Anil Ambani’s Reliance signs massive Rs 1320000000 deal, to sell power project to…

Anil Ambani is on the rise again as Reliance Power is making a strong comeback. Firm owned by Mukesh Ambani’s younger brother has been touching new heights on the share market in the past week. Brother of India’s richest man has settled the debt of three major banks and has signed a few major deals in the last few days. Continuing on that path, Anil Ambani’s Reliance has now signed a massive deal of Rs 132 crore with JSW Renewable Energy. Reliance Power is selling a 45 MW wind power project in Maharashtra to JSW Renewable Energy for Rs 1320000000.

As per the reports, Anil Ambani’s wind power project in Vashpet had reported an income of Rs 28.8 crore in FY23 and had a net worth of Rs 30.3 crore. Anil Ambani led Reliance Power will likely use the proceeds of the sale to achieve its target to be debt free by the end of the current financial year. To recall, Reliance Power had a total debt of Rs 700 crore as on March 31. A major chunk of that debt has already been settled by the company.

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.