AGM Transcript 20082026

Mr. Praveen Kumar Rai

Yeah, am I audible?

Moderator

Yes, Sir, you are audible. Please go ahead.

Mr. Praveen Kumar Rai

Yeah, good afternoon, everyone. Good afternoon to the Board of

Directors and my fellow members, shareholders. First of all, congratulations to the entire Board and the employees of R-Power for their good performance and during the tough time, because our entire group is going through a very turbulent timing. Best of luck. Thank you. My first question is regarding zero liquid discharge. As we all know, environmental sustainability and responsible water management are becoming increasingly important, particularly for the power sector. So has the company implemented a zero liquid discharge mechanism at its power plant? And if yes, could the management please explain which of our power plants are currently covered under this mechanism, to what extent it has been implemented, and how effective the system has been in reducing or eliminating liquid discharge? And my second question is regarding the recent regulatory developments and investigations. Over the past few months, there have been several news reports and discussions in the market regarding the Reliance Group which have naturally created some concerns among shareholders. I would like to seek some clarity from the management about the ongoing investigations by the

Enforcement Directorate, CBI, SEBI, or any other regulatory agency. Also request to please let us know the findings of the forensic auditor appointed by the SEBI. And my third question is a little bit related to our performance. Why is the revenue almost stagnant for the last 5 consecutive years? What is the plan of the company for revenue growth in the near future?

As our honorable Chairperson has said that our pipelines are 3.6 gigawatt of renewable energy and approximately 6,500 megawatt of battery engagement energy storage capacity. And 770 approximately of hydro projects. So these are our no doubt future planing, but what about the revenue generation? When will the revenue generation start from all these products? So if there is any timeline, you can please share with us when it can, when it can get started and my fourth question is a little bit related to the consolidated debt. What is the consolidated data for the company? Because, Chairman Sir just mentioned that 341 crores our company had

Reliance Power Limited

AGM Transcript reduced the debt in the last Financial Year. So after this reduction, what is the consolidated debt? And I give my heartiest congratulations to the entire team because no doubt we are going through a very tough or rough weather, so we'll 100% win and we'll sustain. So thank you very much for giving me this opportunity. Thank you very much.

Moderator

Thank you, Sir. Our next speaker is Mr. Anup Sushil Seth. May I request yourself and speak?

Mr. Anup Sushil Seth

Am I audible?

Moderator

Yes, Sir, you are audible. Please go ahead.

Mr. Anup Sushil Seth

Yeah, I'm once again glad to address this august gathering, and at the onset, I would like to welcome the reappointment of Mr. Sachin Mohapatra and Dr. Avinash

Gupta, also as an Independent Director. This company has a long history, and I have been a shareholder since the inception of the public issue. It was then steered through successfully by our promoters, Anil Ambani and family, and it has been a huge success that in spite of the adverse situations, unexpected and unwanted an unwarranted legal situation that our company is facing. The current Board and the Secretarial team have been able to drive it successfully. No other company would have survived in the face of such uncalled-for litigation and mudslinging. I congratulate the Board for all these efforts, but now It has been again that our company has been making continuous efforts, and we have successfully developed and operated large-scale thermal power projects for the last couple of years and it is encouraging to see, however, R Power is now expanding into the renewable energy sector as well. Now, my first question regarding the operational performance for generating of our assets, could you kindly share how the company performed during the Financial Year across various power projects as such? Specifically also, I would like to know the all-India ranking of the Sasan Ultra

Mega Power Project in terms of the PLF, that is plant load factor, and how its performance compares with other power plants in our country. It will also be helpful to understand what factors have contributed to Sasan's performance and what further improvement the plant load factor and operational efficiency the management expects going forward and the other related question is opposed to the company's proposed fundraising initiatives. We have been operating this company, but we have to upgrade ourselves also. So what are your future plans to meet the future expenditure? And I also read that you have now sought an enabling resolution for QIPs and non-convertible debentures. It is a very noble effort, and I really wonder how you are able to be confident of raising funds when our capital and our market rating is not so good and I'm sure you would be having some investors who would still be willing to invest in our company looking at the intrinsic value and you are taking an enabling resolution for

Reliance Power Limited

AGM Transcript raising around six thousand crores. So as and when you are able to raise it, what would be the terms and how will you be utilizing it? Have you any roadmap for utilization of the funds raised? In particular, could the management provide an indicative breakthrough of the breakup of the proceeds to be utilized towards our debt payment, debt repayment, and those proposed to be deployed towards our future growth investment, including the company's upcoming projects and our future expansion plans. Sir, I would also like to encourage— congratulate the company on its continuous focus on operational efficiency and its ongoing presence in the renewable energy sector. I am confident that the company's experience in the power sector over the last 2 decades and the preparedness of its management and team our company will successfully execute its new power projects and create greater value for its shareholders. I wish the company, the honorable Board, and the management, and the entire team all the very best for the future, and I vote for all the resolutions. Thank you.

Moderator

Thank you, Sir. Our next speaker is Mr. Gautam Kedarprasad Tiwari, May I request Mr. Gautam to unmute yourself and speak. Mr. Gautam, please speak.

Mr. Gautam Kedarprasad Tiwari

Yes, Sir. Sir, can you listen to me and you can see me also, no, Chairman, Sir and moderator?

Moderator

Yes, yes, yes, yes, yes.

Mr. Neeraj Parakh

Yes, Sir.

Mr. Gautam Kedarprasad Tiwari

Thank you, thank you very much. Thank you very much,

Sir. Sir honorable Chairman Sir, respected and dignified members of the Board, Our management team, which which includes our reappointed Mr. Avinash Gupta, I am happy, and

Mr. Sachin Mohapatra also, and then appointments of Zohra Chatterji, Ashok Ramaswamy, and Arup Ashok Gupta, and Neeraj Parakh as CEO and CFO, and Smt. Ramandeep Kaur as

CFO. So a very very good team. Our Company Secretary Mrs. Ramandeep ji and the entire

Secretarial team, my dear fellow shareholders, brothers and sisters, and everyone connected with Reliance Power Limited, my very, very warm greetings to all of you. My name is Gautam

Tiwari and I am participating in this Annual General Meeting at Mumbai. Dear Sir, first of all, I would really like to again wish the— and I pay my highest honor and grand tribute to our founder Visionary icon and fatherly figure of Reliance Group, pioneer rather in the field of this group, actually Dhirubhai Ambani ji and sashank pranam and vandan to Mataji Kokilaben ji, and blessings to Anmol and Adhir. Dear Sir, dear Sir Sir, I have been associated with the

Reliance Group as a shareholder right from day one, from the time of our respected Shri

Dhirubhai Ambani ji. We have seen generation after generation the hard work, dedication, and the vision that have gone into building the Reliance Group and its companies. We have also

Reliance Power Limited

AGM Transcript witnessed the efforts of Anil bhai Ambani in steering the company during its journey. I am therefore very much confident that with the continued efforts of the management, the company will prosper further in the years to come. Sir, I would also like to appreciate the excellent work being done by our Company Secretary, Smt. Ramadeep ji, under whose leadership the entire

Secretarial team has been providing very efficient, responsive, and investor-friendly services.

