My dear fellow shareowners,
 
 It gives me great pleasure to share with you the highlights of our
 Company''s performance in the last one year
 
 As many of you might know, our first operating plant, phase-I of the
 1,200 MW, coal based Rosa project located at Shahjahanpur in Uttar
 Pradesh, successfully completed its first year of operation in FY 2011.
 This resulted in the Company earning operating profit for the first
 time in its short history. You will be pleased to know that the plant
 is running successfully at a Plant Load Factor (PLF) of over 90 per
 cent in the last nine months.
 
 At our last Annual General Meeting in September 2010, I had stated that
 we expect to become a 5,000 MW operating company by 2012. I am pleased
 to report that we are on track towards successfully achieving this
 milestone
 
 We expect to commission two of our coal-based projects, namely the 600
 MW Rosa Phase II project, the 600 MW Butibori project at Nagpur,
 Maharashtra, and one unit of the 3,960 MW Sasan Ultra Mega Power
 Project (UMPP) at Singrauli, Madhya Pradesh, by 2012. Besides, we
 shall commission the open cycle phase of India''s largest gas based
 power project, the 2,400 MW project at Samalkot, in the current
 financial year and the combined cycle phase by the next year. This will
 be a record since no gas based power project in India has come up in
 such a short period of time
 
 The year 2010-11 also heralded a new beginning in realizing our
 commitment towards clean, green power. We emerged as a successful
 bidder for a 1 00 MW Solar power project in a competitive bid conducted
 by NTPC Vidyut Vyapar Nigam (NWN) under the auspices of the Jawaharlal
 Nehru National Solar Mission. We have signed the power purchase
 agreement with NWN and commenced developmental work at our site near
 Jaisalmer, Rajasthan. The project will be commissioned in 201 3, Upon
 completion, it will not only rank as India''s largest solar project but
 also as one of the largest solar projects in the world As part of our
 commitment towards the environment, we plan to build all our future
 coal based projects using state-of-the-art super-critical technology.
 Two of our super-critical projects - the 3,960 MW Sasan UMPP and the
 3,960 MW Krishnapatnam UMPP became the world''s largest power generation
 plant to be registered with Clean Development Mechanism Executive Board
 (CDM-EB) of United Nations Framework Convention on Climate Change
 (UNFCCC). The registration with CDM-EB allows the projects to earn
 Certified Emission Reduction (CER) credits.  The projects will generate
 approximately 35 Million CERs for the initial 1 0 years of operation
 
 To complement our fast-track execution of power projects, we also plan
 to develop our coal mines at an accelerated pace With the approval of
 the mine plan of 40 million tonne capacity at our Tilaiya mines, we are
 on track to become India''s largest Integrated power and coal mining
 company in the next five years.  We have also purchased 1 00 per cent
 economic interest in three mines in Indonesia to augment our domestic
 coal resources and move towards self-sufficiency in coal. This is
 particularly important in today''s business environment where shortage of
 fuel has become one of the biggest bottlenecks in the sector, thus
 allowing us to maintain a competitive edge over our rivals
 
 You will be pleased to know that the Company has also started drilling
 work in one of our Coal Bed Methane (CBM) blocks in Sohagpur, Madhya
 Pradesh. We believe that our CBM blocks would produce sufficient gas to
 power a capacity of up to 2,000 MW in the future.
 
 Performance Review
 
 A snapshot of the Company''s consolidated financial performance during
 FY10-11 is provided below for your reference 
 
 Total income of Rs. 1,918.03 crore as compared to Rs. 843.38 crore in the
 previous year.
 
 Net profit ofRs. 760.44 crore as compared to Rs. 683.89 crore in the
 previous year 
 
 Earnings Per Share (EPS) (basic and diluted) of Rs. 2.94 as compared to Rs.
 2.85 in the previous year.
 
 Corporate Governance
 
 RPower has always maintained the best governance standards and
 practices by adopting, as is the norm for all constituent companies of
 the Group, the Reliance Group - Corporate Governance Policies and Code
 of Conduct. These Policies and Code prescribe a set of systems,
 processes and principles, which conform to the highest international
 standards and are reviewed periodically to ensure their continuing
 relevance, effectiveness and responsiveness to the needs of investors,
 both local and global, and all other stakeholders.
 
 Social Commitments
 
 We are developing a large portfolio of projects which require
 substantial use of natural resources such as land, water and minerals.
 We take adequate care in designing our power generation plants in a
 manner that optimizes the utilization of land, thereby bringing down
 the aggregate land requirement and minimizing the potential for
 disruption and displacement of local communities. We are also adopting
 cleaner technologies related to power generation that reduce the
 consumption of fuel and water required for plant operations, thereby
 conserving a precious natural resource and contributing to a greener
 and healthier environment.
 
 Many of the areas in which we are implementing; projects are not very
 well developed and it will always be our mission to contribute towards
 improving the quality of life of the communities living in these areas.
 Indeed, we believe that our success in executing large-scale generation
 projects is critically dependent on following a participatory
 development-oriented approach that strengthens our bond with the local
 population
 
 In order to achieve these objectives, we have made significant outlays
 in healthcare, education and livelihood opportunities for local
 communities
 
 Our Commitment
 
 Our founder, the legendary Shri Dhirubhai Ambani, gave us a simple
 mantra: to aspire to the highest global standards of quality
 efficiency, operational performance and customer care. We remain
 committed to upholding that vision. Dhirubhai exhorted us to think big.
 With your continued support, we will think bigger Indeed not just
 bigger but better, creating ever greater value for all our stakeholders
 
                                               Anil Dhirubhai Ambani
 
                                                            Chairman