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Sunday, December 09, 2012

Reliance Power Ltd: Explosive Moves Ahead
The Anil Ambani group's Reliance Power Ltd (CMP: Rs.100.80) has received the first stage forest clearance for the Chhatrasal coal block attached to the Sasan Ultra Mega Power Project, it a step closer to start extracting coal from the mine. The first unit Sasan project is scheduled to be commissioned in January, 2012, which is just a few days away from  now. 
Two other mines of the project, Moher and Moher-Amroli, have already started production. Together, the three mines have enough coal to fire both Sasan and Chitrangi power projects.
Reliance Power plans to produce five million tonnes of coal a year from the Chhatrasal coal block, which has reserves of about 160 million tonnes, to fuel the Sasan project and also its 4,000 mw Chitrangi Thermal Power Project. Reliance Power is in pact with state electricity distribution companies to sell electricity from Sasan at Rs 1.19 per unit for 25 years. The Chitrangi project is banking entirely on coal from Chhatrasal and is in pact to sell electricity at Rs.2.35 for every unit for five years to Madhya Pradesh.
Reliance Power has an operational capacity of 1,540 mw. The company is developing three of the four UMPPs that have been awarded by the government so far.
The environment ministry grants stage 1 or "in-principle" forest clearance to a project, after which the company needs to fulfill certain conditions to get the final clearance. Experts said the final approval can take up to 6 months. Reliance Power confirmed that it has received the first stage forest clearance, analysts said the clearance was significant for the company and would be a big positive for Reliance Power. It may not have a significant impact on the Sasan project as the coal from Moher and Moher-Amroli mines would be sufficient to run it, but Chitrangi plant's future depends on coal supply from Chhatrasal block
Very recently, Reliance Power Ltd announced that the Board of Directors of the Company, have, considered and approved the Scheme of Amalgamation (the 'Scheme') of Reliance Clean Energy Private Limited (the Transferor Company), its 100% Subsidiary Company with Reliance Power Limited (the Transferee Company) under sections 391 to 394 of the Companies Act, 1956. 
I have now raised my targets of the scrip of Reliance Power Ltd (CMP: Rs.100.80), to Rs.114-120, in the next few weeks time frame.