Financial closure for Anil Ambani’s Butibori power project

September 22nd, 2009 MUMBAI - Telecommunications provider Reliance Infratel, promoted by Reliance Communications and part of the R-ADA group, will come out with an initial public offer to the tune of 10 percent of its paid-up equity capital, group chairman Anil Ambani said here Tuesday. Addressing shareholders at Reliance Communication's annual general meeting here, Ambani said the draft red herring prospectus for the issue would be filed by group company Reliance Power with market regulator Securities and Exchange Board of India.

September 10th, 2009 SHIMLA - Satluj Jal Vidyut Nigam, a state-owned power utility in Himachal Pradesh, has shut down the 1,500 MW Nathpa Jhakri power project in Kinnaur district after the level of silt in the Satluj river rose suddenly. The closure has affected the supply of electricity to other states in north India, including Delhi.

July 28th, 2009 NEW DELHI - The Anil Ambani-promoted Reliance Power is planning to raise Rs.20,000 crore ($4 billion) this fiscal to finance various power projects, the company chairman said Tuesday. "In all, we raised about Rs.200 billion of debt for various generation projects.

July 14th, 2009 NEW DELHI - The Reliance Anil Dhirubhai Ambani Group has tied up the finances for the Rs.50-billion ($1-billion) Rosa power project in Uttar Pradesh and hopes to start the first phase of operations this year. Announcing the financial closure with IDBI Bank as the lead institution, the group said the project, coming up in Shahjahanpur district, some 180 km from state capital Lucknow, would supply 900 MW to the state-run Uttar Pradesh Power Corp.

July 7th, 2009 HYDERABAD - The Andhra Pradesh government Tuesday said it has cancelled the Hyderabad Metro rail project contract awarded to Maytas Infra, run by the family of former Satyam chairman of B. Ramalinga Raju.

July 2nd, 2009 CHENNAI - The city-based Coastal Energen Private Limited Thursday announced that 16 bank consortium and financial institutions have agreed to lend it Rs.3,450 crore (Rs.34.5 billion) to set up 1,200 thermal power station at Tuticorin in Tamil Nadu. The 15-year loan will carry an interest of 12 percent, said the company in a statement issued Thursday.

June 19th, 2009 NEW DELHI - The Cabinet Committee on Economic Affairs (CCEA) Friday gave go-ahead to the 100-MW Tripura gas-based power project, to be developed by the state-run North Eastern Electric Power Corp (Neepco). The estimated cost of the project is Rs.421.01 crore.

June 18th, 2009 HYDERABAD - Maytas Infra has requested the Andhra Pradesh government for an extension of time for the Rs.8,132-crore Hyderabad Metro Rail project, the company said Thursday. The city-based infrastructure company's statement comes amid reports that the state government has decided to scrap the agreement it signed with a Maytas-led consortium last year in view of its "incapability" to achieve financial closure.

April 23rd, 2009 MUMBAI - Anil Ambani-led Reliance Power Thursday reported a net profit of Rs.2.49 billion for the year ended March 31, a rise of almost 163 percent over the previous profit of Rs.947 million. Other income for the company increased from Rs.1,33 billion in 2007-08 to Rs.3.35 million, it said in a regulatory statement.

February 26th, 2009 CHENNAI - The city-based Coastal Energen, the Indian arm of Coal and Oil group of Dubai that is promoting a Rs.45-billion (Rs.4,500-crore) thermal power plant in Tuticorin, hopes to achieve financial closure within two months, said a top company official Wednesday. 'We are talking with an 18-bank consortium led by State Bank of India.

February 11th, 2009 NEW DELHI - The government Thursday handed over the letter of intent for the Tilaiya ultra mega power project (UMPP) to Reliance-Anil Dhirubhai Ambani Group (R-ADAG), being set up at an investment of over Rs.120 billion (Rs.12,000 crore/$2.4 billion). This is the third UMPP awarded to group company Reliance Power, with the other two being at Sasan in Madhya Pradesh and Krishnapatnam in Andhra Pradesh.

February 3rd, 2009 GHAZIABAD - Work on the much-delayed 7,480 MW Dadri power project in Uttar Pradesh is expected to start soon with the Reliance Anil Dhirubhai Ambani Group (R-ADAG) entering the final stages of tying up with equipment manufacturers. Group company Reliance Power, which is setting up the gas-fired project, has put on the fast track talks with equipment majors such as General Electric (GE) and Bharat Heavy Electricals (BHEL) for turbines, boilers and generators, a senior group official said.

January 27th, 2009 NEW DELHI - The Reliance Anil Dhirubhai Ambani Group was Wednesday awarded its third ultra mega power project, set to come up at Tilaiya in Jharkhand with an investment of over Rs.12,000 crore (Rs.120 billion/$2.4 billion). 'We have been awarded the Tilaiya project.

January 13th, 2009 MUMBAI - Mukesh Ambani's Reliance Industries Wednesday denied any pact with Anil Ambani Group's Reliance Natural Resources Ltd (RNRL) for the sale of natural gas from the Krishna-Godavari basin off the Andhra Pradesh coast. Representing Reliance Industries, senior counsel Harish Salve told the Bombay High Court that a memorandum of understanding was entered into with Reliance Energy, another company in the Anil Ambani group, for the Dadri power project in Uttar Pradesh.

January 8th, 2009 NEW DELHI - The Delhi High Court Friday refused to grant interim relief to Tata Power after the government claimed the company had suppressed facts in challenging the decision to allow diversion of coal from Sasan project by Reliance Power (RPower). The court was hearing the petition filed by Tata Power against a decision of the Empowered Group of Ministers to allow use of coal from the captive mines for Sasan Ultra Mega Power Project to other projects.