Indian billionaire Anil Ambani's Reliance Energy Ltd. is set to invest Rs. 60,000 crore (US$15 billion) in the next five years to add 15,000 megawatts (MW) to its capacity.

REL is set to grow at an explosive pace with a focus on large-scale generation projects using coal, gas, hydro and other renewable fuels, Ambani said in an address at the company's annual general meeting on Tuesday, July 10.

The company currently has a capacity for about 950 MW.

India needs to spend $149 billion to boost power generation and upgrade transmission and distribution networks, Indian Prime Minister Manmohan Singh said on May 28.

Power availability in India, which falls 13 percent short during peak hours, is a key area of concern, the prime minister said.

Asia's fourth-largest economy needs more power to achieve economic growth of 9 percent to 10 percent annually, Singh said.

Electricity shortages cause blackouts in most of India, forcing manufacturers such as Bajaj Auto Ltd., the nation's second-biggest motorcycle maker, to have their own power plants, raising production costs.