Reliance Power signs $750 mn deal with General ElectricBy IANS
Saturday, November 6, 2010
MUMBAI - Anil Dhirubhai Ambani Group (ADAG) firm Reliance Power Saturday signed a $750 million (Rs.3,500 crore) deal with US engineering major General Electric (GE) to procure turbines for its gas-based power project in Andhra Pradesh in the presence of President Barack Obama here.
The order to GE is for the capacity expansion of the Samalkot power plant from the existing 200 MW to 2,400 MW, which will create nearly 5,000 jobs in the US, Reliance Power said in a statement.
The total cost for the expansion is estimated at Rs.10,000 crore.
Reliance Power’s partnership with GE and deals with other American firms would result in over $2 billion of manufacturing exports from US to India over the next two years, said the ADAG firm.
During the occasion, Obama said the deals barely scratched the business potential between the two countries and dubbed India as the market of the future, with Washington willing to step up investments in the country.
“This is defining moment in Indo-US energy cooperation,” ADAG Chairman Anil Ambani said after signing the deal with GE Chairman Jeff Immelt.