Shares of Reliance Power tank on CAG report

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Shares of Reliance Power tank on CAG report
Shares of Reliance Power plummeted today following a CAG report, which suggested that the company was favoured in allocation of coal blocks.

The shares of Reliance Power was down more than 4% at Rs 89.40 on the National Stock Exchange. Reliance Power Limited is a part of the Reliance Group, one of India's largest business houses. The group operates across multiple sectors,including telecommunications, financial services, media and entertainment, infrastructure and energy. The energy sector companies include Reliance Infrastructure  and Reliance Power.

Reliance Power has been established to develop, construct and operate power projects both in India as well as internationally. The Company on its own and through its subsidiaries has a portfolio of over 35,000 MW of power generation capacity, both in operation as well as capacity under development.

The power projects are going to be diverse in terms of  geographic location, fuel type, fuel source and off-take, and each project is planned to be strategically located near an available fuel supply or load centre. The company has 600 MW of operational power generation assets. The projects under development include seven coal-fired projects to be fueled by reserves from captive mines and supplies from India and elsewhere: two gas-fired projects to be fueled primarily by reserves from the Krishna Godavari Basin (the "KG Basin") off India's east coast:and seven hydroelectric projects, six of them in Arunachal Pradesh and one in Uttarakhand.

Read more about: reliance power
Story first published: Friday, August 17, 2012, 13:26 [IST]
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