May 15 (Bloomberg) -- Reliance Power Ltd., an Indian company owned by billionaire Anil Ambani, reported higher full- year profit after production started at its first unit.
Net income rose to 2.73 billion rupees ($60 million) from 2.49 billion rupees a year earlier, the generation arm of India’s third-largest utility said in a statement to the Bombay Stock Exchange today.
The 1,200-megawatt station in Rosa, 350 kilometers (219 miles) east of New Delhi, began producing 20 megawatts in December, Chief Executive Officer Jayarama Chalasani said at the time. The company plans to add more than 3,000 megawatts of capacity by March 2012 and is building a total of 33,780 megawatts, he said.
Reliance Power shares fell 1 percent to 145.05 rupees in Mumbai trading yesterday. The stock has dropped 6.5 percent this year, compared with a 2.7 percent decrease in the Bombay Stock Exchange’s benchmark Sensitive Index.
Group company Reliance Natural Resources Ltd., also owned by Anil Ambani, this month lost a lawsuit aimed at securing gas supplies at a discount for its power projects. India’s Supreme Court on May 7 ruled in favor of Reliance Industries Ltd., controlled by billionaire Mukesh Ambani, in a dispute between the world’s richest brothers over gas from a field with $38 billion of reserves.
The top court said Reliance Industries can sell gas to Reliance Natural at government-set prices, which are higher than those in a 2005 family accord. It asked the parties to start renegotiating their contract within six weeks.
Reliance Power’s planned projects include a 7,480 megawatt gas-fired plant to be built in Dadri in north India.
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