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Tuesday, July 03, 2012
Reliance Capital, Reliance Power gain after pact with Chinese wind turbine major
Reliance Power Ltd and Reliance Capital Ltd rose 1.08% to 1.41% at 9:17 IST on BSE as the two Reliance Anil Dhirubhai Ambani group firms entered into a strategic partnership with a Chinese firm to co-develop clean energy projects in India.
The announcement was made after market hours on Monday, 2 July 2012.
Reliance Capital (up 1.41% to Rs 366.40) and Reliance Power (up 1.08% to Rs 107.25) edged higher.
Meanwhile, the BSE Sensex was up 92.77 points or 0.53% to 17,491.75.
Shares of Reliance Capital had outperformed the market over the past one month till 2 July 2012, jumping 21.08% compared with the Sensex's 8.98% rise. The scrip had, however, underperformed the market in past one quarter, declining 9.43% as against Sensex's 0.45% fall.
Shares of Reliance Power (RPower) had outperformed the market over the past one month till 2 July 2012, jumping 19.15% compared with the Sensex's 8.98% rise. The scrip had, however, underperformed the market in past one quarter, declining 13.25% as against Sensex's 0.45% fall.
China Ming Yang Wind Power Group -- a leading wind turbine manufacturer in China -- on Monday, 2 July 2012 announced that the company, through Ming Yang Holdings (Singapore) Pte. (Ming Yang Singapore), its Singapore subsidiary, has entered into definitive agreements with Reliance Capital and related entities forming part of Reliance Anil Dhirubhai Ambani (ADA) group. In addition, China Ming Yang Wind Power Group has signed a memorandum of understanding (MoU) with Reliance Power to co-develop a large portfolio of clean energy projects in India.
Under the agreements, Ming Yang Singapore plans to establish a joint venture (JV) with Reliance Capital by subscribing to a significant stake in the shares of Global Wind Power (GWPL), a leading wind power solutions provider in India, in which Reliance Capital and related entities are currently the largest shareholders. According to the MoU, China Ming Yang Wind Power Group is expected to provide total engineering, procurement and construction (EPC) solutions, including micro-siting, wind resource assessment studies, project financing and other services for the proposed projects for Reliance and third parties. Reliance is expected to play a supporting role in facilitating these proposed projects in addition to providing local market support.
Commenting on the development, J P Chalasani, Chief Executive Officer, Reliance Power said, "We are pleased to welcome Ming Yang to India, through their investment in GWPL. Development of clean power is a key priority for India and we at Reliance Power look forward to working with Ming Yang to further develop and enhance our portfolio in both wind and solar energy".
Commenting on the development, Chuanwei Zhang, Chairman and Chief Executive Officer of Ming Yang said, "Reliance is the leading player in India's utility sector, committed to clean energy development, and our strategic partnership is another strong endorsement of our capabilities in overseas markets, where we offer total solutions by combining equipment, technology innovation and financing support. This platform between Reliance and Ming Yang is expected to enable us to quickly capture and grow India and South Asia markets. We are confident that our international market development will gather great momentum and further drive the company's growth".
China Ming Yang Wind Power Group is a leading and fast-growing wind turbine manufacture in China, focusing on designing, manufacturing, selling and servicing megawatt-class wind turbines.
Reliance Capital reported a consolidated net profit of Rs 329.32 crore in Q4 March 2012, compared with a net loss of Rs 6.46 crore in Q4 March 2011. Total income rose 21.3% to Rs 2001.88 crore in Q4 March 2012 over Q4 March 2011.
Reliance Capital is a diversified financial services company. It has interests in asset management and mutual fund, life and general insurance, commercial finance, equities and commodities broking, investment banking, wealth management services, distribution of financial products, private equity, asset reconstruction, proprietary investments and other activities in financial services.
Reliance Power's consolidated net profit rose 23.9% to Rs 231.31 crore on 7.5% growth in net sales to Rs 532.59 crore in Q4 March 2012 over Q4 March 2011.
Reliance Power, a part of Reliance group, is India's leading private sector power generation company. The company has the largest portfolio of power projects in the private sector based on coal, gas, hydro and renewable energy, with an operating portfolio of 1,540 MW. The company also has the largest captive coal reserves in the private sector, estimated at more than two billion tonnes. Besides, the company has purchased three coal mines in Indonesia an also has plans to develop coal bed methane based generation capacity.