MUMBAI: BSES, now rechristened Reliance Energy, will float two companies to take up “new challenges thrown up by the new Electricity Act�. They will be named Reliance Energy Transmission and Reliance Energy Trading.
Shareholders on Monday (June 9) approved a resolution to change the name of the company from BSES Ltd to Reliance Energy Ltd. They also approved the appointment of Anil Ambani as the chairman and managing director, and Satish Seth as the executive vice-chairman. “This change will reflect the ownership of the Reliance group, and will provide our company the opportunity to leverage the brand equity of the Reliance name,� said Mr Ambani. Bombay Sunburban Electric Supply (BSES), for long synonymous with power in Mumbai’s suburbs, will thus soon become history.
“The new Electricity Act gives us the opportunity to enter new geographical areas, and to substantially expand our customer base, through various options. We are examining the various options, and will develop our business plans adopting an appropriate mix of these different strategies for different areas, with the objective of maximising overall shareholder value,� said Mr Ambani.
To pursue opportunities in the transmission sector, BSES plans to set up a separate company, called Reliance Energy Transmission. “This will contribute to enhanced reliability in the supply of power to our networks and across the country,� said Mr Ambani. He said in generation of power, “We will examine new growth opportunities, in both, conventional and non-conventional energy.�
According to Mr Ambani, the future generation strategy will be directed towards fulfilling “our own needs for power in different parts of the country, to serve our customers better�. He said gas will be the feedstock for power generation. Gas is the preferred feedstock worldwide for generation of power, being the most competitive, efficient and environment friendly fuel, he added. Reliance and BSES, working together, can create a win-win situation to utilise Reliance’s newly discovered gas reserves for the generation of competitive, quality power, for the benefit of all consumers and stakeholders of the two companies.
Reliance’s recent gas finds in India provide a unique opportunity to scale up levels of power generation, and increase the level of integration in operations, he said. Reliance’s KG-D6 block in the Krishna-Godavari basin alone has currently estimated in-place gas reserves of over 10 trillion cubic feet (TCF), capable of generating up to 15,000 MW of power — an astounding 25% of the country’s total operating capacity, and more than one-and-a-half times the present capacity based on liquid fuels.
Shareholders on Monday (June 9) approved a resolution to change the name of the company from BSES Ltd to Reliance Energy Ltd. They also approved the appointment of Anil Ambani as the chairman and managing director, and Satish Seth as the executive vice-chairman. “This change will reflect the ownership of the Reliance group, and will provide our company the opportunity to leverage the brand equity of the Reliance name,� said Mr Ambani. Bombay Sunburban Electric Supply (BSES), for long synonymous with power in Mumbai’s suburbs, will thus soon become history.
“The new Electricity Act gives us the opportunity to enter new geographical areas, and to substantially expand our customer base, through various options. We are examining the various options, and will develop our business plans adopting an appropriate mix of these different strategies for different areas, with the objective of maximising overall shareholder value,� said Mr Ambani.
To pursue opportunities in the transmission sector, BSES plans to set up a separate company, called Reliance Energy Transmission. “This will contribute to enhanced reliability in the supply of power to our networks and across the country,� said Mr Ambani. He said in generation of power, “We will examine new growth opportunities, in both, conventional and non-conventional energy.�
According to Mr Ambani, the future generation strategy will be directed towards fulfilling “our own needs for power in different parts of the country, to serve our customers better�. He said gas will be the feedstock for power generation. Gas is the preferred feedstock worldwide for generation of power, being the most competitive, efficient and environment friendly fuel, he added. Reliance and BSES, working together, can create a win-win situation to utilise Reliance’s newly discovered gas reserves for the generation of competitive, quality power, for the benefit of all consumers and stakeholders of the two companies.
Reliance’s recent gas finds in India provide a unique opportunity to scale up levels of power generation, and increase the level of integration in operations, he said. Reliance’s KG-D6 block in the Krishna-Godavari basin alone has currently estimated in-place gas reserves of over 10 trillion cubic feet (TCF), capable of generating up to 15,000 MW of power — an astounding 25% of the country’s total operating capacity, and more than one-and-a-half times the present capacity based on liquid fuels.
