On March 4, 2021, a joint venture (JV) was formed between Reliance Power and Japan-headquartered Jera Co. Inc to build, own, and operate a 745-MW (net output: 718 MW) gas-fired power generation project in Meghnaghat near Dhaka, Bangladesh.
i.As a part of this project, Reliance Power’s wholly-owned subsidiary Samalkot Power has received the approval from the Export Import Bank of the United States (US) to sell one module of equipment to Samsung C&T Corporation of South Korea for Rs 1,540 crore.
- This is because Samsung C&T Corporation is the EPC (Engineering, procurement, and construction) contractor of the project.
- Also with this, Reliance Power is expected to reduce debt by Rs 3,000 crore.
ii.RPower also relocate the equipment from Samalkot to Bangladesh owing to non availability of natural gas for the project.
Recent Related News:
i.On November 20, 2020 The Competition Commission of India (CCI) approved the acquisition of retail and wholesale undertaking and logistics and warehousing undertaking of the Future Group by Reliance Retail Ventures Limited (RRVL) and Reliance Retail and Fashion Lifestyle Limited (RRVL WOS).
ii.The Securities and Exchange Board of India (SEBI) has given approval to the deal between Future Group and Reliance Retail Ventures Ltd(RRVL), where Future group will sell its retail, wholesale, logistics and warehouse businesses to Reliance Retail for Rs 24,713 crore.
About Reliance Power:
Chairman– Anil Ambani
Headquarter– Mumbai, Maharashtra