Reliance Power to look at growth opportunities in commercial coal mining

Reliance Power on Tuesday said it will look at growth opportunities in the commercial coal mining segment.

"The company will also look at the opportunities in the commercial coal mining," Reliance Power's Chairman Anil D. Ambani said while addressing the company's shareholders at the 23rd annual general meeting (AGM).

According to Ambani, the sector "is undergoing a consolidation phase" and is offering a number of inorganic growth opportunities.

"Company will continue to explore these to accelerate value accretive growth and exploit synergies with the existing portfolio," Ambani said.

Ambani informed the shareholders that Reliance Power's 750 MW LNG-based power project in Bangladesh, being implemented with an investment outlay of $1 billion, is expected to achieve financial closure in the current financial year.

Earlier, Reliance Power had signed a MoU with the Bangladesh government to develop a 3,000 MW LNG Power project in Meghnaghat and 500 mmscfd LNG terminal at Qutubdia Island in Bangladesh.

The phase-1 of the project envisages development of a 750 MW power project and 500 mmscfd LNG terminal with an investment outlay of nearly $1 billion which is the largest FDI in Bangladesh.

The phase 1 is expected to achieve commercial operation by March 2020.

--IANS

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