Get Annual plan at only Rs 289. The project will be set up within 36 months of signing the agreements, the company added.
Reliance Power on September 3 said it has signed a partnership agreement with Japanese energy major JERA for jointly setting up 750 megawatt (MW) gas-based combined cycle power project (phase-1) at Meghnaghat, Bangladesh.
"Reliance Power will hold 51 percent stake, while JERA will hold 49 percent stake in the joint venture company," Reliance Power said in a regulatory filing.
Reliance Power said the transaction will result in debt reduction for Reliance Power of Rs 835 crore ($116 million) payable to US-Exim.
The project will be set up within 36 months of signing the agreements, the company added.
"This joint venture project will give a tremendous boost to the economic and industrial growth of Bangladesh and will enhance the energy security of the country with clean, green and reliable LNG-based power," Reliance Group of Companies Chairman Anil D Ambani said.
Shares of Reliance Power were trading 6.48 percent higher at Rs 3.45 apiece on BSE.Subscribe to Moneycontrol Pro and gain access to curated market data, trading recommendations, stock analysis, investment ideas and insights from market gurus. Now, get Moneycontrol PRO for 1 year at Rs 289. Use code FREEDOM.
