Reliance Energy to bid for British Co.

Mumbai: Reliance Energy Ltd. is set to bid for the global power assets of British power investment company Globeleq by mid-February, a spokesman for the group said on Monday.

He did not give details, but a newspaper quoting unnamed sources said Globeleq, which has operations across 13 countries, aimed to sell stakes totalling about 3,000 megawatts.

The last date for submission of indicative bids is February 16 and a second-round of financial bids will be called once the potential bidders are short-listed, the paper said. Globeleq has appointed Lehman Brothers for the transaction, it added.