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Anil Ambani's much hyped power project of Sasan, under Reliance Power finally got funding from the Chinese sources.

The company announced on Thursday that term loans of Rs 5,000 crore (over $1 billion) have been finally committed to 3,960 mw Sasan Ultra Mega Power Project by the Bank of China (BOC), China Development Bank (CDB) and the Export Import Bank of China (CEXIM) along with Standard Chartered Bank.

This will go down as the largest funding to an Indian project by the Chinese and ironically this announcement has come when Chinese premier Wen Jiabao is India for his visit.

Contrary to golf and get-togethers for the rest of the corporate world, it is business and days of big announcements on Sundays for industrialist Anil Ambani.

The boards of Reliance Natural Resources (RNRL) and Reliance Power, on Sunday approved the merger of the two companies. RNRL shareholders will get one Reliance Power shares for every four held. The exchange ratio is based on valuations by KPMG. The valuation has done on weighted average of DCF, CMP and book value, reports CNBC-TV18.

The power generating arm of the Anil Dhirubhai Ambani Group, Reliance Power, on Friday revealed that it would acquire three gas-based power plants from group firm Reliance Infrastructure.

The plants are reported to bear a combined capacity to yield 433 megawatts for an enterprise value of Rs 1,095 crore.

Anil Ambani's ambitious firm, Reliance Power (RPower), is witnessed to be stepping stones to emerge as the biggest beneficiary of the truce between him and elder brother Mukesh, as the company witnesses prospects of getting natural to turn brighter for the power generation firm.

With an aim to bring the complete power generation portfolio under one roof, the ADAG firm Reliance Power announced to get hold of 433 MW of power generation assets from Group Company Reliance Infrastructure for Rs 1,095 crore.

The assets that Reliance Power is acquiring include 220 MW at Samalkot in Andhra Pradesh, 165 MW in Kerala and 48 MW in Goa. "The value of assets to be transferred is estimated at Rs 1,095 crore based on independent valuation by global consulting firm, KPMG”, the Company said.

The Economic times reported, Reliance Power is considering shifting the site of its planned gas based power plant to coastal Andhra Pradesh to save on costs as the company had initially proposed to build the 7,480 megawatt plant at Dadri in Uttar Pradesh. While the consumer pays Rs 2.95 per unit at AP , the cost of power would be an estimated Rs 3.29 per unit in UP with the profit margins for power projects are impacted when the fuel has to be transported over longer distances.

The high profile corporate battle between the Ambani brothers, Mukesh and Anil, will reach its final stage on Tuesday as the Supreme Court is all set to begin the final hearing on the case. Revenue close to $28 Billion is at stake as the brothers battle it out.

The Anil Ambani-led Reliance Power Ltd has informed that the company has acquired 100% ownership of Jharkhand Integrated Power Ltd (JIPL) - the special purpose vehicle Company formed to implement Tilaiya UMPP - from Power Finance Corporation Ltd (PFC).

The pit head based coal fired power plant to be developed in the State of Jharkhand will have estimated outlay of Rs 20,000 crore.

Independent Power Producers (IPPs) such as Reliance Power and Tata Power will contribute 20,000 Mw of electricity i. e. 25% of the total capacity addition planned for the Eleventh Five-Year Plan (2007-12).

Mr. Sushil Kumar Shinde, Power Minister said that the capacity target of IPPs is 20,000 Mw by the end of the plan, out of which 3,700 Mw has already been commissioned.

Anil Ambani promoted Reliance Power has posted a net profit after tax of Rs 248.90 crore for the year ended March 31, 2009 as compared to Rs 94.66 crore for the year ended March 31, 2008.

Reliance Power, the flagship power company of the Anil Dhirubhai Ambani Group, has acquired a 100% stake in an Indonesian coal mine for Rs. 1000 crore, a leading newspaper said.

The coal mine, which has resources of 200 crore tonnes, is located in South Sumatra and is valued around Rs 20,000 crore based on the reserves. The greenfield coal mine will be the prime source of fuel for the company’s project in Krishnapatnam in Andhra Pradesh.

The company is expected to announce its acquisition within next few days.