I sincerely thank her and the entire team for their continued support. Also, I would like to appreciate the services being rendered by KFin, our Registrar and Transfer Agent and their entire investor service team. Sir, their support and assistance to shareholders is very highly appreciated, and I thank each one of them for their excellent services. Sir, I have got only 2 questions for the management. My first question is regarding the company's CSR activities.

Could the management please describe the key corporate social responsibility initiatives undertaken by the company and its subsidiaries during the Financial Year? and it would be helpful to understand the major areas of focus, the communities and the beneficiaries covered, and the key initiatives undertaken under the company's CSR programs. and second, Sir, my second question is regarding dividends. Sir, I would like to know whether the company is considering declaring or paying any dividend to its shareholders in future. If so, could the management please share its thoughts or broad outlook regarding the company's dividend policy and the possibility of dividend distribution? But I understand that we require the funds for our company's primary focus areas and for companies popping up and companies' business work. So here I would like that even if the company is very conservative in paying dividends, we wouldn't be unhappy with it. Sir, I would also like to say that it is very encouraging to see that the company is continuing to focus on operational performance while also expanding its presence in the renewable energy sector. I am very much confident that this balanced approach will create sustainable growth and the value for shareholders in the years to come. I have unwavering trust, confidence, and faith in the company's management, and I assure the company of my continued and unconditional support. As always, I support all the resolutions placed before the shareholders, and I already voted in favor of each of them in advance. I wish each member of the Board, the management, employees, and everyone associated with Reliance Power a very happy, healthy, prosperous, successful, and fulfilling life. Once again, I sincerely thank you, Sir, for your continued guidance and for patiently listening to us shareholders. Sir, at the end, I would like to say, िदन ब िदन आप सभी की खुिशयाँ

हो जाएं double, triple, multiple, आप सभी से कोसो,ं मीलो ं दूर रहे हर trouble. परमा(cid:527)ा, परमे(cid:695)र, Lord

Ganesha रख(cid:336) आप सभी को सदा सव(cid:330)दा fit. और इस साल का आने वाला हर एक िदन आप सभी के िलए हो super hit. इसी के साथ म(cid:336) जय िहंद, ध(cid:586)वाद, Thank you, जय (cid:373)ी कृ (cid:705)ा। Here’s a grand salute to you all, Sir. Thank you very much.

Reliance Power Limited

AGM Transcript

Mr. Neeraj Parakh

Thank you. Thank you, Sir.

Moderator

Our next speaker is Mr. Kamal Kishore Jhawar. May I request Mr. Kamal Kishore

Jhawar to kindly... Mr. Kamal Kishore Jhawar. Sorry, we are not getting any response from Mr.

Kamal Kishore Jhawar. Moving to our next speaker, Shobhana Sudhir Mehta and before

Shobhana ji speaks, I would like to announce the next set of five speaker shareholders.

Celestine Elizabeth Mascarenhas, Dhiren Champaklal Gandhi, Mr. Prakash Kothari, Anil

Champaklal Parekh, then Praveen Kumar ji, then Nandkishor Kashikar ji. I request—

Ms. Shobhana Sudhir Mehta

Hello, can you hear me? Can you hear me, sir?

Mr. Neeraj Parakh

Yes, we can hear you.

Moderator

Yes Madam, I can hear.

Ms. Shobhana Sudhir Mehta

Respected Chairman, अ(cid:586) मेरे Director भाइयो ं और बहनो,ं और shareholder भाई बहन, मेरा नाम शोभना मेहता। Good afternoon, everyone. Sir, e-Notice and

Annual Report well in time िमला। हमारे Secretarial department ने informative बनाया है, so म(cid:336) हमारे

Company Secretary और उनकी पूरी team को ध(cid:586)वाद देते (cid:352)ए क(cid:353)ंगी, very good, keep it up. Sir, म(cid:339)

काफी सालो ं से company के shareholder (cid:353)ँ, so क(cid:353)ंगी िक हमारी company ने कई ups and downs

मुकाबला करते (cid:352)ए आगे बढ़ रही है, so क(cid:353)ंगी वाकई म(cid:336) तारीफ-ए-कािबल है।Otherwise कोई और management होती, तो कब की shut down करके िनकल जाती थी, भाग जाती थी। लेिकन आपने सभी challenges का मुकाबला िकया है, very good, keep it up. Sir, business म(cid:336) ups and downs तो कभी

खुशी, कभी ग़म की तरह आते जाते रहते ह(cid:339), लेिकन आप िह(cid:643)त नही ंहारे और company की AGM time to time कर रहे हो। So भगवान से म(cid:339) यही (cid:366)ाथ(cid:330)ना करती (cid:353)ँ िक हमारी company का turnaround ज(cid:663)ी से हो

जाए, भगवान आप सबको िह(cid:643)त से आगे बढ़ने की श(cid:304)(cid:389) दे, और आज दे(cid:304)खए हमारे 43 lakhs shareholders

आपके साथ ह(cid:339), चाहे हो खुशी और चाहे हो गम, हम हमेशा आपके साथ रह(cid:336)गे, हर दम। Sir, वैसे तो आपने अपने opening remarks म(cid:336) company working के बारे म(cid:336) explain िकया है, और जो queries आ गई ह(cid:339), जैसे के dividend, QIP वगैरह, so repetition न करते (cid:352)ए क(cid:353)ंगी के आप मेरी regards and good wishes (cid:373)ी अिनल

अंबानी जी को ज(cid:349)र दीिजएगा। और आज म(cid:339) उनका board पर उनकी कमी देख रही (cid:353)ँ as a Chairman

हमेशा देखती थी। So बस मुझे अभी उ(cid:643)ीद है िक वो ज(cid:663)ी से ही सब अ(cid:453)ा हो जाएगा और वापस वो ज(cid:349)र आ

जाएंगे। Sir, मुझे आप पर और आपकी entire team पर पूरा faith है िक आप जो भी करोगे वो company और shareholders के िहत म(cid:336) ही होगा। So कहते ह(cid:339) ना Sir, जहां faith होता है वहां (cid:475)ादा सवाल नही ंिकया करते।

So good wishes देते (cid:352)ए क(cid:353)ंगी, सूरज की हर िकरण(cid:336) रोशनी दे आपको, फू लो ंकी हर कली खु(cid:827)बू दे आपको,

मेरी भगवान से यही दुआ है देने वाला हर खुशी दे आपको। Sir सभी resolutions म(cid:336) fully support करते (cid:352)ए

Reliance Power Limited

AGM Transcript company के िलए शुभकामना िक हमारी company ज(cid:663)ी से turnaround, profit म(cid:336) आकर turnaround हो

जाए और dividend list पर भी आ जाए। Sir आप सबकी health and wealth हमेशा अ(cid:453)ी बनी रहे यही

शुभकामना, साथ म(cid:336) आने वाले सभी (cid:529)ोहारो ं की भी शुभकामनाएं देते (cid:352)ए क(cid:353)ंगी, फू लो ं की खु(cid:827)बू, किलयो ंकी

बहार, चांद की चांदनी, अपनो ंका (cid:599)ार मुबारक हो आप सबको। Independence Day की, र(cid:407)ा बंधन के साथ

आने वाले सभी (cid:529)ोहार। Sir हमारे Infra के Secretary परेश जी ने आज मुझे की याद िदला दी, meeting के

बाद उ(cid:590)ोनं े sorry की, but anyway, all the best for the future success to all of you. और परेश भाई,

मुझे कु छ बुरा नही ंलगा है, आप सुन रहे हो तो, बाद म(cid:336) हम phone पे बात कर ल(cid:336)गे। So, all the best, Sir.

