As Anil Ambani's Reliance Power posts deeper losses, Mukesh Ambani's Reliance Industries has been eyeing clean energy and power generation. As Torrent Group is fighting to acquire Reliance Capital, formerly run by Anil Ambani, its energy arm is competing with Reliance Industries for a gas-fired power project.
Torrent Power has reportedly outbid Mukesh Ambani's conglomerate to clinch a government power supply deal.
Torrent beats Reliance
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Torrent quoted the lowest price at Rs 13.70 per unit for the supply of electricity for 77 days in April and May, from two gas-fired facilities in Gujarat.
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Reliance, on the other hand, had quoted more than Rs 20 per unit and may not get the contract yet to be awarded.
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Although Reliance's price is higher, it offers to supply 1,010 megawatts, while Torrent quotes its price for 770 megawatts.
Government tries to avoid power outages
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In the current scenario, Torrent is likely to win government deals for 1,100 megawatts of power, while NTPC's arm NVVM had called for tenders to supply 5,000 megawatts.
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It will buy power from the supplier and then sell it on spot markets as demand for electricity increases during the summer.
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Efforts to prevent power outages in India will be aided by resources from a Power System Development Fund.
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