by admin | May 25, 2021 | Business, Commodity Market, Corporate, Investing, Large Enterprise
Mumbai : Reliance Power on Tuesday said it will look at growth opportunities in the commercial coal mining segment.
“The company will also look at the opportunities in the commercial coal mining,” Reliance Power’s Chairman Anil D. Ambani said while addressing the company’s shareholders at the 23rd annual general meeting (AGM).
According to Ambani, the sector “is undergoing a consolidation phase” and is offering a number of inorganic growth opportunities.
“Company will continue to explore these to accelerate value accretive growth and exploit synergies with the existing portfolio,” Ambani said.
Ambani informed the shareholders that Reliance Power’s 750 MW LNG-based power project in Bangladesh, being implemented with an investment outlay of $1 billion, is expected to achieve financial closure in the current financial year.
Earlier, Reliance Power had signed a MoU with the Bangladesh government to develop a 3,000 MW LNG Power project in Meghnaghat and 500 mmscfd LNG terminal at Qutubdia Island in Bangladesh.
The phase-1 of the project envisages development of a 750 MW power project and 500 mmscfd LNG terminal with an investment outlay of nearly $1 billion which is the largest FDI in Bangladesh.
The phase 1 is expected to achieve commercial operation by March 2020.
—IANS
by admin | May 25, 2021 | Corporate
Kolkata, (IANS) India is set to open up commercial coal mining to the private sector towards boosting the country’s energy self-sufficiency, the government said on Wednesday.
“India is all set to open up commercial coal mining to the private sector with the aim of shifting world’s third largest coal importer towards energy self-sufficiency,” Coal Secretary Anil Swarup told reporters on the sidelines of the 6th Asian Mining Congress here organised by the Mining, Geological and Metallurgical Institute of India.
“Bids are already open for the states and private sector shall soon follow,” he added in this regard.
He also said the Uday Discom Assurance Yojana (UDAY) discoms’ debt restructuring scheme for state-run power distribution companies is one of the solutions to tackle the surplus production of state miner Coal India, which stands at 40 million tonnes.
“Once financial position of the discoms improve with UDAY scheme they will draw more power which in turn will lead to higher demand for coal in six months,” Swarup said.
“We are trying to supply more coal to power companies and trying to ensure that import demand from the companies in the hinterland is replaced with domestic supplies,” the secretary said.
“We must ensure that coal imports come down with the increase in domestic production. This will also help government save a lot of money,” he added.
