Shares of the Anil Ambani-promoted company were up on the news that the company is planning to set up a 1,500-MW gas-based power project overseas and is actively participating in several international tenders for its development.
Citing sources, PTI reported that Reliance Power has submitted competitive bids for gas-based power projects in Kuwait, UAE, and Malaysia as part of its selective global expansion strategy. The company has recently secured two mega power projects in Bhutan – a 500-MW solar project and a 770-MW hydropower project.
Based on the outcome of the ongoing international bids, Reliance Power plans to relocate two 750 MW modules of world-class equipment currently in its possession in India, the report said adding that the proposed project is expected to create significant value in Reliance Power’s balance sheet, as the company aims to realise up to Rs 2,000 crore through the monetisation of these assets.
Reliance Power has also entered into a joint venture with the Bhutan Government’s Druk Holding & Investments (DHI) for the development of a 500-MW solar project and a 770-MW hydropower project in Bhutan. This marks the largest foreign direct investment by an Indian private company in Bhutan’s renewable energy sector.
Also Read: Karnataka Bank shares drop 7% after top management resignationsReliance Power had posted a consolidated net profit of Rs 126 crore in the January-March quarter of FY25 due to lower expenses. The company had reported a loss of Rs 397.56 crore in the quarter ended on March 31, 2024, a regulatory filing showed.Total income dipped to Rs 2,066 crore in the later fourth quarter from Rs 2,193.85 crore in the same period a year ago.
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