in roads, ports, airports, containers, power and telecommunications, cold storage and refrigerated vans and warehouses, so as to augment the installed capacity," Mr Deora said.

He added that fluctuation in exchange rate hurts exporters and importers, so the government should consider full convertibility of Indian rupee to curb high volatility.

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