Anil Ambani in Mumbai on Tuesday. (PTI)

Mumbai, Sept. 16: Reliance Infrastructure — Anil Ambani’s Rs 9,760-crore company that has focused on creating energy-related assets — is diversifying into the steel sector.

The company, which was earlier known as Reliance Energy Ltd, has recently signed a memorandum of understanding with China Metallurgical Group Corporation to undertake engineering, procurement and construction (EPC) projects in the steel sector.

An EPC contractor builds projects for another entity.

Until now, Reliance Infrastructure has concentrated on the power sector where it has orders worth Rs 8,500 crore for turnkey projects. The company is also executing a power transmission project for the western grid at an investment of Rs 2,250 crore.

“At present, all the projects being implemented by the EPC group are in the power sector. But we are rapidly building competence in other infrastructure sectors such as steel plant, monorail projects, and airports,” Anil Ambani told shareholders at the company’s 79th annual general meeting in Mumbai today.

“We are looking at a revenue of Rs 15,000 crore by the end of 2009 from the EPC business in steel,” a Reliance Infrastructure official said.