Date:08/12/2004 URL: http://www.thehindubusinessline.com/2004/12/08/stories/2004120803270100.htm

Back `Mukesh was briefed on Reliance Energy plans in October'

Our Bureau

Mumbai , Dec. 7

RELIANCE Energy Ltd (REL) on Tuesday said it had made detailed presentations on its growth strategy and plans to the board of Reliance Industries, including the Chairman and Managing Director, Mr Mukesh Ambani, on October 20.

The day-long meeting was intended to keep the board of RIL — which owns a little over half of Reliance Energy — fully abreast of the growth strategy and future plans of the energy company, an REL release said here on Tuesday.

"The REL board treated its RIL counterpart to a series of detailed presentations, covering the entire gamut of issues facing the power sector in the country: from opportunities in generation, transmission, distribution and trading to the deployment of funds by REL. The RIL board was also given extensive briefing about REL's distribution businesses in Mumbai, Delhi and Orissa as well as the status of the upcoming power project at Dhirubhai Ambani Energy City in Uttar Pradesh," the release said.

Last week, a top source at Reliance Industries told Business Line that neither the company's board nor the Chairman was taken into confidence when these investment plans were announced. In February this year, REL said it planned to invest in a 3,740-MW power project to be built at Dadri in Uttar Pradesh.

The REL briefing to the RIL top brass came much after differences between the Ambani brothers, Mr Mukesh and Mr Anil, had led to the alleged dilution of the latter's powers as Vice-Chairman and Managing Director of Reliance Industries in June.