Reliance Power, GE sign $750 mn deal for Samalkot project
Anil Ambani-led Reliance Power today signed a USD 750 million deal with US firm General Electric to procure gas turbines for its power project in Andhra Pradesh, in the presence of visiting US President Barack Obama.business Updated: Nov 06, 2010 19:32 IST
Anil Ambani-led Reliance Power today signed a USD 750 million deal with US firm General Electric to procure gas turbines for its power project in Andhra Pradesh, in the presence of visiting US President Barack Obama.
Reliance Power signed contract worth over USD 750 Million (Rs 3,500 crore) with GE for expansion of its 2,400-MW
Samalkot Power Plant, a company statement said today.
The total project cost for Samalkot plant expansion is estimated at Rs 10,000 crore. Currently, 220 MW power is
generated from this power project.
Reliance Power's partnership with GE and deals with other American firms would result in over USD 2 billion of
manufacturing exports from US to India over the next two years and will create nearly 5,000 jobs in the US, the company said.
On the signing occasion, Obama said the deals barely scratched the business potential between the two countries and
dubbed India as the market of the future, with Washington willing to step up investments in the country.
"This is defining moment in Indo-US energy cooperation," ADA Group Chairman Anil Ambani said after signing the deal
with General Electric Chairman Jeff Immelt here.
This agreement is among 20-odd pacts involving an investment of USD 10 billion that President Obama hopes to
seal during in Saturday-to-Monday visit to India which will create over 50,000 jobs in America.