Mr. Neeraj Parakh

Thank you, Ma'am. Thank you.

Moderator

speaker is Celestine Elizabeth Mascarenhas.i

Mr. Celestine Elizabeth Mascarenhas

Hello, hello, hello, hello, hello.

Moderator

Yes, Sir.

Mr. Celestine Elizabeth Mascarenhas

Can you hear me?

Moderator

We can hear you.

Mr. Neeraj Parakh

Yes, Sir. We can hear you.

Mr. Celestine Elizabeth Mascarenhas

Respected Chairman Sir, very distinguished members of the Board and my fellow shareholders. Good afternoon to you all. My name is

Celestine Mascarenhas, jointly and severally also a shareholder of Tata Power— I mean

Reliance Power. I, I take this opportunity of thanking the management and the Secretary for sending me the e-Notice of the Annual Report. Our results are not comparable but due to circumstances, we are lagging behind. So I support all the resolutions and the questions asked by my predecessor shareholders. I wish you good luck and a good festive season. With this,

Sir, thank you very much for patient hearing. Good health, good luck, and goodbye. Thank you. Thank you, Sir.

Mr. Neeraj Parakh

Thank you.

Moderator

Thank you. Our next speaker is Dhiren Champaklal Gandhi. May I request Mr.

Dhiren ji, to kindly unmute yourself and speak.

Mr. Dhiren Champaklal Gandhi

Hello. Hello.

Moderator

Yes, Sir. Yes, Sir. Please go ahead.

Reliance Power Limited

AGM Transcript

Mr. Dhiren Champaklal Gandhi

Respected Chairman, Board of Directors, thank you,

Praveen ji Sir, I am the share owner of the company ADAG Group since last several years and have always continued my trust on the Board, all executives, and the Secretarial team. I believe we are just at the border and soon to enter the threshold of strong success and back to normal. We have already witnessed the market some months back with the reflection of the good work of our team, and I have the full confidence in the Board to put their best efforts for the betterment of the company and to share owners. I have nothing more to add. I have all the confidence in the Board of Directors under the leadership and the guidance of Anil Ambani ji, and I support all the resolutions and the Board. Thank you very much.

Mr. Neeraj Parakh

Thank you, Sir.

Moderator

Our next registered speaker is Mr. Prakash Kothari ji. May I request Kothari ji to kindly unmute yourself and speak.

Mr. Prakash Kothari

Sir, मेरी आवाज़ आ रही है?

Moderator

जी िब(cid:651)ु ल आ रही है।

Mr. Neeraj Parakh

जी, आ रही है।

Mr. Prakash Kothari

ध(cid:586)वाद। उ(cid:552)ोग जगत के बेताज बादशाह, सेठ (cid:373)ी धी(cid:349)भाई अंबानी, प(cid:551) िवभूषण, the कम(cid:330)योगी को वंदन, सेठाणी कोिकला जी को मेरा वंदन। Board of Directors, हमारे Dr. Zohra Chatterji,

(cid:373)ी Ashok Ramaswamy, Dr. Avinash Gupta, Shri Vijay Kumar Sharma, (cid:373)ी Arup Ashok Gupta,

(cid:373)ी Sachin Mohapatra, (cid:373)ी Neeraj Parakh, सभी को मेरा कोटी-कोटी वंदन and (cid:366)णाम। Company

Secretary, अखंड सौभा(cid:438)वती Ramandeep Kaur और पूरी Secretarial team, सभी को मेरा वंदन, ब(cid:352)त

ही अ(cid:453)ा काम कर रही हो। Keep it up. ब(cid:352)त ही अ(cid:453)ा performance है। Auditors, Pathak H. D. &

Associates, ध(cid:586)वाद। Transfer Agent, KFin, ब(cid:352)त ही अ(cid:453)ा काम कर रहे हो, ब(cid:352)त-ब(cid:352)त ध(cid:586)वाद। म(cid:339) company के (cid:366)बंधन, म(cid:339) company के (cid:366)दश(cid:330)न, म(cid:339) company के (cid:366)बंधन की सरहाना करना चाहता (cid:353)ँ िक उ(cid:590)ोनं े company को आगे बढ़ाने के िलए लगातार अ(cid:453)े (cid:366)यास िकये ह(cid:339)। यह देखकर खुशी होती है िक company,

Renewable Energy के (cid:407)े(cid:361) म(cid:336) भी आगे बढ़े। मुझे पूरा िव(cid:695)ास है िक आने वाला समय म(cid:336) कं पनी और बेहतर

(cid:366)बंधन करेगी और नई ऊँ चाइयाँ हािसल करेगी। मेरे िसफ(cid:330) दो ही (cid:366)(cid:690) ह(cid:339)। पहला (cid:366)(cid:690) है िक यह जानकर ब(cid:352)त खुशी

(cid:352)ई िक company Renewable Energy के (cid:407)े(cid:361) म(cid:336) अपने कारोबार का िव(cid:721)ार कर रही है। कृ पया बताइए िक

वत(cid:330)मान म(cid:336) company कौन-कौन से Renewable Energy Project पर काम कर रही है। इन प(cid:303)रयोजनाओ ंकी

(cid:407)मता, इनके पूरे होने की समय की सीमा, भिव(cid:712) म(cid:336) कं पनी के आय, िवकास म(cid:336) इनके संभािवत योगदान के बारे

म(cid:336) जानकारी देने की क(cid:700) कर(cid:336)। दूसरा (cid:366)(cid:690) है Thermal Power Project जो raw material है, कोयला, उनकी

Reliance Power Limited

AGM Transcript

पया(cid:330)(cid:593) और िनरंतर उपल(cid:617)ता ब(cid:352)त मह(cid:533)पूण(cid:330) है। (cid:400)ा वत(cid:330)मान म(cid:336) कं पनी के सभी power project के िलए पया(cid:330)(cid:593)

कोयले की (cid:681)व(cid:725)ा है? (cid:400)ा भिव(cid:712) म(cid:336) िकसी (cid:366)कार की भी कमी की संभावना है? (cid:400)ोिंक अपना raw material

