Reliance Power acquires three plants from Reliance Infra
28 May 2010
Anil Dhirubhai Ambani Group firm Reliance Power yesterday announced that it has acquired three plants with a total generation capacity of 433 MWof power from group company Reliance Infrastructure for Rs1,095 crore in order to bring the entire power generation portfolio under one roof.
Of these, one plant is in Samalkot, Andhra Pradesh (220 MW), one in Kerala (165 MW), and the third in Goa (48 MW), a Reliance Power statement issued from Mumbai said.
"The value of assets to be transferred is estimated at Rs1,095 crore based on independent valuation by global consulting firm, KPMG," the company said. All three plants have significant potential for capacity expansion, it added.
The assets are held by the subsidiaries of Reliance Infrastructure and the transfer would take place after obtaining the requisite approval.
With this acquisition and the commissioning of its 600 MW Rosa Power Project in UP, Reliance Power will have a total operating capacity of over 1000 mw, the statement said.
The 220 MW combined cycle gas based power plant near Samalkot in Kakinada district of Andhra Pradesh has been supplying power to AP Transco under a 15-year power purchase agreement (PPA). The 165 MW combined cycle gas based power plant is located near Kochi in Kerala and has a 15 year PPA with the Kerala State Electricity Board (KSEB).
The 48 MW combined cycle gas based power plant in Goa has been supplying power to the government of Goa as well as various industrial consumers in the state.