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Reliance Infra Q1 net profit swells up 14%
Reliance Infrastructure, owned by billionaire Anil Ambani, said net profit for the first quarter of financial year 2009 rose 14 per cent helped by higher operational efficiencies in power generation and bigger equipment orders. Continue Reading »»
LT, Reliance Infra bid for country’s first monorail
Two consortia have submitted their financial and technical bids to construct the country’s first monorail corridor in Mumbai city, expected to be ready by 2011, authorities said on Tuesday. Continue Reading »»
TEXT-Fitch release on Reliance Infrastructure Limited
Fitch Ratings has today downgraded Reliance Infrastructure Limited’s (R-Infra, formerly Reliance Energy Limited) National Long-term rating to ‘AA+(ind)’ from ‘AAA(ind)’. Its INR15bn non-convertible debenture programme, outstanding fund-based bank limits of INR15bn and non-fund based bank limits of INR115bn also are downgraded to ‘AA+(ind)’ from ‘AAA(ind)’. All the ratings are removed from Rating Watch Negative. A Stable Outlook is assigned to R-Infra’s National Long-term rating. R-Infra’s INR10bn short-term debt programme is affirmed at ‘F1+(ind)’.
Continue Reading »»
Reliance Infra gets Rs 12,000 cr contract
Reliance Infrastructure Ltd has been awarded the Rs 12,000 crore engineering procurement and construction (EPC) contract for the Sasan ultra-mega power project by its group company Reliance Power Ltd. Reliance Power Ltd is developing the 4,000 MW project through its subsidiary Sasan Power Ltd.
Continue Reading »»
Reliance Infra bets big on urban transport
Reliance Infra (ADAG Group company), which has bid for the estimated Rs 2,000-crore Mumbai monorail project, is eyeing greater opportunities in the mass rapid transport business in the country.
The company has bid for metro rail project in Hyderabad and for monorail work in Chandigarh, a company official said. Continue Reading »»
Reliance Infrastructure plans global acquisitions
Reliance Infrastructure, which has chalked out an ambitious plan to invest Rs 28,000 crore in the next three years, is looking at acquisitions in India and abroad, including coal mines in Indonesia.
“For the next three years, the total projects in infrastructure, generation and distribution would entail an investment of Rs 28,000 crore,” Rewe get a good opportunity overseas for acquisition, we will look at it. We have evaluated opportunities in Singapore, Jordan and Bahrain,” he said, without giving details.
Reliance Infrastructure buys back five lakh shares
Anil Ambani-led Reliance Infrastructure which was formerly known as Reliance Energy said it has bought back five lakh equity shares of the company on Thursday.
Since the start of the buy back programme on March 25, the firm has so far bought back more than 35.56 lakh equity shares aggregating Rs 448.05 crore, it said in a statement.
Shareholders of the company have approved the buy back of the firm’s shares up to an aggregate amount of Rs 2,000 crore, the statement added.
Read more: http://economictimes.indiatimes.com/Market_News/Reliance_Infrastructure_buys_back_five_lakh_shares/articleshow/3103761.cms
Reliance gets MERC nod to up power tariff
Reliance Infrastructure, controlled by billionaire Anil Ambani, today won regulatory approval to raise power tariff by as much as 10.22 per cent.
The move will help the utility to charge more from its 2.6 million users in Mumbai.
Reliance Infrastructure (Rel Infra) had asked asked the Maharashtra Electricity Regulatory Commission (MERC) for a 4.19 per cent rise in its annual revenue requirement (ARR). It was instead granted an increase of 10 per cent.
Mumbai and its suburbs are serviced by Tata Power, Brihanmumbai Electricity & Suburban Transport (BEST) and Reliance Energy. Tata Power has a generation capacity of 1,777 mw and Rel Infra generates 500 mw.
However, with the demand varying between 2300 and 2400 mw, the city meets the shortfall by buying expensive power from other sources. The Ambani company will need to buy power from the spot market.
MERC was distributing power equitably between BEST and Rel Infra and the financial burden was also equitably shared by the organisations till last financial year, in the absence of a formal power purchase agreement between TPC and the distribution utilities.
However, trouble started after BEST signed a PPA with TPC for 800 mw, and this was approved by the power regulator in December last year.
A total of 477 mw is utilised by TPC itself for its own distribution business, leaving only 500 mw for Rel Infra. TPC supplies power directly to important installations in the city such as airport, hospitals and water works.
Rel Infra sources nearly 200 to 300 mw of expensive power on its own.
The Rel Infra challenged the decision of MERC to approve the PPA between TPC and BEST, which was turned down by the power regulator. REl Infra subsequently challenged the decision of the MERC in the Appellate Tribunal of Electricity (ATE).
ATE ruled in favour of Rel Infra. The ATE’s decision was challenged by TPC and BEST in the apex court. The supreme court admitted the writ petition by TPC and stayed the judgement of ATE till further orders.
While approving Rel Infra’s ARR, MERC observed that since Rel Infra will have to buy extra power at higher rates, the gap between its revenue and expenditure will be around Rs 813.14 crore.
Read more: http://www.business-standard.com/common/news_article.php?leftnm=1&subLeft=1&chklogin=N&autono=325251&tab=r
Fitch places Reliance Infra on rating negative watch
Fitch Ratings has on Wednesday placed Reliance Infrastructure Limited’s, formerly Reliance Energy Limited) National Long-term ‘AAA(ind)’ rating on Rating Watch Negative (RWN).
Its INR15 billion non-convertible debenture programme, outstanding fund-based bank limits of INR15bn and non-fund based limits aggregating INR115bn all rated National Long-term ‘AAA(ind)’ are also put on RWN.
At the same time, the agency has affirmed the rating on the company’s INR10bn short-term debt programme at ‘F1+(ind)’. The RWN is caused by Fitch’s ongoing review of the business in the light of the company’s aggressive plans to expand the business by promoting a number of greenfield ventures.
Read more: http://economictimes.indiatimes.com/Corporate_Trends/Fitch_places_Reliance_Infra_on_rating_negative_watch/articleshow/3099626.cms
Reliance Infra`s $155 bn debt on rating watch
The $155-billion debt and loans of Anil Ambani-owned Reliance Infrastructure has been put under watch by rating agency Fitch, with a possibility of downward revision, on concern that the company’s expansion plan may strain the balance sheet.
Fitch said that it would take a decision on Reliance Infrastructure rating after July 15, without giving a reason. The move takes into account the company’s aggressive plans to expand business by promoting a number of greenfield ventures, the agency said.
Fitch placed the company’s $15 billion non-convertible debentures, $15 billion outstanding fund-based bank limits and $115 billion non-fund-based limits under negative rating watch.
Read more: http://www.business-standard.com/common/news_article.php?autono=325086&leftnm=1&subLeft=0&chkFlg=