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Power, infrastructure stocks to rule market: Reliance Official

Written by: Staff
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Bangalore, Jan 6: Power and Infrastructure Sectors will take the prime spots in capital markets from IT and real estate, Reliance Energy Ltd Director Jayarama Prasad Chalasani said here today.

Speaking after announcing the Reliance Power IPO, he said power and infrastructure were the buzzwords which would rule the stock markets from now. ''Investments in power sector will be the next big thing to happen as the country needs to upgrade from the present generation growth of 4,000 MW per annum to 40,000 MW in the coming years. ''Power is large, growing and attractive market and we will be investing the proceeds from this IPO in six ongoing projects.

''We are in the process of investing 28 billion US Dollar to produce 28,200 MW of power from 13 projects in coal, gas and hydro electric sectors across India.

''We are also very positive on growing as a major wind power producer. The group would produce 150 MW with the commissioning of 50 MW capacity in Maharashtra later this month.

''We want to take this up to 600 to 800 MW to make a significant presence in the wind energy sector,'' he added.

Reliance Power Ltd, a subsidiary of Reliance Energy Ltd, is coming out with the biggest Indian IPO set to collect anywhere between Rs 10,500 crore to Rs 11,500 crore by offering 26 crore equity shares at a price band of between Rs 405 and Rs 450 per share. Investors need to pay only Rs 150 on application and the rest after allotment. Retail investors were offered five per cent discount. The issue would open on January 15 and close January 18.

UNI

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