AGM transcript 17092025

Reliance Power Limited

31st Annual General Meeting

Friday, August 08, 2025

Reliance Power Limited

AGM Transcript

Moderator -

Good Noon, ladies and gentlemen. The quorum is present. Handing over the proceeding to the Chair. Thank you. Over to you.

Mrs. Ramandeep Kaur -

Yeah. Good afternoon, everyone. So, it's 12 noon and it is the time to start our Annual General

Meeting. A warm welcome to each of you as we convene the 31st Annual General Meeting of our Company. On behalf of the Board of Directors of the Company, I request Shri Neeraj

Parakh, Executive Director and Chief Executive Officer of our Company to Chair today's meeting.

Mr. Neeraj Parakh -

Thank you, very good afternoon to everyone. Dear members, I extend a warm welcome to you all to the 31st Annual General Meeting of our Company. I confirm the requisite quorum is present and I hereby call this meeting to order. Joining me from the Board are Dr. Thomas

Mathew, Shri Ashok Pal, Shri Sachin Mohapatra, Shri Harmanjit Singh Nagi through video conferencing; Dr. Vijayalakshmy Gupta through video conferencing; Dr. Shri Ashok

Ramaswamy through video conferencing and Shri Vijay Kumar Sharma through video conferencing. Key Managerial Personnel, Statutory Auditors, Cost Auditors and Secretarial

Auditors are also in attendance today.

This meeting is being conducted through audio-visual means in accordance with the provisions of the Companies Act, 2013 and the circulars issued by the Ministry of Corporate

Affairs and Securities and Exchange Board of India. Please note that for this meeting, provisions regarding the appointment of proxies are not applicable. All registers, documents and records required by the law are available for inspection. The Notice of Annual General

Meeting along with Annual Report for the Financial Year 2024-25 has been duly circulated via e-mail in compliance with MCA and SEBI circulars. A communication has also been sent to such members who have not registered their e-mail ID's providing the link to access the Annual

Report. The Annual Report is accessible on the Company's website, Stock Exchanges and our Registrar and Share Transfer Agent, K Fin Technologies Limited. Detailed instructions for attending the AGM and e-voting procedures are provided in the Notice.

The Company has facilitated remote e-voting for its members from 10:00 A.M. on Monday,

August 4, 2025 to 5:00 P.M. on Thursday, August 7th, 2025. The voting is now again open for the members who are present in this meeting and who did not cast their vote earlier. This voting shall close 15 minutes after transacting all the businesses. Resolutions as per the

Notice convening this AGM have already been put to vote through remote e-voting. Therefore,

Reliance Power Limited

AGM Transcript there is no need to propose or second these resolutions during the meeting. The Board has appointed Shri Anil Lohia and in his absence Shri Khushit Jain, Partner of M/s. Dayal and

Lohia, Chartered Accountants, as the Scrutinizer to scrutinize the e-voting process. The results of the voting will be declared and uploaded on the Company's websites, Stock Exchanges and

KFinTech’s platform within two working days of the conclusion of this AGM.

Dear members, Good Afternoon. It is a privilege to address you at the close of what has been a defining year for Reliance Power. The financial year 2024-25 was a year of purposeful progress. Every step we took aligned with our mission to deliver reliable, efficient and clean energy to India. The energy sector is evolving rapidly, driven by demand and sustainability.

This is a pivotal moment for India and also for us. We are proud to play our part. Our strategy balances robust thermal operations with a decisive shift towards renewable energy. A key highlight this year, we are now debt-free on a standalone basis. This strengthens our Balance

Sheet and unlocks future growth. We also monetized our 45 MegaWatt (MW) wind asset at

Vashpet and resolved legacy issues at Vidarbha, ensuring capital is focused where it matters the most.

Operationally, our assets delivered exceptional results. Sasan Ultra Mega Power project achieved a PLF of over 90%, while Rosa Power reported more than 96% availability. We are scaling clean energy through Reliance NU Energies and also expanding our geographical footprint into Bhutan in the clean energy sector. Sustainability is at the heart of our growth.

Our investments reflect a commitment to responsible, forward-looking energy solutions.

Dear stakeholders, thank you for your trust powers and our ambition is powered by the combined push by the shareholders. Together, we will lead the next chapter of clean, reliable and inclusive energy for India. Thank you very much. Now invite the members to seek clarification, if any, and offer their comments. I can kindly request members to confine their comments to 3 minutes and to the business items outlined in the Notice. Request to refrain from repeating points raised by other members.

