China’s largest power generator China Huaneng has outbid India’s Reliance Energy (REL) and GMR Group by placing the highest bid of $3.1 billion for a power firm put on block by Singapore’s investment arm Temasek Holdings.REL and GMR Group were the two Indian bidders for Tuas Power, one of the three power generating companies being privatised by the Singapore government.
Besides, REL and GMR, three international firms, including China Light and Power and HongKong Electric, were also believed to have been in the race to acquire Tuas Power.
Temasek Holdings has signed a share purchase agreement with SinoSing Power Pte Ltd, a wholly-owned subsidiary of China Huaneng, for the 100 per cent sale of Temasek’s wholly-owned Tuas Power Ltd for a cash consideration of 4.235 billion Singapore dollars, an official statement said.
Read more in The Business Standard article.
Showing posts with label Reliance Energy. Show all posts
Showing posts with label Reliance Energy. Show all posts
Monday, March 17, 2008
Tuesday, January 8, 2008
REL, GMR in race for Singapore co
Singapore's state investor Temasek has chosen nine firms including Marubeni and HongKong Electric as bidders for Tuas Power, which could raise $2 billion as part of the city-state's energy liberalisation. The sale of Tuas will be the first of three power generators that Temasek Holdings hopes to sell by June 2009, which analysts say will offer potential investors a low-risk route to steady profits.
Sources close to the deal named six bidders: Japan's Marubeni, Li Ka-shing's Hongkong Electric, India's Reliance Energy, a joint venture of Macquarie, and India's GMR Infrastructure, Malaysia's Tanjong and Huaneng Power.
A third banking source advising one of the bidders said that there could be nine shortlisted firms in total, including the One Energy JV owned by Hong Kong's CLP Holdings and Japan's Mitsubishi, Bahrain-based investment bank Arcapita and Spain's Union Fenosa.
Read more in The Times of India article.
Sources close to the deal named six bidders: Japan's Marubeni, Li Ka-shing's Hongkong Electric, India's Reliance Energy, a joint venture of Macquarie, and India's GMR Infrastructure, Malaysia's Tanjong and Huaneng Power.
A third banking source advising one of the bidders said that there could be nine shortlisted firms in total, including the One Energy JV owned by Hong Kong's CLP Holdings and Japan's Mitsubishi, Bahrain-based investment bank Arcapita and Spain's Union Fenosa.
Read more in The Times of India article.
Thursday, December 13, 2007
3 Indian cos bid for Singapore power giant
Three domestic power companies — Reliance Energy, Tata Power and GMR Infrastructure — have submitted indicative bids to acquire Singapore-government owned Tuas Power.
While Tata Power and Reliance Energy have decided to bid on their own, Bangalore-based GMR Infrastructure has formed a consortium with Macquarie Bank and Kuwait Fund for the purpose.The price tag for the foreign asset could be at around $2 billion (Rs 8,000 crore).The domestic power majors submitted their bids today, which was the last date of submission of indicative bids.
Industry sources said other interested parties include Hong Kong's China Light & Power, Hongkong Electric, Japan's Marubeni, Singapore's SembCorp Industries, Tokyo Electric Power Co, Australia's Babcock & Brown, General Electric and International Power Plc of the UK.
Read more in The Business Standard article.
Thursday, September 20, 2007
FT, PTC India to launch power exchange
Financial Technologies India and PTC India have received approval from the central electricity regulatory commission to set up India's first national level power exchange, Indian Energy Exchange Ltd for trading electricity.Indian Energy Exchange will be a pan-India neutral and transparent electronic demutualized exchange for efficient price discovery in the electricity market.
PTC India has consented to take 26 per cent stake and corporates like Tata Power, Reliance Energy, Rural Electrification Corporation, Adani Enterprises and IDEC will also hold stake in the consortium. The company will invite strategic partners to join the power exchange.
The power exchange will benefit market participants such as the generators, distribution licensees, open access users, trading licensees, industrial consumers, system operators and bankers in many ways.Currently, short term trading constitutes only 3 per cent of the total energy market as against over 15 per cent globally.
Read more in The Economic Times article.
Monday, May 21, 2007
Nifty hits new highs; more room for upside say experts
The market had an extremely good session inline with its global markets. Nifty created history by closing on anew high. All the Asian indices closed in green. Rally was seen on the back of broad based buying interest.
Except for IT and auto stocks all the BSE sector indices closed in green. Energy, metal, banking, media and FMCG stocks were among the major gainers. Broader markets also participated in the uptrend giving markets an extremely positive breadth and even the turnover was high.
On the results front, SAIL came out with numbers above street expectations pulling other steel stocks higher.
Energy stocks from Reliance stable, Reliance Energy and Reliance were among the top gainers.
The Metal & oil and gas indices have led to this new high and the BSE metal index is up 9% from the February 8 highs. It has; in fact, recovered 29% from the March 16 lows. The BSE oil and gas index is up by 10.5% from the February highs and it has recovered by 24% from the March lows. Moreover, the banking index has recovered by 22.5% from its March lows.
