by admin | May 25, 2021 | Business, Economy, Finance, Investing, Markets, News, SMEs
Mumbai : Reliance Power has divested its entire holding in Jharkhand Integrated Power Limited (JIPL) to Jharkhand Urja Vikas Nigam Ltd for Rs 112.64 crore, a regulatory filing by the company said here on Wednesday.
“The company has transferred its entire holding of 1,49,900 equity shares of Rs 10 each, aggregating to Rs 14,99,000/- held in Jharkhand Integrated Power Limited, a special purpose vehicle created for development of Tilaiya UMPP, to Jharkhand Urja Vikas Nigam Limited, the lead procurer, acting on behalf of procurers of Tilaiya UMPP,” the regulatory filing said.
According to sources, Reliance Power also got the bank guarantees of Rs 600 crore released from the procurers.
Reliance Power had announced the termination of power purchase agreement (PPA) of its 3,960 MW Tilaiya Ultra Mega Power Project (UMPP) in Hazaribagh district, in Jharkhand in April 2015.
Based on tariff-based bidding managed by Power Finance Corporation (PFC), Reliance Power was awarded the Tilaiya UMPP in February 2009. JIPL, the Special Purpose Vehicle (SPV) for implementing the project, was handed over to Reliance Power by PFC in August 2009. JIPL had signed a PPA with 18 power off-takers in 10 states for 25 years.
Reliance Power was trading at Rs 35.70 per share, up 7.05 per cent in the BSE at 1.40 pm.
—IANS
by admin | May 25, 2021 | Business, Commodity Market, Corporate, Investing, Large Enterprise
Mumbai : Reliance Power on Tuesday said it will look at growth opportunities in the commercial coal mining segment.
“The company will also look at the opportunities in the commercial coal mining,” Reliance Power’s Chairman Anil D. Ambani said while addressing the company’s shareholders at the 23rd annual general meeting (AGM).
According to Ambani, the sector “is undergoing a consolidation phase” and is offering a number of inorganic growth opportunities.
“Company will continue to explore these to accelerate value accretive growth and exploit synergies with the existing portfolio,” Ambani said.
Ambani informed the shareholders that Reliance Power’s 750 MW LNG-based power project in Bangladesh, being implemented with an investment outlay of $1 billion, is expected to achieve financial closure in the current financial year.
Earlier, Reliance Power had signed a MoU with the Bangladesh government to develop a 3,000 MW LNG Power project in Meghnaghat and 500 mmscfd LNG terminal at Qutubdia Island in Bangladesh.
The phase-1 of the project envisages development of a 750 MW power project and 500 mmscfd LNG terminal with an investment outlay of nearly $1 billion which is the largest FDI in Bangladesh.
The phase 1 is expected to achieve commercial operation by March 2020.
—IANS