Moderator -

Thank you. This is your moderator Praveen Chaturvedi from K Fin Technologies Limited. I would like to invite all the speaker shareholders one by one. Request all other speaker shareholders to kindly mute and wait for their turn. The first speaker is Mr. Nandakishore

Shankarrao Kashikar. May I request Mr. Nandkishore to kindly unmute yourself and speak.

Mr. Nandkishore Shankarrao Kashikar - In today's meeting, Mr. Neeraj Parakh साहिब

Mr. Neeraj Parakh - Yes, sir.

Reliance Power Limited

AGM Transcript

Mr. Nandkishore Shankarrao Kashikar - અને પછી Mathew Thomas Saheb, Ramandeep

Kaur Madamji जी, Sachin Mohapatra. Madam साहिबा, બધાને એકજ વર્ડ છે, જ ેટ્રેડર્શન છે Reliance

Power નુ, ડવઝનરી Dhirubhai Ambani નુ, વારસો લઇને Anil Bhai અને તમે બધાજ અને બધુું મેનજે મન્ેટ્,

जो एनजी जो पवर िमारे कंपनी को भारत के renewable energy, thermal energy, wind energy में जो

नए नए मुकाम िाससल कर रिे िो, अब ससर्फ पान इंडिया नि ं अभी भूटान में भी पिुुँच पिुंच रिे िो।

एसिया का सबसे बडा, उनकी पूर जरूरत भूटान की पूर करने वाले भारत के ववकास में अपना योगदान देने वाले can I say with the reference to the Annual Report of 2024-25, a turning point for Reliance

Power year.

Renewable, Resilience, unlocking the new opportunities of success with an operating portfolio of 5,305 MW, the 2.5 GWP solar energy, 2.5 GW/HR battery energy storage system, streaming pipeline, CSR expenditure tuning to ₹938.90 lakhs total income of ₹8,25,704 lakhs. Excellent.

Only word यि कि सकते िैं कक बेितर न काम िै। लेककन अपेक्षा तो उनि ं से की जाती िै, जो कर सकते िैं,

जजनका नाम िोता िै। आप गलै ोप तो कर रिे िो, नई ऊुँचाइयां तो छू रिे िो। लेककन जो गोल िमारे Anil Bhaiji

का या Reliance के ट्रेिीिन का िै, वि आप कैसे अचीव करने वाले िैं? इसके बारे मैं जानना चािूंगा।

Sasan, Rosa इसके डिटेल्स मैं बाकी लोगों के सलए छोडता िूुँ, के जो उसके कर्गसफ के बारे में। पर लेककन एक

जनरल, क्योंकक िुरुआत मैं कर रिा िूुँ, तो मैं ि सब पॉइंट लूंगा तो ऐसा नि ं लगेगा। तो इसके सलए मैं किता िूं

Sasan, Rosa उसके बारे में आप उसकी जो एक्सीलेंट परर्ॉमेंस िै, लकेकन जो ररनयूएबल एनजी िै, जैसे वविं

िै, एस्पेिल जो अपने सोलर पैनल्स के बारे में और एक्स्ट्रा जो नए र्ील््स, नए एररया िैं, के उसमें अपने नया

ववज़न, नए गोल्स क्या िैं और उसका एक्िन प्लान क्या िै? इसके बारे में थोडा सा अगर वववरण दें, तो मैं

आपका िुक्रगुजार रिूंगा। इतने किते िुए मैं to keep myself restrained, I will say thank you very much. Jai Hind. Jai Maharashtra.

Mr. Neeraj Parakh - Thank you, sir. Thank you.

Moderator - Thank you, sir. Our next speaker is Mr. Praveen Kumar Rai. May I request Mr.

Praveen Kumar Rai to kindly unmute yourself and speak? Unmute yourself, Mr. Praveen. Mr.

Praveen, please unmute yourself.

Mr. Praveen Kumar Rai - Yeah, am I audible?

Reliance Power Limited

AGM Transcript

Moderator - Yes, sir, you're audible and we can see you too.

Mr. Praveen Kumar Rai - Yeah. Good afternoon, the entire Board and the Chairman Sir and my fellow members, shareholders. Thank you for giving me this opportunity to speak in the

AGM, because I wait for the entire year to convey my regards and concerns also.

So, first of all, I should congratulate our entire R Power team, for as per my assessment, for their tremendous achievement of this year. And no doubt the first one is, I have seen that page in the Annual Report that our Company has released the pledge shares of Rosa Power plant of approximately 29.97% from the debtor. So, it's a milestone, and really, I congratulate the entire Board for that.

