Reliance Power contracts with GE over $750 Million for largest Gas Turbine Combined Cycle Power Project In India’s History

Mumbai, 6th November, 2010 – President Barrack Obama today graced the ceremony to commemorate the contracts between Reliance Power and GE for the 2400 MW gas based Samalkot Expansion Power Project in Andhra Pradesh.

Speaking at the side line of the announcement President Obama said “We are just scratching the potential. Already 10000 jobs have been created.”

Mr Anil Ambani said at Reliance Power GE ceremony – “This is a defining moment in Indo U.S. energy cooperation. Reliance Power in partnership with GE will implement India’s largest clean green power project at Samalkot, India. The fast track power project to be operational in less than 2 years by 2012.”

He added that “Reliance Power partnership with GE and other US companies to result in over $ 2 bn of manufacturing exports from US to India over next 24 months.”

Mr. Jeffrey Immelt, Chairman of GE said: “This is a great agreement for our two companies. But its also a great agreement for our two countries – an example of how trade truly is win-win. India will benefit from state-of-the-art technology, generating reliable power for millions of its citizens, and helping to support economic growth and jobs here in India. In the United States, the export of these turbines – assembled principally in Greenville, SC and Schnectady, NY – will support US jobs.”

The 10,000 crore ($ 2.5 billion) Samalkot Project will represent the largest gas turbine combined cycle power project in India’s history and will help India meet its continuing demand for reliable electricity to support its rapidly growing economy.

Under contracts totaling over $750 million, GE will supply six Frame 9FA gas turbines, three D-11 steam turbines, training and long-term services for the project. In addition to supplying equipment, GE also has signed a 15-year Contractual Service Agreement (CSA) for the Samalkot project.
The Contract with GE is supported by financing from US Exim Bank.


Reliance Power Limited

Reliance Power Limited is part of the Reliance Anil Dhirubhai Ambani Group and is established to develop, construct and operate power projects domestically and internationally. The Company on its own and through subsidiaries has a portfolio of 37,000 MW of power generation capacity, both operational as well as under development. Reliance Power has substantial coal reserves in India and abroad.

About GE
GE (NYSE: GE) is a diversified infrastructure, finance and media company taking on the world’s toughest challenges. From aircraft engines and power generation to financial services, health care solutions and television programming, GE operates in more than 100 countries and employs about 300,000 people worldwide. GE serves the energy sector by developing and deploying technology that helps make efficient use of natural resources. With nearly 85,000 global employees and 2009 revenues of $40 billion, GE Energy www.ge.com/energy is one of the world’s leading suppliers of power generation and energy delivery technologies. The businesses that comprise GE Energy – GE Power & Water, GE Energy Services and GE Oil & Gas – work together to provide integrated product and service solutions in all areas of the energy industry including coal, oil, natural gas and nuclear energy; renewable resources such as water, wind, solar and biogas; and other alternative fuels. For more information, visit the company’s website at www.ge.com

For further information please contact:
Reliance Power:
Nagraj Rao- +91 9323342576 nagraj.rao@relianceada.com

GE:
Purnima Sahni Mohanty- purnima.sahnimohanty@ge.com
Dolly Tayal – +91 9930334192 dolly.tayal@bm.com

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