Reliance Power, an Anil Ambani group company, plans to raise over Rs 20,000 crore (Rs 200 billion) in the current fiscal to finance various projects including the 4,000 MW Krishnapatnam Ultra Mega Power Project (UMPP), a top official said.
"We are on course to raise Rs 20,000 crore of debt this fiscal, having made significant progress in getting appraisals and sanctions for our Krishnapatnam UMPP," Reliance Power's chairman, Anil Ambani, told shareholders at the company's annual general meeting held in Mumbai on Tuesday.
The company had raised a similar amount of debt in FY 09 as well.
"We will continue to focus on identifying and participating in bids (to develop more projects)," he said.
Reliance Power would expedite the commissioning of its projects ahead of schedule, the Anil Dhirubhai Ambani Group official said, adding that 'we are seeking to advance the commissioning of the Sasan project by almost three-years."
The power from the Sasan project would be sold to consumers at a levelised tariff of Rs 1.19 per kwh for 25 years, he said.
Reliance Power has bagged three of four contracts for developing ultra mega power projects in the country.
Image: Anil Amabani