And second one, I have seen that it's a great news also for our shareholders, and the congratulations for the Board that we have almost overtaken our defunct Dhirubhai Ambani

Green Tech Park Limited, previously, formerly it was Coastal Andhra Power Limited, where we were supposed to go for a gas-based power plant. Now, our Company has effortlessly tried with the Government of Andhra Pradesh, and they were successful in convincing them, and we have already taken back our writ petition, and the government has given a proposal to change the entire land use from that gas-based to now power generation project, which will be in Krishnapatnam. Now, that project will be used for the Hydrogen and Ammonia generation project. To set up green hydrogen, green ammonia and integrated Solar PV- based power generation project. It's a good achievement and tremendous news for us, because ultimately it will increase our top line.

So, these are the achievements, but a little bit concern. Sir, my only concern is that our revenue, gross revenue of the Company is almost stagnant from the last five years. And I'm a little bit concerned, and my only concern is that why we are only concentrated on specific geographical locations, like our almost 90% or maybe you can say 92% of our generating projects are only in two states, like Rosa and Sasan. Why are we not expanding our presence in other parts of the country?

As I have said, we have given that particular application to the Government of Andhra Pradesh for that project. So, I have suggestions and a question attached with that also, that when we can, because we have already given the application to the Government of Andhra, when we can expect that change of land user, and when we are planning to start that particular construction of the site?

And a suggestion also, why we are not increasing our presence in other geographical locations in India? And secondly, is our Company planning to start battery, storage, manufacturing and solar panels also? If yes, what is the plan? And after this Rosa release of the pledge, what is

Reliance Power Limited

AGM Transcript the exact outstanding debt of Rosa and Sasan power plant on an individual basis? I want to know the exact quantum or amount.

And second, sir, recently we have seen in the newspaper, a fake bank guarantee issued by some person from Odisha. So, sir, what will be the implication of the case on our Company?

No doubt our Company has filed an FIR on that. Is it possible that our tender, which was allotted to us can be cancelled due to this fake bank guarantee? And if so, what will be the harm in case of wrongdoing by a third party, because that is not our fault? So, if at all, any losses or any action can be taken, please put some light on that also.

And how much stake of the Company is left in the Bangladesh project, which recently, I think

7 or 8 days back, we have seen in the newspaper that it has started operationally. And what was the profit realized after selling the stake to the Japanese company? Because in our Annual

Report on page no. 73, as it is mentioned, the proceeds paid to export, import USA Bank, whatever we have received from them to reduce the debt. But nothing is basically specifically written that how much money we have realized and how much money we have paid. We have only said that whatever we have realized, we have paid it to the US EXIM Bank. So, if it is possible, please quantify it, how much profit or how much we have received?

And what is the timeline for commissioning of our integrated solar and best project and storage facility? And last, sir, there was, it was mentioned that Dadri project arbitration award case, last date of hearing was on 25th of July 2025. And later on, I'm not aware and I've not seen what is the status of that particular arbitration? So, if it is, if any news you have, please elaborate that. What is the status of that arbitration?

And I wholeheartedly support all the resolutions. And thank you for giving me the opportunity and congratulations to the entire team and specifically our CS ma'am. She is very helpful.

Whenever I need any help, she's there, right there to help me.

Thank you, thank you, thank you everyone.

Mr. Neeraj Parakh - Thank you.

Moderator - Thank you, sir. Our next speaker is Mr. Prakash Kothari. May I request Mr.

Prakash Kothari to kindly unmute yourself and speak. Prakash ji, kindly unmute yourself.

Prakash ji, unmute yourself. You're on mute. Prakash ji, unmute yourself. Mr. Prakash ji is not responding. We are moving to the next speaker.

Mr. Prakash Kothari - Hello. Hello.

Moderator- Yeah, yeah, yeah. Please speak. Please speak. Please speak.

Reliance Power Limited

AGM Transcript

Mr. Prakash Kothari - Thank you. Thank you. Here is Prakash Kothari, sir. Thank you very much, sir. Can you hear me?

Moderator - Yes, sir. We can hear you, sir. Thank you.