अगर अपने को टाइम पे नही ंिमलेगा, quantity नही ंिमलेगी, quality नही ंिमलेगी, तो अपना production वही ं

ही (cid:720)ॉप हो जाएगा। उ(cid:590)ोनं े (cid:366)ाइस बढ़ाया या उ(cid:590)ोनं े अपने को माल नही ंिदया, तो अपना production के ऊपर

ब(cid:352)त बड़ा इ(cid:692)ूट आएगा। ऐसे ही कं पनी को ब(cid:352)त ही disturb हो रही है। Self-sufficient अगर होना है, तो

अपने को क(cid:452)ा माल के ऊपर पहले से कं ट(cid:332)ोल करना पड़ेगा। और Shareholder तो बेचारा लाचार है Sir, उसे

तो कभी कु छ िमलता ही नही ंहै। ना dividend िमलता है, ना कोई benefit िमलता है, ना कोई bonus िमलता

है। एक बार payment करने के बाद म(cid:336) हमारे हाथ कट जाते ह(cid:339), जो कं पनी बोले, कोई भी कं पनी, not only power, जो बोल िदया वो सुनकर चले जाने का। हम(cid:336) कु छ नही,ं हम कु छ नही ंकर सकते। िहंदु(cid:721)ान के अंदर shareholder का कोई right नही ंहै। जो सीट पे बैठे (cid:352)ए, वो जो बोलते ह(cid:339), वो हम(cid:336) सुन लेने का और चुपचाप चले

जाने का। अगर हमन ेबोल िदया तो भी कु छ चलता नही ंहै, और नही ंबोले तो भी कु छ नही।ं जो होता है वही सुनने

का और िनकल जाने का। हमारी जो rights है, पैसे लगाना, और उसका return, उसका कोई guarantee नही ं

है, कोई भी company म(cid:336)। इसके िलए म(cid:339) लोगो ंसे ब(cid:352)त ही समझ के बात कर रहा (cid:353)ँ, दस बार सोच के कं पनीयो ं

म(cid:336) पैसा लगाना। पैसा लगाना मत। मेरी कहाँ पे गलती (cid:352)ई है तो मुझे माफ करना, ब(cid:352)त-ब(cid:352)त आगे बढ़ो। ब(cid:352)त ही

ध(cid:586)वाद। I, you and we love India. ब(cid:352)त-ब(cid:352)त ध(cid:586)वाद।

Mr. Neeraj Parakh

Thank you, Sir.

Moderator

The next speaker is Mr. Anil Champaklal Parekh.

Mr. Anil Champaklal Parekh

Hello, yes, I am audible, sir?

Moderator

Yes, Sir, you are audible. Please go ahead.

Mr. Anil Champaklal Parekh

Okay, thanks for allowing me to speak Chairman, Sir, Board of

Directors, and my fellow shareholders, I'm Anil Parekh here from Bombay. Firstly, I stand today as a long-term shareholder to acknowledge the resilience of Reliance Power Limited. I want to place on record my continuous faith and high regard for our visionary promoter, Mr. Anil

Ambani. His persistence, strategic clarity, and steady direction during challenging macro- business environments and legacy debt cycles have kept this company resilient and forward- looking. I would like to thank our Secretarial team headed by Ramandeep Kaur. They are doing excellent work as far as shareholders' relationship is concerned. They are a good asset to the company. I commend our management and operational leadership team, along with the executive team, for managing baseload infrastructure like the Sasan, UMPP, and Rosa Power

Plant amidst volatile fuel costs and regulatory transitions that require relentless discipline, and which they are doing with the core of their heart. I appreciate management's active efforts

Reliance Power Limited

AGM Transcript towards deleveraging, operational efficiency, and expanding our footprint into clean energy, solar, and battery storage solutions to align with India's energy transition goals. My special word of praise goes to our secretarial team, compliance team, and all others connected for their rigorous SEBI and MCA regulatory environment. Their governance standards, timely disclosures, meticulous Annual Report preparation, and seamless shareholder assistance is truly commendable. Chairman, Sir we have full faith in Anil Ambani, and you all have a great ability to come out of all the difficulties. I am sure we will be able to have a silver lining in our what you call, portfolio. Chairman, Sir, I have some questions. My first question is regarding the Employee Stock Option Scheme. I would like to know the details for the same, the number of options granted and pricing. Further, I would like to know whether the employees of Rosa and Sasan are also covered or not under the aforesaid scheme. The second question relates to the debt position of our operating subsidiaries. Could the management please update the shareholders on the current debt position of Rosa Power Supply Company Limited and Sasan

Power Limited? Also, what is our expected timeline and roadmap for achieving a completely de-risked and debt-free balance sheet? Next, what is the target capacity for solar and battery energy storage projects planned over the next 2 Fiscal years? Last but not the least, what steps are being taken to unlock shareholder value and restore profitability in the coming quarters? Chairman Sir, I fully support all the resolutions proposed today in the AGM, and on behalf of all the shareholders I wish Anil Ambani, the Board, the Secretarial team, and every employee of Reliance Power great success for FY27 and beyond. Thank you, Chairman Sir, for giving me patient hearing. Here I would like to say that all my questions are very well answered and are very well placed in the Annual Report, so I don't have any further questions.

I have full faith in the Board and the company have a great success ahead. Thank you very much, Sir, for allowing me to speak.

Mr. Neeraj Parakh

Thank you, Sir.

Moderator

The next speaker is Mr. Praveen Kumar. May I request Mr. Praveen Kumar to kindly unmute yourself and speak.

Mr. Praveen Kumar

Am I audible, sir?

Moderator

Yes, Sir, you are audible. Please go ahead.

Mr. Praveen Kumar

A very, very good afternoon to my honorable, respected Chairperson, respected Board of Directors, my fellow shareholders, myself Praveen Kumar, and I'm joining this meeting from New Delhi. Few observations which I love to share with the entire house, but before that, Sir, I'm with the company since IPO and I have the deepest, deepest respect for Anil Dhirubhai Ambani family, and our brand is one of the most respected brands in India

Reliance Power Limited

AGM Transcript and worldwide. So, and, in the starting of the new year, this is our first interaction with the management. I wish the entire management team, each and every dedicated employee of our company, a happy, healthy, and prosperous future. Coming down to my observation, thank you, respected Chairperson, for your very, very in-depth address to the shareholder. Each year I listen to you and I truly salute your ethical approach to prepare your annual letter to the shareholder. It is very, very informative. Thank you from a retail point of view. Sir we have 2 iconic plants in India which are world class. We have Rosa, we have Sasan plant, and now we are entering into renewable energy to balance out both things and in that case, we will be granted some schemes from the Government of India because our honorable respected PM

