Business Daily from THE HINDU group of publications
Saturday, Jul 22, 2006


News
Features
Stocks
Cross Currency
Shipping
Archives
Google

Group Sites

Home Page - Power
Corporate - New Projects
Industry & Economy - Infrastructure
Get Latest BSE Quote
R-ADAG to invest Rs 61,500 cr in Orissa

byline

To set up thermal power plant, health city, IT institute of learning


The Orissa Chief Minister, Mr Naveen Patnaik, and the Chairman, Reliance ADAG, Mr Anil Ambani, at a press conference in Bhubaneswar on Friday. - Ashoke Chakrabarty

Bhubaneswar , July 21

The Reliance ADA Group on Friday announced its plans to invest over Rs 61,500 crore in Orissa to set up a 12,000 MW mega thermal power plant, a health city and an institute of higher learning in information technology.

The announcement was made by the Chairman of the Group, Mr Anil Ambani, after he held detailed discussions with the Chief Minister, Mr Naveen Patnaik, at the State Secretariat here.

Mr Patnaik and several of his Ministers were present at the media briefing that was followed by signing of joint communiqués between the Group and the State Government for the three projects. The communiqués will be converted into formal memoranda of understanding (MoUs) shortly, Mr Patnaik said.

The proposed power plant will be set up at Hirma in Jharsuguda district with an investment of more than Rs 50,000 crore. Another amount of Rs 10,000 crore will be spent on transmission and evacuation.

To be built in phases by Reliance Energy Generation Ltd (REGL), the proposed mega power plant will be the largest single-location thermal power plant in the world, Mr Ambani said.

The work on the first phase of the project to produce 4,000 MW of power will start within a year. The construction of the first phase will be completed within five years with an investment of Rs 18,000 crore. The MoU for the mega power plant will be signed on the basis of a detailed techno-feasibility report to be submitted by REGL.

Mr Ambani said the information technology institute, to be set up at a cost of Rs 1,000 crore, would run on no-profit basis. It would be named after his father, the Late Dhirubhai Ambani. The State Government has agreed to provide necessary support to build infrastructure for the project.

The proposed health city will be set up in Bhubaneswar by Reliance Health Ltd, another subsidiary of the Reliance ADA Group. It will have world-class health institutions such as hospitals, research centres and medical education facilities.

The Chief Minister announced that a Task Force comprising officials of the State Government and the Reliance ADA Group would be constituted soon to take forward the proposed ventures.

Mr Patnaik and Mr Ambani also discussed different issues relating to the three electricity distribution companies managed by Reliance Energy. The issues include payment of dues to the Grid Corporation of Orissa (Gridco), renewal of shareholders' agreement and financial and managerial support to the distribution companies.

Mr Ambani is the third prominent industrialist to visit Orissa this month to announce new ventures. The Arcelor-Mittal chief, Mr Lakshmi Niwas Mittal, visited the State on July 7 and the Chairman of Vedanta Resources Plc, Mr Anil Agarwal, came on July 19.

Related Stories:
ADAG to present power project proposal to Orissa
REL aims to generate 16,000 MW
REL Q1 net up 12.7 per cent
`ADAG creates shareholder value of Rs 71,485 cr'

More Stories on : Power | New Projects | Infrastructure | Reliance Energy Ltd

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page



PNB

Stories in this Section
A third monsoon `low' in the offing


`CDMA growth faces challenges'
`Inflation rate of 4.68 pc tolerable'
Cheaper food prices keep inflation on leash
Equity funds pruning exposures to small, mid-cap stocks
Oil majors to bear Rs 6,000-cr burden in Q1
R-ADAG to invest Rs 61,500 cr in Orissa
China steel prices buck global trend
Tata Steel Q1 net up 3 pc on volumes, cost cuts
Satyam net jumps 86 pc; revises guidance upwards
L&T Q1 net profit rises 9.8 per cent
Banks allowed to raise long-term capital in foreign currency
Sensex loses 267 in line with global markets
Investment buying propels Greenply
Paper sector remains subdued
Three more Web pages figure on DoT ban list


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright © 2006, The Hindu Business Line. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu Business Line