Mr. Prakash Kothari - Thank you, thank you. Thank you. Jai Hind, Jai Maharashtra. Founder shareholder Prakash Kothari, 73 years from city of 7 islands, Mumbai से बोल रिा िूं।

उद्योग जगत के बेताज़ बादिाि Shri Dhirubhai Ambani को कोहट-कोहट वंदन। Sethani Kokila ji

को वंदन। कंपनी के आठ रत्नों, Board of Directors, Dr. Vijayalakhsmy Gupta, Dr. Ashok

Ramaswamy, Shri Vijay Kumar Sharma, Dr. Thomas Mathew, Shri Harmanjit Singh Negi, Shri

Sachin Mohapatra, Shri Neeraj Parakh, Shri Ashok Kumar Pal को प्रणाम और सैल्यूट। Company

Secretary Smt. Ramandeep Kaur और पूर सक्रेेटेररएट ट म को प्रणाम और सल्ैयूट। Auditors M/s.

Pathak and Associate LLP and Registered Transfer Agent KFin को प्रणाम। KFin को मेर एक

ररक्वेस्ट िै, कक िमारे िेरिोल्िर उमर लायक िो गए िैं, उनकी ससग्नेचर में कभी डिर्रेंस आ जाता िै। उसको

पूर -पूर कॉपोरेट करने की कोसिि कररए और जक्वक सववसफ और अच्छी िोनी चाहिए।

िमारे पास दो प्लांट िैं, सर — रोजा प्लाटं और सासन प्लांट, जो कोल-बस्ेि िैं। मतलब िमें रॉ मटेररयल

पर डिपेंि रिना पडता िै। रॉ मटेररयल का भाव कब बढ़ जाता िै और कब सप्लाई बंद िो जाती िै,

यि िमें मालूम नि ं पडता। ककतन ेभी िमारे एर्र्टफस िों, ट म चािे ककतनी भी अच्छी िो, मगर िमार

कॉजस्टंग बढ़ जाती िै और प्रॉकर्ट अपना कम िो जाता िै।

—

सर, मेर कंपनी स ेएक ररक्वेस्ट िैइतना बडा मैनपॉवर िै, इतना बडा इंटेसलजेंस िै, इतने बडे इंजीननयर

िैं, तो िम हिदंस्ुतान के 30 राज्यों पर ध्यान क्यों नि ंकेंहित करत?े और िम अलग-अलग राज्यों में

कि ंतो इतनी बंजर जमीन पडी िुई िै, जो कौडडयों के दाम में समलती िै, सर। िम भूटान भी जात ेिैं,

और िम बांग्लादेि भी गए थे, लेककन विां war िो गया था, इससलए िमें वि प्लांट बेचना पडा। अपनी

एर्र्टफस अपनी मेिनत सब बेकार गई। अब वि लॉस में बेचा िै कक प्रॉकर्ट में बचे ा िै मुझे पता नि ं

िै।

Reliance Power Limited

AGM Transcript

कंपनी बिुत अच्छा वकफ परर्ॉमेंस कर रि िै, no doubt, मगर देि के अदं र देि के लोगों को वि

सामानय चीज़ चाहिए — िर घर में लाइट चाहिए, िर घर में रोिनी चाहिए। िमारे Dhirubhai Sir न े

जो सपना देखा था, उस े िमार कंपनी पूरा कर सकती िै — िर घर के अंदर रोिनी लाईए। िर आदमी

आपको दआु देगा और Reliance Power will be number 1 Company in India, और लोग आपका example देंगे।

अपनी efforts जन-जन तक जानी चाहिए, सर। मुझे ऐसा लग रिा िै। कम से कम, कम से कम खच फ

के अंदर, ऐसा प्रोिक्ट िो जजसका रॉ प्रोिक्ट की कोई कॉस्ट न लगे। कुदरत न ेिमें जो फ्री में हदया िै,

उसका use करके अगर िम आग ेबढ़ें, तो मुझे लगता िै कक Reliance Power number one in

Asia and number one in the world. मेर यि बात के ऊपर थोडा ध्यान द जजएगा, सर। और

कंपनी के िेयरिोल्िर िोने के नात,े िमेिा आपके साथ िैं और आपका पूरा सपोटफ करूंगा।

और कंपनी न े जो debt free ककया िै, उसमें आप बिुत मेिनत करत े िैं, मगर उसका ररजल्ट

िेयरिोल्िर तक समलना चाहिए, सर। कम से कम खचे में ज़्यादा से ज़्यादा प्रॉकर्ट कैस ेिुआ िै, इस

पर भी थोडा ध्यान द जजए। आप सब बडे िोसियार िैं, बडे िोनिार िैं। और लास्ट में इतना किूंगा,

सर। I, you and we love India. िमारे Ambani Dhirubhai Sir का एक सपना था कक सबसे पिले िमारा

देि आगे बढ़े। उसी को ध्यान में रखते िुए आप आगे बहढ़ए। जय हिदं, जय मिाराष्ट्ट्र, धनयवाद।

Mr. Neeraj Parakh - Thank you.

