MUMBAI (Thomson Financial) – Indian energy company Reliance Power Ltd said it will not opt for a private placement of shares before its 115 bln rupee initial public offering, slated to open for subscription on Jan 15.

Speaking to the press in Mumbai, Reliance Power chairman Anil Ambani said the company is looking to list its shares on both the Bombay Stock Exchange and the National Stock Exchange during the first week of February after the IPO closes on Jan 18.

Ambani, who is also chairman of Anil Dhirubhai Ambani Group, said the shares would be priced in the range of 405-450 rupees per share.

He added special purpose vehicles will be set up for various projects, with Reliance Power as the parent company.

The Indian billionaire also said the group is in active talks with global companies for strategic partnerships to manufacture critical equipment.

Regarding gas supply agreements for his power projects, Ambani said: ‘A number of companies have approached us for gas supply. No commitments yet.’

Ambani expects India will be a ‘gas-long market’ in the medium to long term.

He also said the company is planning wind energy projects in certain states, with the groundwork for an entry into nuclear energy already in place.

Ambani said the group is in discussions with companies in Indonesia, South Africa and Australia for long-term coal supply agreements.

http://www.forbes.com/feeds/afx/2008/01/04/afx4494594.html

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