In an attempt to source fuel for its power plants, Anil Ambani-owned Reliance Energy is likely to bid for potential gas bearing blocks on offer under NELP-VI, where elder brother Mukesh Ambani's Reliance Industries is expected to make a strong showing.
Reliance Energy is scouting for a foreign partner for its maiden foray into exploration and production business, industry sources said.
The E&P business went to elder brother Mukesh Ambani when the Reliance empire was split last year.
Sources said Reliance Energy plans to bid for potential gas bearing blocks on offer in the sixth round of bidding under New Exploration Licensing Policy and coal bed methane blocks.
Company officials were unavailable for comments.
The company, they say, was keen to have its own sources of fuel for its power plants. Anil Ambani has hired V K Rao, who till recently advised GAIL on E&P business, to do the spade work. Rao, an ex-Oil and Natural Gas employee, was handling NELP bidding process in the Directorate General of Hydrocarbons a year ago.
It is not clear if the bid would breach the 'non-compete' agreement between the two brothers as Reliance Energy did not propose to become an E&P company and was only interested in getting fuel for its captive use.
Reliance Energy generates 950 MW of power from five power plants across India and has ambitious plans to increase capacity. It plans to set up a 5,600 MW plant in Uttar Pradesh. It also wants to hike capacity at its power plant at Dahanu near Mumbai from 500 MW to 1,400 MW.
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