Moderator - Thank you. Sir, our next speaker, Mr. Praveen Kumar, Mr. Praveen Kumar.

Praveen Kumar has not joined, so we are moving to our next speaker, Mr. Gautam

Kedarprasad Tiwari. Mr. Gautam Kedarprasad ji, kindly unmute yourself and speak. Gautam ji.

Mr. Gautam Kedarprasad Tiwari - Yes, sir.

Moderator - Yes, sir.

Mr. Gautam Kedarprasad Tiwari - I think you can hear me and probably you can see me also.

Moderator - Yes, sir. Yes, sir, Yes, please go ahead.

Reliance Power Limited

AGM Transcript

Mr. Gautam Kedarprasad Tiwari - Thank you. Thank you very much, Sir.

Sir, in fact with good concentration, I have been listening to your speech. In fact, today although we have multiple number of meetings, but your meeting, I was concentrating and listening very carefully, each and every word of it. And I'm glad that you have already given the very good status, a very good picture of the Company as it stands today.

Honorary Chairman Sir, our all learned and dignified dignities on Board our team, our CS

Ramandeep ji and our team, Reliance Power Limited, fellow shareholders, myself Gautam

Tiwari and I'm participating at this meeting from Mumbai.

Dears, in fact, I have been a shareholder of this Reliance group right from day one, right from our daddy, right from generation to generation and from Dhirubhai Ambani’s time we have been here. We have been watching the hard work which has been put for these Reliance companies and the hard work which has been put by even our Anil bhai Ambani also here. So,

I'm very sure the Company in the days to come will certainly prosper.

Sir, one thing which gives me very good relief is that our Company is almost debt-free. It's a very good sign and very good relief. And another thing which gives me good relief is that our

Sasan and Rosa plant power projects where we have really worked very hard and precisely well are doing very, very well. I'm very sure in the days to come, it will give better results again.

As far as Ramandeep के नेतत्ृव में जो सेक्रेटेररएल ट म के सववसफ िै वि बिुत ि अपने आप में लाजवाब िै।

इसके सलए इन सभी लोगों को साईराम और ट म के जो भी मेंबसफ िै सभी लोगों को बिुत-बिुत धनयवाद for their excellent services.

So even the services of our KFin Tech and our supporting RTA team and our moderator is also very good for which I would like to thank each one of them precisely well for their excellent investor service.

Sir, we would like to insist one thing that we would like Anil bhai on Board. Because of his business calibre, his business understanding, his business acumen, expertise, his knowledge, his talent and liaison in the industry. He is a very knowledgeable and talented person who has steered the Company in the beginning very well and very sure in the days to come. He will certainly do whatever is required to be done for the best of the Company's results in future.

And for such a long time we have been waiting for him to join. His abilities to steer the

Company very well on Progressive front speedily is very much visible and very much clear to each one of us. Those who have been connected with the Company, sir.

Reliance Power Limited

AGM Transcript

I would like to know only few, one or two things about the Company. यि िमारा जो सोलर प्रोजक्े ट

िै नंबर वन जो भूटान में भी आ रिा िै उसका आज की तार ख में क्या स्टेटस िै? And secondly, I would like to know Sir, since the Company has experience in thermal power projects and the new projects are in renewable spaces also, I would like to understand our preparedness or Company's preparedness for such entries.

Conclusively, I would like to say, Sir, I support all resolutions as usual and voted favorably for each one of them. Also, we have got unwavering trust, confidence and faith in the Company's management. Therefore, our unconditional and continuous support for the lifetime is always there with the Company. We assure herewith about this and we wish for each member of the

Board and each one who is connected with the Company in some way or the other a very happy, healthy, wealthy, joyous, long, safe life.

I'm very sure in the days to come the Company is going to prosper like anything with the stock price, even the stock market has taken a note of it and time and again they are really giving proper indication about it by escalated stock price. So, I'm very sure in rates to come the

Company will prosper precisely well and do very well.

Once again, I thank all, all the people, all the investor service persons and all the Board of

Directors, all the entire Board of management for their best services they have been offering and very polite and very helpful and cordial and homogeneous services with due respect and care and hospitality are being provided to us. For which we are thankful to all of them. And to you also, Sir, for your best of the guidance and knowledge which you have been given to us, which you have been giving to us always and all the time through your speeches.

