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Reliance Power becomes debt-free company on standalone basis, pays all its debts and dues
Reliance Power
Image: X/Reliance Power

Reliance Power becomes debt-free company on standalone basis, pays all its debts and dues

| @indiablooms | 11 Jun 2024, 02:38 pm

Mumbai/IBNS: Reliance Power, a part of Reliance Anil Dhirubhai Ambani Group, has become a debt-free company on a standalone basis clearing all outstanding debts and dues to lenders, reports said.

According to reports, the company had a debt of close to Rs 800 crore, which has been paid back to banks.

Reliance Power signed multiple debt settlement agreements with various banks, including IDBI Bank, ICICI Bank, Axis Bank and DBS between December 2023 and March 2024, and the company has now repaid the entire debt to these banks, following which it has become a debt-free company on a standalone basis.

As per reports, Reliance Power sold the development rights of its proposed 1,200 megawatt hydro-electric project in Arunachal Pradesh to THDC for Rs 128 crore in December 2023, and in March 2024, the company sold its 45 MW wind energy project in Maharashtra's Vashpet to JSW Renewable Energy for a consideration of Rs 132 crore.

Reliance Power reportedly used the proceeds from the sale of these projects to retire debt.

Reliance Power, which has an equity base of Rs 4,016 crore with participation of over 38 lakh retail investors, has an operating capacity of 5900 MW, which includes 3960 MW Sasan ultra mega power project (UMPP), one of the largest integrated coal-based power plants in the world, and 1200 MW Rosa Thermal power plant in Uttar Pradesh.

Following the development, Reliance Power Ltd's shares hit their 10 percent upper price band of Rs 28.67 in Tuesday's (June 11) trade, according to reports.

At this price, the stock slipped 16.54 percent from its 52-week high of Rs 34.35, a level seen earlier this year on April 5, as reported by Business Today.

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