Reliance Power has exited Tilaiya Ultra Mega Power Project (UMPP) by selling stake for Rs 712.64 crore, which includes Rs 600 crore in bank guarantee.
The Anil Ambani led company completed yesterday the process of divesting its entire holding in Jharkhand Integrated Power Ltd (JIPL), set up to develop Tilaiya UMPP, to Jharkhand Urja Vikas Nigam Ltd (JUVNL) for Rs 112.64 crore, as per a BSE filing today.
According to a source, Reliance Power also got the Bank Guarantees of Rs 600 crore released from the procurers. Thus, he said, the company exited the UMPP for Rs 712.64 crore.
The company said: "The company has transferred its entire holding of 1,49,900 equity shares of Rs 10 each, aggregating to Rs 14,99,000 held in Jharkhand Integrated Power Ltd (JIPL), a special purpose vehicle (SPV) created for development of Tilaiya UMPP, to Jharkhand Urja Vikas Nigam Ltd, the lead procurer, acting on behalf of procurers of Tilaiya UMPP."
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