Mr. Narendra Modi ji is very, very focused on renewable energy, and this is a proactive approach by the management which I welcome honestly. B, due respect to my earlier speaker, it was a healthy Q&A, Sir. I don't repeat them just for the sake of it, but yes, I have great faith in your ability, your dedication, your devotion, your focused approach to bring sustainable value creation for a retail investor like me. I put my hard-earned money into the company at different intervals, and I have great faith that yes, the future will be ours and our investment is multifold in the coming years. Sir, one more thing which I love to address here is the litmus test of any listed entity is decided by the communication between the company and this retail investor and what I experienced myself, Sir, even during the course of the year, if I have any update, I just mail them and our respected Company Secretary and their entire team— I think they are the biggest, biggest asset. I repeat my phrase, biggest asset. I'll get the prompt reply that truly, truly boosts my morale as far as my investment in the company is concerned, Sir it was always a red carpet welcome with our queries and updates, and that's something which is delightful for a retail investor like me. At the end, Sir, I just pray to God that he will bless you with all the positivity so that you will keep the momentum of focused approach, create jobs for

Make in India, and create sustainable value creation for a retail investor like me. Thank you very much for this opportunity. जय िहंद, Sir. जय िहंद।

Mr. Neeraj Parakh

Thank you, Sir.

Moderator

Our next speaker is Mr. Nandkishor Kashikar and before he speaks, I would like to announce the names of the next set of five speaker shareholders: Mr. Santosh Kumar Saraf, then Suresh Chand Jain, Mr. Bharti Saraf, Dinesh Gopaldas Bhatia, and Lekha Satish Shah.

Now inviting Nandkishor Kashikar. Sorry.

Mr. Nandkishor Kashikar

हाँ, I am audible.

Moderator

Yes Sir.

Reliance Power Limited

AGM Transcript

Mr. Neeraj Parakh

Yes Sir.

Mr. Nandkishor Kashikar

हाँ। Reliance Power के 32nd General Body म(cid:336) हम सब लोग उप(cid:304)(cid:725)त

ह(cid:339)। म(cid:339) देख पा रहा (cid:353)ँ हमारे सामने हमारे company के Board of Directors, Neeraj Parakh ji, Ashok

Gupta ji. लेिकन हमारे सब के पीछे जो power है, this is Reliance Power's Annual General Body meeting, but our power is the Dhirubhai Ambani's legacy, Anil Bhai's vision, and blessings of them. We, the shareholders, and the expert, world-renowned Directors with so much experience, knowledge, we salute you. म(cid:339) ये कहना चा(cid:353)ँगा, ब(cid:352)त कु छ सब लोग Annual Report से

बोल रहे ह(cid:339)। म(cid:339) Ramandeep Madam सािहबा और उनकी team का िदल से शुि(cid:354)या अदा करता (cid:353)ँ िक सटीक

तौर पे सभी information Annual Report म(cid:336) दी गई है। Chairman साहब ने भी उसे बखूबी बोला, मेरे बाकी

के fellow shareholders, वो भी डट के कई सालो ंसे company के साथ है और रह(cid:336)गे। म(cid:339) बस यही क(cid:353)ँगा, अरे

भाई जी, कोई भी चीज हम(cid:336) थका नही ंसकती, कोई भी चीज हम(cid:336) थका नही ं सकती, (cid:400)ोिंक हमारे साथ है वो power, वो श(cid:304)(cid:389), Dhirubhai Ambani जी की, Anil Bhai Ambani जी की, और सभी management से लेके

हर उस employee की। इसिलए हम लोग ये कह सकते ह(cid:339) िक जुनून है जीतने का, हार कभी हो नही ंसके गी।

जुनून है जीतने का, हार कभी हो नही ंसकती, power से हम आगे बढ़(cid:336)गे, उस उ(cid:517)ुंग मंिजल को हािसल कर(cid:336)गे।

Now coming to the points of the 25th and 26th, first of all, I would like to congratulate you for reducing the debt from ₹341 crores. लेिकन जो जुनून, जो िवचार है, उसके ऊपर हम आपको salute

करते ह(cid:339)। Now, कु छ सालो ंस ेहम लोग thermal energy के साथ renewable energy, involvement friendly

म(cid:336) new opportunities तलाश कर रहे ह(cid:339), explore कर रहे ह(cid:339)। लेिकन उसम(cid:336) important जो है, solar battery storage के बारे म(cid:336) जो हमने कदम उठाए ह(cid:339), वो green energy projects ये सब important steps ह(cid:339)। हम

एक ही चीज पूछना चाहते ह(cid:339), सभी लोगो ं ने बातचीत की, we have world-class project of Sasan and

Rosa. But these coal-based projects and now with this aim and our working in the field of renewable energy, involving energy, wind energy and all that thing, what is our strategy, Sir? I would like to know in our coming 10 to 15 years. I would like to ask whether that is going to cost us, what is our long-term strategy for it, and what is our action plan? Well, I have seen in the Annual Report the internal financial control system, human resource, CRS health safety and risk management other things. Instead of pointing out the points from the Annual Report, we would like to know from the Board of Directors, Chairman Sir, how you are going to get the progress. नही,ं हमारा पूरा अटूट िव(cid:695)ास है। लेिकन आप गलत कै से कर(cid:336)गे उस ऊचाइयो ं को छू ने के िलए.

What is your action plan? What is your vision? कै से करना चाह(cid:336)गे, ये िसफ(cid:330) जानने म(cid:336) हम(cid:336) interest है।

बाकी कै से करना, ये आप बखूबी जानते हो। और आप करोगे, ये िव(cid:695)ास पूरे shareholders को, employees

को, नही-ंनही,ं पूरे India को और world को है। िक Anil Bhai ji के माग(cid:330)दश(cid:330)न म(cid:336) और आप जैसे ब(cid:352)त ही सुलझे

(cid:352)ए Board of Directors म(cid:336) ये (cid:407)मता है, ये ability है िक आप नई ऊं चाई को छू ओगे। और जैसे एक हमारे shareholders, हम लोगो ं को dividend कब िमलेगा वगैरह। हम उसम(cid:336) तो इ(cid:453)ा तो है, पैसे वगैरह। लेिकन

Reliance Power Limited

AGM Transcript

हमारा अटूट (cid:303)र(cid:689)ा है। आप आगे बिढ़ए, हम लोग कई सालो ंसे साथ ह(cid:339)। और आगे भी साथ रह(cid:336)गे। And we'll definitely get the rewards for our money invested in shares. But the faith which we have invested in you, that is more important and for India's energy requirement, we are doing India first, Reliance first, our Board of Directors first. We salute you, Ramandeep Madam सािहबा,

Chairman sahab and all the Board of Directors. I will not take all the people's names. Because

हमारे पीछे जो फोटो िदख रही है न, Dhirubhai Ambani ji, वो legacy है। And I only say with one thing,

हम(cid:336) बताइए िक आपका action plan (cid:400)ा है आज के involvement म(cid:336)। िसफ(cid:330) coal-based energy का नही,ं

बाकी wind और इसके बारे म(cid:336) आप आगे कै से करना चाहते हो। यही कहते (cid:352)ए म(cid:339) आपको शुभकामनाएं देता (cid:353)ँ।

और मेरे दो मन की जो मनोगत है, उसे (cid:681)(cid:389) करते (cid:352)ए ध(cid:586)वाद कहता (cid:353)ँ। जय िहंद, जय महारा(cid:700)्।

Mr. Neeraj Parakh

Thank you.

