Anil Ambani plans BIG move as Reliance firm participates in global bids for...; plans to set up...

Anil Ambani, Reliance Group chairman, has been reviving his business over the last few years. Several Reliance companies have become debt-free and secured big projects. Now, Anil Ambani-led Reliance Power is planning to set up a 1,500-MW gas-based power project overseas. It is actively participating in several international tenders for its development, according to sources, PTI reported. The company has recently secured two mega power projects in Bhutan - a 500-MW solar project and a 770-MW hydropower project. Reliance Power currently has a market cap of Rs 28933 crore, as of June 30. Its shares closed at Rs 70.19 on Monday.

Reliance Power bids for gas-based power projects

Reliance Power (RPower) has submitted competitive bids for gas-based power projects in Kuwait, UAE, and Malaysia as part of its selective global expansion strategy, sources added. Based on the outcome of the ongoing international bids, the Ambani-led company plans to relocate two 750 MW modules of world-class equipment currently in its possession in India. The proposed project is expected to create significant value in Reliance Power's balance sheet, as the company aims to realise up to Rs 2,000 crore through the monetisation of these assets.

Reliance had imported 3 modules

The company had imported three modules of 750 MW world class equipment from General Electric, USA, for a gas-based combined cycle power project, out of which one module was exported to Bangladesh for an LNG-based power project in partnership with Japan's JERA. Now, Reliance Power intends to deploy the remaining two modules for a similar project at an overseas location.

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Demand for gas-based power

The demand for gas-based power is significantly high in countries such as Kuwait, the UAE, and Malaysia. It is widely regarded as a clean energy source. However, global suppliers like GE typically require 3 to 5 years to deliver equipment for gas or LNG-based power plants. In contrast, Reliance Power has 1,500 MW of equipment readily available, enabling it to execute such projects in the shortest possible timeframe.

Reliance Power's focus on renewable and clean energy

Reliance Power is actively focusing on renewable and clean energy. The company has a strong development pipeline, including 2.5 GWp of utility-scale solar projects and more than 2.5 GWh of Battery Energy Storage Systems (BESS).

(With inputs from PTI)