Mumbai: Anil Dhirubhai Ambani Group (ADAG) group firm Reliance Power (R-Power) today said it aims to become the country's largest private sector power generating company by 2015, reports PTI.
The company will also have an operational capacity of 5,000 mega watts (MW) by 2012 and will commission another 20,000 MW over the next three years, ADAG chairman Anil Ambani said at the company's annual general meeting (AGM) here.
Further, the company said it looks at achieving 25,000 MW capacity by 2015, 3,000 MW of hydro capacity by 2016 and 1,000 MW of green portfolio, consisting wind and solar, over the next five years.
Mr Ambani said the company has domestic mines holding over 2 billion tonnes of coal reserves that can support up to 20,000 MW of electricity generation capacity.
RPower's Indonesian mines can support another 10,000 MW of capacity.
The firm's coal bed methane (CBM) blocks have enough gas reserves for 2000 MW of power generation capacity, he said.
Post Supreme Court judgement on ADAG's gas supply dispute with Mukesh Ambani-run Reliance Industries(RIL), R-Power has commenced the development of 10,000 MW of gas-based generation, he said, adding construction has started for the 2400 MW gas-based plant at Samalkot in Andhra Pradesh.
The project, which will cost Rs10,000 crore, is expected to be completed by 2012, he added.
The market is likely to open on a soft-to-flat note today on the back of negative cues from across the globe. Concerns about sustainable economic growth without additional stimulus made investors jittery after the recent gains in the markets, with Wall Street ending lower on Monday. Asian markets were mostly lower in early trade today on continuing worries about the growth in the Euro zone. The SGX Nifty was down five points at 6,043 from its previous close of 6,048.
Adding to Friday's gains, the market opened strong on positive global cues on Monday. It touched the day's high in initial trade but pared some gains and gradually drifted lower — near the day's low — and settled off those levels at the end of the session, above the crucial levels.
The Sensex finally closed at 20,134, up 88.89 points (0.44%). The Nifty settled 17.35 points (0.29%) higher at 6,035.
The US markets closed lower on Monday as concerns about a sustainable economic growth made investors jittery after the recent gains. While stocks gained following announcements of mergers and acquisitions, a dip in financial stocks led to the decline in the market after Moody’s downgraded the debt of Anglo Irish Bank by three notches.
The Dow was down 48.22 points (0.44%) at 10,812. The S&P 500 was down 6.51 points (0.57%) at 1,142. The Nasdaq was down 11.45 points (0.48%) at 2,369.
Pinning hopes on high foodgrain production after a good monsoon, India’s finance minister Pranab Mukherjee on Monday exuded confidence that inflation will come down soon and asked states to better the public distribution system to cater to the needs of the poor.
In an interview to a popular news channel, Mr Mukherjee indicated that the introduction of Goods and Services Tax (GST) may miss the deadline of April 2011 because consensus among states and the Centre is yet to be reached.
Markets in Asia were mostly lower in initial trade today as lingering worries about the growth in the Euro zone continued to haunt investors. This apart, the recent surge in the market tempted investors to indulge in profit booking. Downgrading of the debt of the Anglo Irish Bank by three notches by Moody’s also weighed down the sentiments.
The Shanghai Composite was down 0.32%, Hang Seng was down 0.01%, Jakarta Composite was down 0.20%, Nikkei 225 was down 0.76% and Seoul Composite declined 0.22%. On the other hand, KLSE Composite gained 0.01%, Straits Times was up 0.26% and Taiwan Weighted rose 0.08%. The SGX Nifty was down five points at 6,043 from its previous close of 6,048.
Blaming the "government mentality" of keeping costs low for the lukewarm response of New Pension System (NPS), interim regulator Pension Fund Regulatory and Development Authority (PFRDA) on Monday said there is need to give incentives to fund managers for popularising the scheme.
"...Typically, the government mentality is to have lowest cost... It is so low (cost) that nothing is happening, nobody is selling, nobody is buying...Why should we mandate a management fee on the pension fund managers," PFRDA chairman Yogesh Agarwal said on the sidelines of a CII event.