Moderator

Our next speaker is Mr. Santosh Kumar Saraf. May I request Mr. Santosh Kumar

Saraf to kindly unmute and speak?

Mr. Santosh Kumar Saraf

Hello?

Moderator

Yes, Sir.

Mr. Santosh Kumar Saraf

माननीय अ(cid:559)(cid:407) जी, उप(cid:304)(cid:725)त िनदेशक मंडल के सद(cid:735) गण अिधकारी गण

और कम(cid:330)चारी गण, म(cid:339) संतोष कु मार सराफ, कोलकाता से, आप सभी को राम-राम करता (cid:353)ँ। आशा करता (cid:353)ँ, सब

अ(cid:453)े (cid:738)ा(cid:726) म(cid:336) होगं े। Sir, आपने अपने व(cid:389)(cid:681) म(cid:336) Madam और आप ने, Neeraj जी ने काफी कु छ बताया है,

और काफी कु छ company के बारे म(cid:336) बताया है। मेरे तीन (cid:366)(cid:690) ह(cid:339)। एक तो capital allocation के बारे म(cid:336), company QIP और FPO (cid:554)ारा दूसरी यो(cid:438) security के ज(cid:303)रए ₹6,000 करोड़ तक जुटाने की मंजूरी मांग रही

है, जबिक Financial 2025-26 के Consolidated Financial Statement म(cid:336) audit qualification है। (cid:400)ा management साब लोगो ं को बता सकता है िक ₹6,000 करोड़ (cid:348)पया इ(cid:721)ेमाल कै से िकया जाएगा?

Consolidated debt और finance cost म(cid:336) िकतनी कमी लाने का ल(cid:409) है? और अगले दो-तीन सालो ं म(cid:336) इस fundraising के Shareholders को capital म(cid:336) िकतना return और कमाई म(cid:336) बढ़ोतरी की उ(cid:643)ीद करनी

चािहए? साथ ही कं पनी का यह प(cid:383)ा करने का उपाय (cid:400)ा कर(cid:336)गे, िक fundraising से (cid:366)ित share value म(cid:336)

बढ़ोतरी के िबना shareholder म(cid:336) कोई कमी नही ंआएगी। दूसरा (cid:366)(cid:690) मेरा audit qualification के बारे म(cid:336), (cid:400)ा management उस मामले को सही (cid:366)कृ ित और िव(cid:517)ीय असर के बारे म(cid:336) म(cid:336) बता सकता है, िजसकी वजह से consolidated audit qualification (cid:352)आ है? (cid:400)ा वो shareholders के इनके समाधान के िलए समय सीमा दे

सकते ह(cid:339)? दूसरा governance के कारण तीसरा (cid:366)(cid:690) मेरा, कं पनी ने Financial Year 26 के दौरान Forensic

Audit शु(cid:349) करने की जानकारी दी है। िकसी चल रही (cid:366)िति(cid:354)या पर असर डाले िबना, (cid:400)ा management ये

साफ कर सकता है िक उस समी(cid:407)ा से िनकला कोई अहम िव(cid:517)ीय असर, संभािवत देनदारी, वसूली से जुड़ी

Reliance Power Limited

AGM Transcript

सम(cid:735)ा के संबंिधत प(cid:407) से जुड़ा जो(cid:304)खम, आज 26 के account म(cid:336) दज(cid:330) या घोिषत िकया जाएगा, या नही?ं

Shareholders कब तक इसके पूरा होने की उ(cid:643)ीद कर सकते ह(cid:339)? ये मेरे तीन (cid:366)(cid:690) ह(cid:339)। और अ(cid:453)े भिव(cid:712) की

कामना तो म(cid:339) काफी सालो ंसे कर रहा (cid:353)ँ। पता नही ंवो अ(cid:453)ा भिव(cid:712) हम(cid:336) कब िमलेगा। जब से IPO आया तब से

IPO म(cid:336) रहे हम। पर कभी capital िमली नही ंहम(cid:336)। पता नही ं(cid:400)ा भगवान का नसीब है। धी(cid:349)भाई का नाम बदनाम

हो रहा है। जहां एक भाई उनका कर रहे ह(cid:339), एक भाई नीच े कर रहे ह(cid:339)। म(cid:339) भगवान से (cid:366)ाथ(cid:330)ना करता (cid:353)ँ िक छोटे

भाई को भी ऊपर उठा दे मौला, िजससे हम(cid:336) हमारी valuation िमले। म(cid:339) आपके Financial Year 2026-27 की

शुभकामनाएं, Madam और Neeraj जी और Arup जी को। आशा करता (cid:353)ँ 2026-27 म(cid:336) कु छ progress होगे,

कु छ हमारी valuation बढ़ेगी, और इस समय जो झमेले चल रहा है, वो भी भगवान के दया से कु छ कम होगं े।

और छोटे भाई को बड़े भाई के बराबर तो नही ं लाएंगे, but कु छ ऊं चा दे, तो भगवान से (cid:366)ाथ(cid:330)ना है। और म(cid:339) moderator आभार (cid:366)कट करते (cid:352)ए अपना व(cid:389)(cid:681) समा(cid:593) करता (cid:353)ँ। एक मेरे साथ म(cid:336) Bharti Saraf ने join

करने की request िकया था, वो अभी join नही ंकर सकी (cid:400)ोिंक अभी दोपहर के time म(cid:336) खाने म(cid:336) लगी (cid:352)ई है।

तो उनका भी note कर लीिजएगा। उ(cid:590)ोनं े भी आपके अ(cid:453)े भिव(cid:712) की कामना की है। अिनल भाई के उ(cid:580)ित म(cid:336)

कामना कर रहे ह(cid:339) िक एक जमाने म(cid:336) अिनल भाई कहाँ से कहाँ थे, और भगवान की (cid:366)ाथ(cid:330)ना, (cid:400)ा छ(cid:361) सह लेगी,

आज कहाँ से कहाँ प(cid:352)ंच गए। उ(cid:590)ोनं े (cid:366)ाथ(cid:330)ना की तो उनका भी नाम इसम(cid:336) note कर िलया। जय िहंदी भारत।

Moderator का आभार (cid:366)कट करते (cid:352)ए आशा करता (cid:353)ँ िक भिव(cid:712) म(cid:336) इसी तरह की moderating हम(cid:336) KFin स े

िमलेगी। जय िहंद। जय भारत, राम राम।

Mr. Neeraj Parakh

Thank you, Sir.

