He also announced the company’s initial public offer aimed at raising close to three million dollars — the country’s largest IPO.

“We are hoping that the Singapore Government will allow private partnership in power generation soon. We also want to have a presence in the West Asian countries. Unfortunately, I cannot reveal our exact plans for foreign forays now,” Ambani said.

Replying to a question on his company’s plan to set up power generation unit in Gujarat, Anil said, “We had bid for the ultra mega power project in the state but lost out. We will bid for other power projects in the state.”

“We will also come to Gujarat if the Central or state governments plan disinvestment of any of the mega power projects located in the state,” he added.

Replying to a question on the likelihood of tariff reduction in power, he said, “Electricity tariffs are likely to come down in the country once the power demand is fulfilled. Even if the power distribution losses are brought to 10 or 15 per cent of the present national average of 35 per cent, tariffs will come down.”

“We have to ensure that power tariffs in India are at par with international rates so as to allow our business and service sectors to compete in the global market,” Ambani added.

“What were the tariffs of mobile phones in 2000 and what are they in 2008” he said, indicating that electricity tariffs might come down due to the entry of private players.

Ambani, who had earlier visited the holy shrine of Shreenathji in Rajasthan to pray for the IPO’s success, said: “Ahmedabad is the first place outside Mumbai where I have come to announce the IPO as I have an attachment with the city. I have spent around five years in the city where I learnt the art and science of business from my father Dhirubhai Ambani.” Anil said that out of 70 lakh investors in his group, 20 lakh are residents of Gujarat.

The public offer will open on January 15 and close on January 18. Shares will be sold in a price band of Rs 405 to 450.