5 SEP, 2012, ET BUREAU
Mumbai: Reliance Power will soon be among the world's largest coal companies while its power projects are on schedule to benefit from the captive coal availability, chairman Anil Ambani said.
"With 65 million tonnes per annum (mtpa) from domestic mines and 30 mtpa from Indonesia, Reliance Power will be among the world's largest coal companies. Our coal resources will not only ensure fuel self-sufficiency for a large proportion of our power plants but also gives us a sustainable competitive advantage in the marketplace," Ambani said at the company's 18th Annual General Meeting.
He also promised shareholders that the company would pay its maiden dividend to shareholders in 2012-13. Reliance Power operates 1,540 mw capacity and plans to triple that to 5,000 mw by December 2012.
In another development, Anil Ambani informed the AGM that Reliance Communications (RCOM), which is sitting on a debt pile of Rs 35,000 crore, expects to complete the sale of tower business by next year after forthcoming spectrum auctions.
"Our focus is to monetise all Reliance assets and increase the cash flow and profitability and to be the lowest cost operator. Going forward, we are committed to unlock value and pursue several initiatives to reduce the overall debt of the company. I expect RCom to achieve a debt-Edidta level at three or even lower by FY15," said.
Mumbai: Reliance Power will soon be among the world's largest coal companies while its power projects are on schedule to benefit from the captive coal availability, chairman Anil Ambani said.
"With 65 million tonnes per annum (mtpa) from domestic mines and 30 mtpa from Indonesia, Reliance Power will be among the world's largest coal companies. Our coal resources will not only ensure fuel self-sufficiency for a large proportion of our power plants but also gives us a sustainable competitive advantage in the marketplace," Ambani said at the company's 18th Annual General Meeting.
He also promised shareholders that the company would pay its maiden dividend to shareholders in 2012-13. Reliance Power operates 1,540 mw capacity and plans to triple that to 5,000 mw by December 2012.
In another development, Anil Ambani informed the AGM that Reliance Communications (RCOM), which is sitting on a debt pile of Rs 35,000 crore, expects to complete the sale of tower business by next year after forthcoming spectrum auctions.
"Our focus is to monetise all Reliance assets and increase the cash flow and profitability and to be the lowest cost operator. Going forward, we are committed to unlock value and pursue several initiatives to reduce the overall debt of the company. I expect RCom to achieve a debt-Edidta level at three or even lower by FY15," said.
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