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RPower inks pact with Japan's JERA to set up Bangladesh power project

Reliance Power said the transaction will result in a debt reduction of Rs 835 cr

Press Trust of India  |  New Delhi 

electricity, power

on Tuesday said it has signed a partnership agreement with Japanese energy major JERA for jointly setting up 750 mega watt (MW) gas-based combined cycle power project (phase-1) at Meghnaghat, Bangladesh.

"will hold 51 per cent stake, while JERA will hold 49 per cent stake in the joint venture company," 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 Chairman Anil D Ambani said.

Shares of Reliance Power were trading 6.48 per cent higher at Rs 3.45 apiece on BSE.   

First Published: Tue, September 03 2019. 10:55 IST