BSES renamed Reliance Energy
10 June 2003
Mumbai: The shareholders of BSES have voted to rename it as Reliance Energy Ltd. The company will also set up two wholly owned subsidiaries for power transmission and trading businesses.
Anil Ambani, chairman and managing director, told shareholders at the company''s annual general meeting that BSES will focus its strategy on integrated service, well tested by Reliance in its petrochemicals business where it operated along the entire chain. "The integrated service will include generation, transmission, distribution, trading and bundling of services in the power sector, or from well head to wall socket."
Reliance Energy Transmission, one of the planned subsidiaries, will enhance the company''s reliability in supplying power to its own network and to "networks across the country." The other company, Reliance Energy Trading, will trade in electricity, both physically as well as through derivatives.