Rel Power acquires 433 MW of generation assets from Rel Infra

Reliance Power (Rel Power) said on Friday that it has acquired 433 MW power generation capacity of Reliance Infrastructure (Rel Infra). Rel Infra operates 220 MW of power generation capacity at Samalkot in Andhra Pradesh, 165 MW in Kerala and 48 MW in Goa.

The committees of directors, as authorised by the respective boards of Rel Infra and Rel Power, on May 27, 2010, have approved the transfer. Rel Power will now have over 1,000 MW operating capacity with present acquisition and 600 MW Phase I of Rosa Power Project in UP. The transfer value of assets would be Rs 1,095 crore based on independent valuation by KPMG.

"These assets are held by subsidiaries of Rel Infra. The entire share capital of these subsidiaries has been agreed to be transferred by Rel Infra to Rel Power to bring entire power generation portfolio under one roof. The transfer of these assets will take place after obtaining the requisite approvals," the company said in a statement to the stock exchanges.