Reliance Group to invest $3b

India's Reliance Group has proposed to invest 3.0 billion in Bangladesh to set up four power plants with a total generation capacity of 3,000 megawatt, reports BSS.

"Initially, the Reliance Group will invest $1.5 billion and it would be gradually raised to three billion," Prime Minister's Energy Advisor Dr Tawfiq-e-Elahi told journalists Thursday at the Prime Minister's Office (PMO).

A meeting to undertake coordinated steps to examine the proposal was held at the PMO Thursday with Dr Tawfiq-e-Elahi in the chair.

Reliance Group Vice Chairman Satish Sheth, Acting Indian High Commissioner Swandwip Chakravarty, Power Division Secretary Monwarul Islam and representatives of the Energy Division, Power Division, Power Development Board,Power Grid Company Bangladesh and Petrobangla were present on the occasion.In the proposal, Dr Chowdhury said, the Reliance Group has offered to invest $1.5 billion initially, and through the investment, they will set up an LNG-based power plant with 750-MW capacity in the first phase.

"The Reliance Group will build another LNG-based power plant with the same capacity in the second phase," he added.