Presiding over back-to -back annual general meetings of Reliance Capital, Reliance Power and Reliance Communications, Anil Dhirubhai Ambani Group (ADAG) Chairman Anil Ambani told his shareholders about Reliance Power’s plans to become the largest private sector power player in the country and make Reliance Communications debt-free in three years.
Ambani said that Reliance Power will have a power generation capacity of 25,000 MW by 2015 from the current capacity of 600 MW. He said that the pace of capacity generation would accelerate over the next two years.
“By 2015, Reliance Power will emerge as India’s largest private thermal power company, largest hydro power company, largest clean power company and largest coal mining company,” said Ambani.
As he plans to make Reliance Communications debt-free, Ambani told the shareholders of the company that there was a proposal not just to induct a strategic investor with up to 26 per cent stake, but also a public issue for its now independent towers arm — Reliance Infratel.
“There is a substantial interest in the market for such an offering given that we are now the only telecom operator in the country without a foreign partner,” he said.
“Reliance Communications will now lead the next wave of change — India’s second telecom revolution,” said Ambani.
The share price of RPower rose by 1.7 per cent and that of RComm went up by 0.4 per cent during the day.