Reliance Power clarifies that Amitabh Jhunjhunwala, arrested in a money laundering case, has not been associated with the group since 2019. The case involves alleged bank loan fraud through Reliance Group companies.
The projects coming up in Bihar, Jharkhand and Odisha will together add 16,000 MW capacity to country's power generation.
Stocks to watch: BHEL, L&T, IRB Infra and Suzlon
Bhel Chairman and Managing Director Ashok Kumar Puri tells Business Standard that the problem lies in the balance-of-plant equipment rather than in the boiler-turbine-generator sets which the company manufactures.
Power Finance Corporation, the nodal agency for ultra mega power projects, has extended the last date for accepting bids for Krishnapatnam project to October 24, sources said. Essar Power, Sterlite Industries, Larsen and Toubro, D S Construction, Japan's Sumitomo Corp and CLP-GMR combine are other companies believed to be in the qualified bidders list.
The company has executed financing agreements for the imported coal fired project, the largest in South India.
Five companies, including NTPC, Reliance Power, Lanco Infratech, Jindal Power and Sterlite Energy, of the 11 pre-qualified bidders, were in the fray for the project. The financial and technical bids for the coal-based thermal power project were invited on December 29 and the final financial bids were to be opened within 15 days.
UMPP is coal-based thermal power project that has 4,000 MW capacity.
Niira Radia had said friends in high places enabled favourable EGoM decision on Sasan coal diversion, a charge staunchly denied by Reliance Power.
The company wants 'economic restitution' due to rupee depreciation and changes in law.
Flaying post-bid concessions to Reliance Power, the CAG on Friday said the Anil Ambani-led firm got undue benefit of Rs 29,033 crore (Rs 290.33 billion) when the government allowed use of surplus coal from blocks alloted to Sasan power plant for its other projects.
If required, the power ministry would challenge the Jairam Ramesh-led Environment Ministry, sources in the know said.
But company says govt decision to permit use of incremental coal does not result in any loss to exchequer or undue benefit.
In a scenario where we have power purchase agreements and the SEBs are in financial strife, we would always get supported, as our cost of generation is lower than most other plants.
Two ultra mega power projects are coming up at Sasan in Madhya Pradesh and Krishnapatnam in Andhra Pradesh.
The government has so far awarded four UMPPs to successful developers. One such project is being developed by Tata Power at Mundra in Gujarat while three others -- Sasan in Madhya Pradesh, Krishnapatnam in Andhra Pradesh and Tilaiya in Jharkhand have been bagged by Reliance Power.
After rejecting a request for financing the 4,000 MW ultra mega power project in Sasan, Madhya Pradesh, last Thursday, the Exim Bank reversed its decision on Monday after a conversation its chief Fred P Hochberg had with Anil Dhirubhai Ambani Group chairman Anil Ambani.
The Exim Bank of the US denied loan guarantees to Reliance's coal-fired power plant and a mine in India last week, citing adverse environmental impact as the reason.
Indiabulls Power, which is developing over 6,650 Mw from five thermal power projects by 2013, is planning to also bid for ultra mega power projects (UMPPs), besides foraying into renewable energy to grow as a major electricity producer. The company will bid for some of the coming UMPPs, after evaluating dedicated availability of coal and the market conditions, said Ranjit Gupta, chief executive officer, and Murali Subramanian, chief operating officer.
Four companies, including India's largest private sector electricity generator Tata Power and infrastructure major Larsen & Toubro Ltd, chose not to bid for the Rs 16,000-crore ultra mega power project (UMPP) in Tilaiya in Jharkhand even as Reliance Power, Lanco Infratech and NTPC Ltd, the country's largest power producer, submitted their technical bids.
Japanese power companies, including Tokyo Electric Power Company and J-Power, seek to make their presence felt in India.
The company had raised a similar amount of debt in FY 09 as well. Reliance Power has bagged three of four contracts for developing UMPPs in the country.
The government on Friday said that some of the coal blocks lying in the "no-go" areas, which could not be used for mining, may be shifted to the go-areas, a move to expedite clearance for ultra mega power projects.
The market for energy efficiency products and services, and tradeable efficiency certificates - which India is going to launch - could be as large as Rs 74,000 crore.
Bharat Heavy Electricals, the country's largest power equipment manufacturer, is working on low margins when bidding to supply super-critical equipment for the upcoming ultra mega power projects as it has to import a substantial amount of components from Europe.
Mukesh Ambani's Reliance Industries Ltd may be one of the biggest producers of natural gas in the country, but its power foray is likely to be coal or renewable energy based. The company is planning to not only bid for ultra mega power projects but also go in for acquisition of the power plants, said industry sources.
Tata Power was one of the bidders for the 4,000-Mw Sasan UMPP in Madhya Pradesh, finally bagged by Reliance Power. Tata Power says the permission granted for diversion of coal from the Sasan project's captive mines was a substantial deviation from the bid conditions and affected the economics of the project. It approached the Delhi High Court challenging this diversion and sought re-tendering for the UMPP so that the bidders could factor in the benefits of this diversion.
Tata Power Company, India's largest private power utility, has announced that it would not bid for imported coal-based Ultra Mega Power Projects in future, until the overall policy environment becomes favourable. The company plans to increase its installed power generation capacity to 8,000 Mw by 2012 and 12,000 Mw by 2014 from the current 2,700 Mw.
Goyal's statement comes in the wake of RGPPL board giving its approval last month for the conversion of debt into equity equivalent to interest dues of Rs 405 crore (Rs 4.05 billion).
Anil Ambani-promoted Reliance Power (R-Power) has signed a supplementary power purchase agreement (PPA) with fourteen buyers from seven states for its upcoming 4,000-MW ultra mega power project (UMPP) in Sasan.
Electricity, a basic minimum service that any citizen or industry should get for its development, witnessed severe fluctuations in progress in 2009 in terms of capacity addition.
Coal ministry says Sasan coal cannot be used for other plant.
USCPPs operate at temperatures and pressures above the critical point of water, that is above the temperature and pressure at which the liquid and gas phases of water coexist in equilibrium, at which point there is no difference between water gas and liquid water. This results in higher efficiencies -- above 45 per cent.
The government may revive a proposal limiting the number of Ultra Mega Power Projects awarded per developer.
The company emerged successful in the revised evaluated bids for the project.
The World Bank will give a loan of $1 billion (about Rs 5,000 crore) to power transmission company PGCIL this year for developing infrastructure in the sector.
Tata Power Company has moved the Delhi high court challenging the government's decision to allow Anil Ambani-led Reliance Power to divert coal from the captive mines of Sasan Ultra Mega Power Project for use in other projects.
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