Anil Ambani’s Reliance Power receives massive Rs 1320000000 deal amount, completes transfer of…

Anil Ambani is slowly making a strong comeback riding on shares of Reliance Power. Shares of the company owned by the younger brother of India’s richest man Mukesh Ambani, touched the upper circuit several times in the past few weeks. Although Reliance Power shares are currently witnessing a slump, it is still way better than the share price of Rs 1.13 on 27 March 2020. In its latest regulatory filing, Anil Ambani’s Reliance Power has received Rs 132.39 crore from JSW Renewable Energy. As a part of a massive deal, Reliance Power has handed over a 45 MW wind power project in Vashpet, Maharashtra.

JSW Energy has total locked-in generation capacity of 12.5 GW comprising 7.2 GW operational, 2.6 GW under-construction across wind, thermal and hydro and a pipeline of 2.7 GW capacity from SECI (Solar Tranche XIII and Wind Tranche XVI), SJVN and GUVNL. In addition, the company has 3.4 GWh of locked-in energy storage capacity through a battery energy storage system and hydro pumped storage project. 

The massive deal from Anil Ambani’s Reliance Power came after it settled debts owed to ICICI Bank, Axis Bank, and DBS Bank. The lenders jointly had around Rs 400 crore debt and have approximately recovered 30-35% of the principal loans. Anil Ambani’s firm is also reportedly heading towards Rs 2100 crore debt settlement with JC Flowers Asset Reconstruction Company.

Earlier this year, Reliance Power signed an agreement to sell its 1,200 MW Kalai II hydroelectric project in Arunachal Pradesh for Rs 128.39 crore to THDC India.