RIL, in the oil and gas sector, is up 17% from the February highs. RPL gas recovered 36% from the March lows. IPCL recovered by 26% from the low.
Though there have been some sectors like the auto, IT and cement stocks that have not performed, the Asian markets' positive sentiment seems to have encougared the Nifty as well.
Read more in
The Moneycontrol article.
Except for IT and auto stocks all the BSE sector indices closed in green. Energy, metal, banking, media and FMCG stocks were among the major gainers. Broader markets also participated in the uptrend giving markets an extremely positive breadth and even the turnover was high.
On the results front, SAIL came out with numbers above street expectations pulling other steel stocks higher.
Energy stocks from Reliance stable, Reliance Energy and Reliance were among the top gainers.
The Metal & oil and gas indices have led to this new high and the BSE metal index is up 9% from the February 8 highs. It has; in fact, recovered 29% from the March 16 lows. The BSE oil and gas index is up by 10.5% from the February highs and it has recovered by 24% from the March lows. Moreover, the banking index has recovered by 22.5% from its March lows.
RIL, in the oil and gas sector, is up 17% from the February highs. RPL gas recovered 36% from the March lows. IPCL recovered by 26% from the low.
Though there have been some sectors like the auto, IT and cement stocks that have not performed, the Asian markets' positive sentiment seems to have encougared the Nifty as well.
Read more in
The Moneycontrol article.
Reliance Cap offloads stake in Reliance Energy
Anil Ambani Group firm Reliance Capital on Monday sold its entire stake in another group company Reliance Energy to other promoters in a block deal on the bourses, booking profits of about Rs 350 crore.
Reliance Capital, the financial services arm of ADAG, sold over 1.3 crore shares, representing 5.79 per cent stake in Reliance Energy, market sources said.
REL shares were trading at Rs 549 in afternoon trade at the BSE, up 7.4 per cent from the previous close of Rs 511.30.
Shares of RCL were trading nearly four per cent higher at Rs 941, after hitting a life-time high of Rs 946.40 earlier in the day.At the current price, the deal size amounts to about Rs 725 crore. Sources close to RCL also confirmed the deal.
Besides Reliance Capital, the other promoters of Reliance Energy include AAA Project Ventures, Reliance Innoventures, Hansdhwani Trading Company and members of Ambani family.
The promoter holding in ADAG's power utility venture stands at about 35 per cent or 7.87 crore shares.
Reliance Capital, the financial services arm of ADAG, sold over 1.3 crore shares, representing 5.79 per cent stake in Reliance Energy, market sources said.
REL shares were trading at Rs 549 in afternoon trade at the BSE, up 7.4 per cent from the previous close of Rs 511.30.
Shares of RCL were trading nearly four per cent higher at Rs 941, after hitting a life-time high of Rs 946.40 earlier in the day.At the current price, the deal size amounts to about Rs 725 crore. Sources close to RCL also confirmed the deal.
Besides Reliance Capital, the other promoters of Reliance Energy include AAA Project Ventures, Reliance Innoventures, Hansdhwani Trading Company and members of Ambani family.
The promoter holding in ADAG's power utility venture stands at about 35 per cent or 7.87 crore shares.
Thursday, May 17, 2007
Tata Power signs $1 bn deal with Korean firm
Tata Power Company, which is developing India’s first 4,000 mw ultra mega power project (UMPP) in Mundra, today signed contracts reportedly worth $1 billion with Korea’s Doosan Heavy Industries & Construction Company for supply of super-critical boilers and development of ancillary civic structures.
The order, which includes five units of 800 mw each, comes about three weeks after the company formally took over the reins of the project in Gujarat, which is based on imported coal.
While the company has 64-69 months under the contract to commission the first unit, it expects to advance the schedules “ahead of the bid stipulation”. This means that the first unit would be commissioned within the 11th Plan period itself (2007-2012).
Tata Power bagged the Rs 16,000 crore Mundra project against competition from the likes of Sterlite, Adani, Essar, Reliance Energy and L&T by committing to supply power at the the lowest rate of Rs 2.26 a unit (a levelised rate for 25 years).
Read more in The Business Standard article.
The order, which includes five units of 800 mw each, comes about three weeks after the company formally took over the reins of the project in Gujarat, which is based on imported coal.
While the company has 64-69 months under the contract to commission the first unit, it expects to advance the schedules “ahead of the bid stipulation”. This means that the first unit would be commissioned within the 11th Plan period itself (2007-2012).
Tata Power bagged the Rs 16,000 crore Mundra project against competition from the likes of Sterlite, Adani, Essar, Reliance Energy and L&T by committing to supply power at the the lowest rate of Rs 2.26 a unit (a levelised rate for 25 years).
Read more in The Business Standard article.
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