The Reliance Group power utility BSES Ltd is to set up two new corporate entities to pursue opportunities in transmission and energy trading sectors, even as the firm's board proposed to change the company's name to Reliance Energy Ltd, reflecting change in management and growth opportunities.

"We intend to set up a separate company Reliance Energy Transmission to tap opportunities in this sector which will contribute to enhance reliability in the power supply to our networks across the country," BSES Chairman Anil Ambani said while addressing the annual general meeting on Monday.

This would also help to balance deficits and surpluses in different regions, he said.

"We will examine opportunities in the conventional and non-conventional energy sectors," he said adding, the future generation strategy would be directed to fulfill our own needs for power generation in different parts of the country.

"The new Electricity Act gives us freedom to trade power both in physical terms and through derivatives and we intend to set up a separate company Reliance Energy Trading for this purpose," Ambani said.

"Worldwide trading in power is a multi-billion dollar business and our entry into this field would enable us to optimise cost of power for our network," he added.

Looking at the immense growth opportunities arising from the Electricity Act, the board has proposed to change the name of BSES to Reliance Energy Ltd, Ambani said.

Ambani said the change in the name would reflect the ownership of the Reliance group, consequent to change in the control and would provide BSES an opportunity to leverage brand equity of Reliance name.

"Our strategy is focussed on integration - from wellhead to wall socket - and pillars of growth strategy are generation, transmission, distribution, trading of power and bundling of services to maximise customer satisfaction," he added.

On the volume of gas in Reliance KG basin, Ambani said Reliance's KG D-6 block currently has estimated gas reserves of over 10 trillion cubic feet.

These reserves are capable of generating up to 15,000 MW of power, about 25 per cent of country's operating capacity, Ambani added.