Once again, I thank you very much and I thank you very much for the best of the, for patient listening and for the best of the things that you have imparted with us in your speech. Thank you very much.

Mr. Neeraj Parakh - Thank you.

Moderator - Our next speaker is Mr. Anup Kumar Sushil Seth. May I request Mr. Anup Kumar

Sushil Seth to kindly unmute yourself and speak.

Mr. Anup Kumar Sushil Seth - Hello.

Moderator - Yes, sir. You're audible. Please go ahead.

Mr. Anup Kumar Sushil Seth - Can you hear me?

Reliance Power Limited

AGM Transcript

Moderator - Yes, sir. We can hear you. Please go ahead.

Mr. Anup Kumar Sushil Seth - Ok. I think I am not able to join the video. Hello.

Moderator - Yes, sir. You're audible. Yes, sir. Yes, sir, you're audible. Please go ahead.

Mr. Anup Kumar Sushil Seth - Yeah, Good Afternoon. I'm Anup Seth from Bombay, one of your shareholders since the inception of this Company. I'm glad to be addressing this August conference and the Hon’ble Board of this respected Company.

Sir, a lot has been spoken, so not much remains to be elaborated. However, I have some important questions. I have read your Annual Report. On page number 19, you have said that our Reliance NU Energies has secured this 350 MW solar tender, and it is for the first trend of

175 MW out of the 700 MW BESS project. So, what is the timeline of completing the entire project for this particular tender, and what will be our capex, and when will the revenue start flowing it?

Apart from that and this SJVN product, SJVN tender, it is 350 MW solar plus 175 MW other sources. So now, what is the not only the cost involved, what will be the plant load factor, how much production would be given, and when will the break even take place? Because this is a competitive tender.

We also have the Solar Energy Corporation of India and the development of Asia's largest integrated solar project. Now, it is commendable that you are considering the largest solar project in the whole of Asia, and that when would that timeline be to achieve the whole target of the full 930 MW of solar power plus combined 465 MW and 1,860 MW of battery energy?

And where are you going to install these batteries, and what is the success rate? What will be your capex in the first place, and what will be the timeline, and what is the present status of both of these projects?

Thirdly, whether we are considering thermal energy in any way, are you going to opt for opting or filling up tender for thermal energies? Do you have any plans? Because, expertise we have.

So, please elaborate on that.

Sir, our Sasan Ultra Mega Power Plant, we have 6 thermal units there and it is 90% plant load factor. When do you think you will achieve a higher target? In our Dahanu plant, we had more than 99% or 100% plant load factor and it is 3,960 MW. How far can we improve upon that and what is the recovery in terms of our dues? Routinely, when you produce energy, the governments, the respective states do not give us our dues in time. Are our recoveries in line with the tender conditions?

Reliance Power Limited

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Now you have Rosa 1,200 MW and it is 4 thermal units only, okay, and it is 1,200 MW. Now, what is the plant load factor we have achieved in Rosa, and how far is our recovery process from the respective governments on schedule?

Then, coming to the issue of Qualified Institutional Placement, we are proposing to raise

₹6,000 crores in tranches. What are the proposed projections of utilizing those, in which projects, and what is the timeline of implementation of this issuing of the QIPs?

Regarding our debts, Sir, you have issues of warrant also. What is our net debt as of today?

Could you please elaborate?

And what I would like to congratulate you on, apart from the working of the Company is that your Corporate Social Responsibilities that you are spending on is just wonderful. In spite of the odds that we are facing, your team has done good social responsibility fulfilment. So please keep it up, and I wish that you take up more projects which are more profitable, and the recoveries of dues are on time.

With that, I wish you all the best. Good day.

Mr. Neeraj Parakh - Thank you, Sir.

Moderator - Thank you. Our next speaker is Aloysius Peter Mascarenhas. Request Aloysiusj i to kindly unmute yourself and speak?

Mrs. Celestine Elizabeth Mascarenhas - Hello. Hello.

Moderator - Yes, madam. Yes, madam. You are audible.

Mrs. Celestine Elizabeth Mascarenhas - Can I talk? I'm Mrs. CE Mascarenhas, and Aloysius will speak immediately after that. We will be very brief because many have spoken, and I heard all that.

Respected Chairman, other members of the Board, my dear fellow shareholders, I am Mrs.

CE Mascarenhas speaking from Mumbai. I thank the Company Secretary and her team for sending me an e-Annual Report and also registering me as a speaker. And also big, big thank you to the KFin team for giving me this, to interact here.

