Chinese Banks Looking for India Operation, Signs Deal Worth USD16 Billion Including one with Anil DhiruBhaiAmbani Group (ADAG)

Mumbai, India (PressExposure) July 01, 2011 -- Chinese Prime Minister, Wen Jiabao met Indian businessmen on the day-one of his visit to India on Wednesday. He announced that the deals worth US$16 billion will be signed between the two nation. Development Bank of china has signed financial agreements amounted billions of dollars, including one with Anil DhiruBhaiAmbani Group (ADAG) company Reliance Power and another pact with ICICI Bank.

The pact with Reliance Power is worth US$4.63 billion for financing power project, while the pact with with ICICI Bank is for a US$400 million. The Bank has also signed a US$2 billion pact with another ADAG group company Reliance Communications.

Chinese banks are also exploring opportunity to open branches in india. China Construction Bank, Bank of China, Agricultural Bank of China and Industrial and Commercial Bank of China are likely to be allowed to set up branches and start commercial operations soon.

Reliance Power Limited is a part of the Reliance Group, one of India's largest business houses. The group comprises companies in the telecommunications, financial services, media and entertainment, infrastructure and energy sectors. The energy sector companies include Reliance Infrastructure Ltd and Reliance Power Limited.

Reliance Power has been established to develop, construct and operate power projects domestically and internationally. The Company on its own and through subsidiaries has a portfolio of over 35,000 MW of power generation capacity, both operational as well as under development.

The power projects are planned to be diverse in geographic location, fuel type, fuel source and off-take, and each project is planned to be strategically located near an available fuel supply or load center. The company has 600 MW of operational power generation assets. The projects under development include seven coal-fired projects to be fueled by reserves from captive mines and supplies from India and abroad, two gas-fired projects to be fueled primarily by reserves from the Krishna Godavari Basin (the "KG Basin") off the east coast of India, and seven hydroelectric projects,six of them in Arunachal Pradesh and one in Uttarakhand.

The company has won three of the four Ultra Mega Power Projects (Sasan UMPP, Krishnapatnam UMPP &Tilaiya UMPP) awarded by the Govt of India till date. The UMPP is an initiative by the government to collaborate with power generation companies to set up 4,000 MW projects to ease the country's power deficit situation.

Besides these, Reliance Power is also developing coal bed methane (CBM) blocks to fuel gas based power generation. The company is also planning to register projects with the Clean Development Mechanism executive board for issuance of Certified Emission Reduction (CER) certificates to augment its revenues


About RCom

Reliance - ADA Group's flagship company, Reliance Communications, is India's largest private sector information and communications company, with over 100 million subscribers. It has established a pan-India, high-capacity, integrated (wireless and wireline), convergent (voice, data and video) digital network, to offer services spanning the entire infocomm value chain.

Other major group companies - Reliance Capital and Reliance Infrastructure - are widely acknowledged as the market leaders in their respective areas of operation.

Press Release Source:

Press Release Submitted On: July 01, 2011 at 2:30 am
This article has been viewed 16508 time(s).