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Our Bureau

Mumbai , March 1

RELIANCE Energy proposes to increase the limit for foreign investors to 49 per cent of the company's capital. The company will seek shareholder approval for increasing the limit at an extraordinary general meeting to be held on March 22, 2004.

Foreign investors held 16 per cent stake in Reliance Energy as on December 31, 2003, as per stock exchange records. The company today informed the stock exchanges about the EGM.

The company is expected to make capital investments worth Rs 20,000 crore over the next five years on generation, transmission and distribution businesses. It also plans to invest Rs 10,000 crore in setting up a 3,500 MW power plant in Uttar Pradesh.

Reliance Energy has also reduced billing for its retail, commercial and high tension customers in Mumbai, since April last year.

More Stories on : Announcements | Foreign Institutional Investors | Power

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Reliance Energy plans to raise foreign investment limit

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