Our Annual Report is full of information, but very simple, and which is adhering to all the norms of Corporate Governance in spite of a lot of hassles. But even then, we are doing, our

Company is doing how much it can.

Reliance Power Limited

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I can never forget the CSR work which is written, that the previous speaker also talked about, even I endorse his view. So, as the many were spoken, I don't want to talk more, because I will now hear for the answers.

Here, what I do, I will pray, I'll pray for the Company to grow and to come out from all these debts and so that we will become a very, very powerful Company with Anil Ambani as the head. So, I feel that all these problems, we should come out.

With this, thank you very much. I wish you all the entire team very good health as health is wealth and also a very good festive season. Tomorrow is the Raksha Bandhan and afterwards there are so many festivities.

I wish all Jai Hind, Jai Maharashtra, Vande Mataram Thank you, Namaskar. Mr. Aloysius.

Mr. Aloysius Peter Mascarenhas - Hello. Hello.

Moderator - Sir, please go ahead. Please go ahead.

Mr. Aloysius Peter Mascarenhas - Hello. Can I proceed? Can I proceed?

Moderator - Yes, sir. Yes. sir.

Mr. Aloysius Peter Mascarenhas - Respected Chairman Sir, very distinguished members of the Board and my fellow shareholders, good afternoon to you all.

My name is Aloysius Mascarenhas. At the outset, I thank the management, Company

Secretary and the team for sending me the e-Annual Report which I received on time. It is full of information, facts and figures in place.

Our results are better but not good. So, I'm looking forward to good results in the near future under the chairmanship of Mr. Anil Ambani.

Rest, many questions have been asked. I don't want to repeat. We've been told to be brief. I'll be extremely brief. So, I end my speech wishing you personally, all the Board members and more importantly all the employees, all the very best in their days and years to come.

We are in the midst of a festive season. So, I wish each one of you all a very happy festive season.

With this, sir, thank you very much for patient hearing. Good health, good luck and goodbye.

Reliance Power Limited

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Moderator - Thank you, sir.

Moderator - Our next speaker, Mr. Yusuf Yunus Rangwala. May I request Mr. Yusuf Yunus

Rangwala to kindly speak.

Mr. Yusuf Yunus Rangwala - Hello, yes sir. A very good afternoon, Sir. Sir, my name is Yusuf

Rangwala speaking from Mumbai.

Sir, first you mentioned we had a growing Company. We are in a power business. Sir, I would like to know who are the main competition for oor business, for example, Adani, Tata Power and Torrent Power, there are so many others in the same business. What competition are we facing?

Point no. 2. Sir, I am thankful to our Paresh Parakh Sir and his team, especially this is Anil

Ambani Group company. That is a very, very good Company, sir. सर उनकी guidance िै।

Sir, why Anil Ambani isn't seen on the Board, sir? उनको भी आना चाहिए ना सर। वि आएगा तो िमें

बिुत खुिी िोगी, जी सािब। वि हदखेगे तो और भी अच्छा लगेगा, सािब। अभी िो सके तो आप उनिें भी

लाइए सािब बोिफ आर् िायरेक्टर पे, सर। क्योंकक उनको आना चाहिए सर, यि कंपनी का सर आज जो िेयर

60-70 का िै। अगर वि आ गए, तो यि भाव कम से कम ₹500 को टच िोगा सर। अगर उनको आने हदया,

अगर वि आकर आगे बैठेगा बोिफ पर, तो उनके आने से बिुत, बिुत र्ायदा िो जाएगा सर िमारे िेरिोल्िर को

सर। और Reliance Power का िेयर बिुत सी कम्पननयां बोलते िै बाय करने का सर। िमें जानना चािता िै,

सर वि। सर सर आपको मेरा र्ोटो हदख रिा िै सर?

