Tuesday, October 23, 2018
News

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

   SocialTwist Tell-a-Friend    Print this Page   COMMENT

Mumbai | Thursday, 2018 2:45:01 PM IST
Reliance Power has divested its entire holding in Jharkhand Integrated Power Limited (JIPL) to Jharkhand Urja Vikas Nigam Ltd for Rs 112.64 crore, a regulatory filing by the company said here on Wednesday.

"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 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, Reliance Power also got the bank guarantees of Rs 600 crore released from the procurers.

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

Based on tariff-based bidding managed by Power Finance Corporation (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 was trading at Rs 35.70 per share, up 7.05 per cent in the BSE at 1.40 pm.

--IANS ag/vm

( 228 Words)

2018-05-17-14:00:08 (IANS)

 
  LATEST COMMENTS ()
POST YOUR COMMENT
Comments Not Available
 
POST YOUR COMMENT
 
 
TRENDING TOPICS
 
 
CITY NEWS
MORE CITIES
 
 
 
MORE BUSINESS NEWS
Iran vows to abort US sanctions...
India wins Investment Promotion Award...
Saudi Arabia: World's 3rd largest weapon...
Energy stocks, rupee subdue equity indic...
Synechron launches AI Data Science accel...
Nearly 40 lakh tonnes paddy procured in ...
More...
 
INDIA WORLD ASIA
Infant feeding for prevention of mother-...
'Punjab govt covering up Amritsar Train ...
Congress, JD-S campaign for by-elections...
Bengal parties accuse Centre of using CB...
Lucknow: Groom's head tonsured after he ...
5,133 vacant posts in subordinate judici...
More...    
 
 Top Stories
Omar questions J&K Govt's directi... 
Examinations postponed again in Ka... 
Historic Lal Chowk sealed to foil ... 
Train service remains suspended fo... 
Pakistan's economic woes not becaus... 
Hackers took over website for Saudi... 
Canada to halt arms deal with Saudi... 
CIA Chief travels to Turkey over Kh...