Reliance Infrastructure (RELINFRA), a part of Anil Dhirubhai Ambani Group, signed a Framework Agreement for Long Term Cooperation with Shanghai Electric Corporation Ltd (SEC), China for various identified areas in Indian Power Sector today.
The Framework Agreement covers the following:
1. SEC to give RELINFRA its "Most Favoured Customer" status pursuant to which SEC to give priority to RELINFRA for design, advance technology, engineering specifications, manufacturing and delivery, quality, price and payment terms.
2. RELINFRA to give SEC "Most Favoured Supplier" status for the Power Plants being developed by Reliance Power Ltd (RELPOWER), and other Projects in India provided that SEC satisfies and fulfills the technical requirement of the relevant project and offers competitive price.
3. Subject to requisite approvals, both parties will cooperate in the following areas: To set up Manufacturing Facilities in India for manufacture of BTG Packages and / or parts thereof. The broad contours of the same will be finalized with in 6 months.
4. Framework Agreement to be valid for five (5) Years.
The stock closed the day at Rs.908.15, down by Rs.78.90 or 7.99%. The stock hit an intraday high of Rs.980 and low of Rs.900.10.
The total traded quantity was 1336265 compared to 2 week average of 1811122.
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