Moderator

Thank you, Sir. The next speaker is Mr. Suresh Chand Jain. Sorry, Sir, we are not getting any input from Mr. Suresh Chand Jain. The last call to Mr. Suresh Chand Jain. The next speaker is Bharti Saraf. She has— he has already communicated that they be treated as a joint. The next speaker is Mr. Dinesh Gopaldas Bhatia. Mr. Dinesh Gopaldas Bhatia. Sorry,

Sir, we are not getting any input from Dinesh ji. Moving to our next speaker, Lekha Satish

Shah.

Ms. Lekha Satish Shah

Hello, am I audible, sir?

Moderator

Yes, Madam, your order.

Ms. Lekha Satish Shah

Yes, thank you, thank you. Respected Chairman, Sir, Board of

Directors, and my fellow members, good afternoon and regards to everyone. Myself, Lekha

Shah, and I'm joining this meeting from Mumbai. At the outset, I would sincerely thank our

Company Secretary, Ramandeep ji, for sending the AGM report well in advance. I found the

AGM Report and was able to see it's really useful with a lot of information. Chairman Sir, we all go through ups and downs in our life. Our company is not facing good times at the moment.

Reliance Power Limited

AGM Transcript

Sure that under your guidance, not company will come out With very good Sir, Chairman Sir,

अभी तो इस बात की आ(cid:686)य(cid:330) बाकी है, अभी तो प(cid:303)रंदे का इ(cid:304)(cid:634)खान बाकी है, अभी-अभी म(cid:339)ने लगा िक समु(cid:363) को

अभी बाकी है। इसका Sir, I support all the resolution before the meeting today. Thank you,

Chairman, Sir.

Moderator

Thank you. The next speaker is Mr. Ramesh Shanker Golla. Mr. Ramesh Shanker

Golla, the last call to Mr. Ramesh Shanker Golla. Sorry, Sir, we are not getting any input from

Ramesh Shanker Golla. Moving to the next speaker. Speaker, Vasudha Vikas Dakwe.

Vasudha ji, the last call to Vasudha ji. Sorry, Sir, we are not getting any input. Moving to the next speaker, Gundluru Reddeppa. Mr. Gundluru Reddeppa. The last call to Mr. Gundluru.

Sorry, Sir, we are not getting any input. Moving to our next speaker, Mr. Yusuf Yunus

Rangwala.

Mr. Yusuf Yunus Rangwala

Sir, आपको आवाज आ रहा है, sir? Very good, good morning, Sir.

Good afternoon, Sir. Good afternoon, sorry, Sir. How are you, Madam? Good afternoon,

Madam.

Moderator

[Inaudible]

Mr. Yusuf Yunus Rangwala

waiting, but I am, Madam, आप को आवाज़ आ रहा है?

Moderator

जी, आ रहा है, बोिलए, बोिलए।

Mr. Yusuf Yunus Rangwala

Hello. उनको हमारे तरफ से wish करना है, Madam. कल 80 साल हो

गए है, Independence Day का. Madam, उनको हमारे तरफ से पहल े wish करना. हम उनको ब(cid:352)त miss

कर रहे ह(cid:339), Madam. आप उनको इस Board पर लेके आइए, Madam. (cid:400)ोिंक उनका होना ही इस Board पे

काफी है, Madam. Reliance Power का ऊपर नीचे स ेजाता है, Madam. ऊपर भी लगती है, कभी नीचे की

लगती है. Market म(cid:336) अपना नाम है, Madam. Ambani, अपना Dhirubhai Ambani की company है,

Madam. उनके बारे म(cid:336) (cid:400)ा कहना, Madam. आपका सब अ(cid:453)ा है, Madam. आपने पूरा हम को explain

कर िदया. और अपना KFin Tech के भी ध(cid:586)वाद देता (cid:353)ँ, Sir. उनकी service है, लाजवाब है, Sir. उनके बारे

म(cid:336) उनकी service, उनके जैसा service provider नही ंहै, Sir. They are very excellent provider. Sir,

इतना एक ही नाराजगी है, Sir वो number नही ं देते, Sir. इतना म(cid:339) हाथ जोड़कर आपको िवनती करता (cid:353)ँ, network कभी भी वालो ंको आप उस पे speaker number बताइए Sir. (cid:400)ोिंक आज Board meetings है,

Sir, उनको मालूम नही ंपड़ता है। इतना मेरे हाथ जोड़कर आपको िवनती करता (cid:353)ँ, Sir, िक KFin Tech वालो ं

का हमारा speaker number बताओ Sir, please Sir. और फू लो ं की खुशबू, किलयो ं की बहार, और KFin

Tech का साथ। Sir, म(cid:339) अभी दूसरा भी company म(cid:336) (cid:353)ँ, Sir, strike म(cid:336), Sir. जरा strike म(cid:336) भी आपका ही

Reliance Power Limited

AGM Transcript company Sir, म(cid:339) उसम(cid:336) भी join करता (cid:353)ँ, ज़रा बॉन का opportunity. Please मेरे तरफ से, Sir. Thank you very much, Sir. फू लो ंकी खुशबू, किलयो ंकी बहार. और Madam, आपका जो भी ग़म है, जो भी आपका दुख

है, Reliance का नाम है, Sir, Madam. आप ऊपर बढ़ते रहो, और साब, आप, हम आपके साथ ह(cid:339), Sir. कभी

भी आपके साथ, हम कभी भी आपके साथ म(cid:336) जुड़े (cid:352)ए ह(cid:339), Sir. We are with you, Sir. आगे बढ़ो, Sir. Thank you very much, Madam.

Mr. Neeraj Parakh

Thank you, thank you. Thank you so much dear shareholders due to paucity of time I would request that if any member who has any further queries or comments, they may submit it via email or by using ask the question button on your screen, and we will accordingly respond we have noted the questions which have been raised by our esteemed shareholders, and I'll try and address the most of them to the extent possible. So thank you so much.

So, the first question which came was on zero liquid discharge, whether that has been established in our power plants or not. So it's a very valid point and a very nice and concerning point which has been raised, and I would like to reaffirm Reliance Power's commitment towards sustainability and environment protection. And yes, we have in place the zero liquid discharge mechanism at Sasan Power Plant. Wastewater generated from plant processes is treated in an effluent treatment plant, which is within the power plant premises, with a capacity of almost 150 meter cube per hour, and it is handling the trade effluent of almost 3,000 kiloliters per day. The treated wastewater is entirely reused within the plant for the purposes of, you know, ash quenching, dust suppression, greenbelt development. So for— so whatever waste is there, ultimately it is all treated, reused, and every effort is being made by the company.

Additionally, we have multiple sewage treatment plants with a capacity of 70 kiloliters per day.

