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Reliance Power divests holding in Tilaiya UMPP SPV for Rs 113 crore

IANS  |  Mumbai 

has divested its entire holding in Integrated Power Limited (JIPL) to Urja Vikas Nigam Ltd for 112.64 crore, a regulatory filing by the company said here on Thursday.

"The company has transferred its entire holding of 1,49,900 equity shares of 10 each, aggregating to 1,499,000 held in Integrated Power Limited, a special purpose vehicle created for development of Tilaiya UMPP, to Jharkhand Urja Vikas Nigam Limited, the lead procurer, acting on behalf of procurers of Tilaiya UMPP," the regulatory filing said.

According to sources, also got the of Rs 600 crore released from the procurers.

had announced the termination of the power purchase agreement (PPA) of its 3,960 MW Tilaiya Ultra Mega Power Project (UMPP) in district in Jharkhand in April 2015.

Based on tariff-based bidding managed by (PFC), Reliance Power was awarded the Tilaiya UMPP in February 2009. JIPL, the Special Purpose Vehicle (SPV) for implementing the project, was handed over to Reliance Power by PFC in August 2009. JIPL had signed a PPA with 18 power off-takers in 10 states for 25 years.

Reliance Power closed the day's trading at Rs 35.60 per share, up 6.75 per cent in the at 3.48 pm.

--IANS

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(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

First Published: Thu, May 17 2018. 16:00 IST
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