Reliance Power Q2 touches 37.22 crore

Mumbai, Oct 22: Reliance Power on Wednesday, Oct 22 reported a net profit of Rs 37.22 crore on a total income of Rs 56.96 crore for the second quarter of the current fiscal. The Company, in a release, said that it had a cash and liquid balance of Rs 10,756 crore (US$ 2.29 billion) and was currently developing projects with installed capacity of 28,200 MW, one of the largest portfolios of power generation assets under development in India.

On the progress of various projects, the company said construction of Rosa Phase I (600 MW) project at Shahjahanpur, was making rapid progress and nearly 50 per cent work has been completed. The Project was expected to be on stream much ahead of scheduled commercial operation date (COD) of March 2010.

For the 600 MW Rosa Phase II Project, IDBI Bank as the lead lender has sanctioned a loan of Rs 400 crore.

Financing for 3,960 MW Sasan Ultra Mega Power Project (UMPP) had achieved a significant milestone with State Bank of India (SBI), the lead domestic lender sanctioning Rs 3,500 crore for the project.

Supplemental Power Purchase Agreement (PPA) signed with procurers for Sasan UMPP according to which the first unit of Sasan UMPP is scheduled to be commissioned in December 2011 (16 months ahead of scheduled COD) and the project expected to be commissioned by March 2013 (more than 3 years ahead of scheduled COD).

Engineering Procurement and Construction contract for the 300 MW Butibori Group Captive Power Plant (GCPP) has been awarded to Reliance Infrastructure Limited (R Infra).

Activities for land acquisition, coal tie-up and approvals for 4000 MW Chitrangi Project in Madhya Pradesh are making good progress.

UNI