50 kiloliters per day and 1,200 kiloliters per day, collectively handling almost close to 1,400 kiloliters of sewage per day. The treated water from these STPs is used for gardening in the plant surrounding township areas. Water utilized in wet ash disposal is recovered through ash water recovery pumps and reused in a closed-loop system to complete the zero liquid discharge norms. Furthermore, Sasan coal mine features 3 siltation ponds for mine water treatment, a 50-meter cube per hour ETP for treating mine discharge suitable for vehicle and tire wash systems and for water tankers and fogging used in the dust suppression system. 3

Biodigesters with a cumulative capacity of 22.5 KLD are also part of zero liquid discharge implementation. Also, at our Rosa Power Plant, the raw water is sourced from Garrah River utilizing an intake pump house, and through various processes, there also exists the effluent treatment system, and the effluent is treated and reused for the purposes of ash water circulation, horticulture, dust suppression, and everything. So we have completely zero liquid discharge systems at all our power stations.

Reliance Power Limited

AGM Transcript

The second question which came was about the recent regulatory news, and specifically it was sought that what are the findings of the forensic auditor. So presently we have furnished the information as required by the forensic auditors, and presently there are no findings or no reports which have come out. So, and then Reliance Power, the company is cooperating fully, fully with all the agencies, and as and when the development happens, the company shall inform suitably. The next question was, you know, multiple— by multiple esteemed shareholders it came on renewable energy. So for renewable energy, yes, the company is poised for it and we have an existing portfolio of 3.5 gigawatts of solar and 6.5 gigawatt-hours of battery energy storage system. So the company is in quite an advanced stage of discussions with the procurers, with the buyers, and everybody to start the project and the company shall update you as and when the progress is made in each of the projects there was a question regarding a consolidated debt of the company and what's the reduction. So the consolidated debt of the company got reduced by ₹341 crore which included the repayment of borrowings of ₹786 crore and the exchange rate variation impact of almost ₹430 crore. So that's the position which the company has. Also, the question was asked on the

operational performance

how the company performed across various projects. So I would like to mention that both these projects are the flagship projects and serve a very large part of

India. In the case of Sasan, it is serving 14 procurers across seven states. More than 40 crore people are benefited by this particular power. So during the year 2025-26, the company's operating plant set up through its subsidiaries performed very well on various efficiency parameters. Sasan, which operates the 3,960 megawatt Sasan Ultra Mega Power Project, generated 30,092 million units of power during the year, achieving a plant load factor of 87%.

This compares favorably with the all India average for thermal PLF of approximately 60%. So again, at 60% national average, Sasan had been able to perform to the extent of 87%. Sasan is also one of the largest integrated coal-based power plants globally, supported by various mines which are captive to Sasan Power Project. During the year, Sasan coal mine also produced coal of almost 17 million tons and removed overburden of almost 48 bank cubic meters of overburden. Rosa Power, with an installed capacity of 1,200 megawatts, achieved generation of 6,952 million units reflecting the stable performance and with a, with a plant availability of 96.6%. The company's solar PV power project of 40 megawatts generated 46.82 million units, while the solar CSP project of 100 megawatts generated 12.6 million units during the year.

The next question was on, on utilization of the proceeds of QIP and NCDs. So the company would like to mention that the proceeds from QIPs and NCDs are intended to be utilized for augmenting long-term resources, enhancing net worth, supporting growth and expansion, meeting long-term working capital requirements, repayment of debt liabilities, and general

Reliance Power Limited

AGM Transcript corporate purposes. At this stage, no fixed or indicative breakup between debt repayment and growth investment has been prescribed. The actual utilization will be determined by the Board based on the company's requirement and prevailing circumstances. In case of the QIP, utilization towards general corporate purposes will be capped at 25% of the gross proceeds.

Then there was a question on CSR. So I would like to address on CSR that during the year

2025-26, the company and its subsidiaries undertook CSR initiatives primarily across education, healthcare, skill development, rural development, benefiting communities across

Rosa and Sasan power plants. Key initiatives included education and vocational training for children and youth, mobile healthcare and medical camps, women and youth skill development program, livelihood enhancement through self-help groups, and agricultural initiatives, as well as community infrastructure development. And the company remains committed to socioeconomic development of the region along Sasan and Rosa power plant.

There were questions by a few shareholders on, on the dividend. So I would like to mention that as the company has been focusing on strengthening its financial position, reducing debt, and improving the operational performance, at present the Board has not recommended any dividend for the year 2025-26. The company's current priority is to consolidate its financial position and deploy available resources towards its ongoing operations and growth opportunities, particularly in the renewable energy sector. Going forward, the company will continue to review its financial position, cash flows, funding requirements, and growth plans, and the Board will consider dividend distribution in accordance with applicable laws and company's dividend policy as and when appropriate.

Then there was a question on reappointment of Shri Anil Dhirubhai Ambani on the Board of the company, and we are, we are also firmly with the shareholders and we express our gratitude for reposing faith in the leadership of Shri Anil Ambani, and whenever he joins the

Board, same shall be disclosed as per the requirements. There was a question on the coal availability for the power project which is the raw material for the both the flagship power plants, Sasan and Rosa. So the company has adequate coal arrangements in both the projects. In case of Sasan, the company has its own captive coal mine which will serve comfortably all along the power purchase agreement and will be able to meet its obligations to the procurers. So companies do not foresee any challenge as the sufficient coal is available for the life of the power purchase agreement. And also for Rosa Power Project, the company has a fuel supply agreement, which is a long-term fuel supply agreement, and the company does not foresee any challenge. So the company is fully secured as far as the raw material coal is concerned, which is crucial for both these power plants. We had a few questions on the Employee Stock Option. So I would like to mention that the Nomination and Remuneration

Committee, at its meeting held on November 10th, 2025, granted almost 99 lakh stock options

Reliance Power Limited

AGM Transcript to eligible employees of the company and its subsidiaries, which included our teams working all across the power plants, be it Rosa, Sasan, or the PV or CSP plants. Under the Reliance

Employee Stock Option Scheme 2024 at an exercise price of either ₹10 per option or ₹31.35 per option depending on the category of eligible employees. So we were reassured that all employees are covered across the power plants.

There was a specific question on The Rosa and Sasan debt. So I would like to just mention that as on June 30, 2026, the debt position of Sasan Power Limited was approximately ₹7,274 crore, and for Rosa it was approximately ₹2,080 crore. The company continues to focus on reducing debt levels through operational cash flows, efficient financial management, and optimization of its capital structure. The company will continue to evaluate appropriate opportunities for further debt reduction while ensuring adequate funding for its ongoing operations and growth plans. The strategy was sought for how we are going to strategize our long term. So long—. For the long term, the company is committed to have operational excellence for our current portfolio and develop in the renewable energy sector, for which India and company both are poised. Utilization of proceeds I've covered, and consolidated audit qualification timeline to overcome. And for this, the company is already committed and is in process to resolve all the issues with respect to which the qualifications have been given by the auditors. And, the management response is there, and the company is making all efforts to resolve that within a specified time frame.

I think I have covered most of the answers. In case if there is anything which is there, the company would be happy to respond to the shareholders, and we would address each of the queries of the shareholders. Thank you so much for joining the 32nd AGM of Reliance Power.

Moderator

Thank you, Sir.