How is your health, sir? सर, प्रॉब्लम िोती िै। अप्स ऐिं िाउनस धंधे में आते िैं, सर। पावर बबकन ेमें, सर,

यि आपके अननल अंबानी साब की कंपनी िै, सर। सर, उनिोंने बिुत अप्स ऐंि िाउनस देखे िैं, और

आज उनकी हिम्मत, और उनकी गाइिेंस, और उनकी कंपनी से लगाव की वजि स ेि यि कंपनी किा ं

से किा ंपिुंच गई िै, सर। एक बार इसका भाव 5-6 रुपए रिता था। आज ₹70 के आसपास का भाव िै, सर।

इतना अच्छा भाव िै, सर। यि हदखाते िै आपके िािवफककिंग और आपकी गाइिेंस से सर और KFintech की जय

िो जय िो जय िो।

Sir, wishing you good luck. र्ूलों की खुिब ू कसलयों के बािर, और Reliance Power का साथ बना

रिे। wishing you good luck, sir. सर, एक सेकंि, सर। म ैं आपके सामने िाथ जोडता िूं। नमस्त,े सर,

Reliance Power Limited

AGM Transcript

नमस्त,े सर। बोि फ ऑर् मेंबस फ Directors को नमस्त,े सर, नमस्त,े सर। मैिम, आपको भी नमस्त,े

मैिम । जय हिदं मैिम। और आपको गणिे , आपको सर रक्षाबंधन का त्यौिार का िुभकामनाएं देता िूं मैिम।

Thank you very much, sir. No more questions, sir. Thank you. जय हिदं ।

Moderator - Thank you. Our next speaker is Mr. Anil Champaklal Parikh. May I request Mr.

Anil Champaklal Parikh to kindly unmute yourself and speak?

Mr. Anil Champaklal Parikh - Hello, am I audible?

Moderator - Yes, sir, you are audible. Please go ahead.

Mr. Anil Champaklal Parikh - Good afternoon to all the Board members, esteemed shareholders and fellow members of the Reliance Power family. It is with great pleasure and pride that I stand before you today at this Annual General Meeting.

On behalf of all the shareholders, I want to express my sincere appreciation and gratitude to the management team and our loving Chairman, Anil Ambani Ji for the exceptional leadership and remarkable performance over the last Fiscal Year. The year gone by was truly a pivotal year of transformation for Reliance Power. We have witnessed a strategic and operational turn around that has not only stabilized the Company but also set it on a robust growth trajectory.

The key highlight of this achievement is toward financial stability. Our management relentlessly focused on delivering has been a game changer. The significant reduction in debt and the achievement of a bank debt free status on a standalone basis is a monumental success that deserves our highest praise. This strategic move has strengthened our Balance

Sheet and significantly improved our financial health, as evidenced by the impressive transition from a net loss last year to a substantial net profit this year, ₹2,947 crore.

Sir, beyond the number, what is most encouraging is the management's forward-looking strategy. Our Company's pivot towards a clean energy portfolio is both timely and essential.

Reliance NU Energies has secured a significant project for a solar and Battery Energy Storage

System, a clear indication of our commitment to India's green energy future.

Also, we are diversifying our portfolio, leveraging our operational assets. Our high performing

Sasan Ultra Mega Power Project, management has demonstrated an ability to adopt and innovate in a dynamic energy landscape. The move to raise capital to fuel future growth is another clear signal that the management is focused on expanding our horizons.

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Chairman, Sir, here I have a question. Rosa and Sasan Power project, what is our capacity expansion and capex plan we have? And is it fully utilized or what? Our debt position of

Reliance Power and its subsidiaries, now what is remaining that I would like to know, and also what steps are being taken by our Company to add value to its shareholders?

Chairman, Sir, I have one specific question that a third party has defrauded us and provided a fake bank guarantee which was further submitted to Solar Energy Corporation of India.

Please elaborate the steps which Company is taking on this issue and how we can take those people who are in this fake bank guarantee can be taken for a ride.

Chairman, Sir, all in all, I congratulate the entire management and employees of Reliance

Power. Thank you for your unwavering dedication and hard work. Your efforts have been instrumental in this extraordinary turn around and extraordinary leadership.

Reliance Power will continue to achieve new milestones and create greater value for all the stakeholders. Hats off to Reliance Family, hats off to Anil Ambani and hats off to these Board of Directors. Thank you very much.

Mr. Neeraj Parakh - Thank you, Sir.

Moderator - Our next speaker is Mr. Dinesh Gopaldas Bhatia. May I request Mr. Dinesh

Gopaldas Bhatia to kindly unmute yourself and speak? Mr. Dinesh Gopaldas Bhatia. Sir, he's not available. So, we are moving to our next speaker, Mr. Bharat Mulchand Shah. May I request Mr. Bharat Mulchand Shah to kindly unmute yourself and speak. Mr. Bharat Mulchand

Shah is not responding. We are moving to our next speaker, Lekha Satish Shah. May I request

Lekha Satish Shah to kindly mute yourself, switch on your camera and speak.

Ms. Lekha Satish Shah - Am I audible, Sir?