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Billionaire Anil Ambani’s Reliance Power Plans IPO

Indian billionaire Anil Ambani’s Reliance Energy Ltd. plans to sell shares in its generating unit for the first time, two bankers familiar with the sale said.Enam Financial Consultants Ltd., JM Financial Ltd., JPMorgan Chase & Co., Kotak Mahindra Capital Co. and UBS AG are among banks that may arrange the sale of shares in Reliance Power Ltd., the bankers said, requesting anonymity before an announcement. Size and timing have yet to be decided, they said.

“We don’t want to comment on speculation,” said Venkatesh Somayaji, the New Delhi-based spokesman for Reliance Energy.

Reliance Energy is India’s best-performing benchmark stock this year on expectations it will benefit from a $100 billion state-backed investment in generation, transmission and distribution of electricity

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