Reliance Infrastructure and Shanghai Electric signs Framework Agreement for Long Term Strategic Cooperation in Indian Power Sector
- Agreement to include Joint Venture for setting up manufacturing facilities of Boilers, Turbines, and Generators in India
- SEC awards “Most Favoured Customer” status to Reliance Infrastructure
Mumbai, 28 July, 2008 : Reliance Infrastructure (RELINFRA), a part of Anil Dhirubhai Ambani Group, signed a Framework Agreement for Long Term Cooperation with Shanghai Electric Corporation Limited (SEC), China for various identified areas in Indian Power Sector today.
The Framework Agreement covers the following:
- SEC to give RELINFRA its “Most Favoured Customer ” status pursuant to which SEC to give priority to RELINFRA for design, advance technology, engineering, specifications, manufacturing and delivery, quality, price and payment terms.
- RELINFRA to give SEC “Most Favoured Supplier” status for the Power Plants being developed by Reliance Power Ltd (RELPOWER), and other Projects in India provided that SEC satisfies and fulfills the technical requirements of the relevant project and offers competitive price.
- Subject to requisite approvals, both parties will cooperate in the following areas: To set up Manufacturing Facilities in India for manufacture of BTG Packages and/or parts thereof. The broad contours of the same will be finalized with in 6 months.
- Framework Agreement to be valid for five (5) Years.
Reliance Infrastructure Limited :
Reliance Infrastructure Limited, earlier Reliance Energy Limited, a part of Reliance - Anil Dhirubhai Ambani Group, is India's leading company undertaking EPC services in Indian Power sector.
The Reliance Anil Dhirubhai Ambani Group currently has net worth in excess of Rs. 45,000 crores (US$ 11.5 billion), cash flows of Rs. 11,000 crores (US$ 2.8 billion), net profit of Rs. 7,000 crores (US$ 1.7 billion) and zero net debt.
Reliance Infrastructure is ranked amongst India's top 20 listed private companies in terms of all major financial parameters, including assets, sales, net worth, profits and market capitalisation.
Reliance Power Limited, a Reliance - Anil Dhirubhai Ambani Group company, is India's leading private sector power generation Company. Reliance Power is implementing power projects with aggregate capacity of over 28,200 MW, by far the largest development pipeline in the country.
For further details contact:
Venkatesh Somayaji at .
or 9312 782480
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