Anil Ambani: The days of debt-ridden Anil Ambani seem to be improving. It is being told that to settle his debt, he is seen making new deals quickly. Now it is being told that Reliance Power has again made a big deal. JSW Renewable Energy, a unit of JSW Energy, has signed an agreement to acquire Reliance Power’s 45 MW wind power project at Washpet, Maharashtra for Rs 132 crore. Reliance Power said in the information given to the stock market on Friday that JSW Renewable Energy (Coated) Limited is a wholly owned subsidiary of JSW Neo Energy Limited. According to this, Reliance Power has signed a sale agreement with JSW Renewable Energy for Rs 132 crore for the sale of its 45 MW wind power project in Washpet, Maharashtra. According to the Exchange report, this deal is likely to be completed by May 21, 2024.
The project is worth 700 crores
According to company sources, the proceeds from the sale will be used to repay the loan. Reliance Power aims to become a debt free company by the end of this financial year. As of March 31, 2023, the total debt of Reliance Power was about Rs 700 crore. Reliance Power is repaying its outstanding loans with banks. Sources said that in the last three months it has repaid its loans with three banks – DBS Bank, ICICI Bank and Axis Bank. According to media reports, in the last three months it has repaid its loan with three banks – DBS Bank, ICICI Bank and Axis Bank.
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How is the stock performing?
After this information, there was a rise in the shares of Reliance Power in the Indian stock market on Friday. The company’s stock had increased by five percent i.e. Rs 1.25 and reached Rs 26.30. However, in the last five days the company has given a return of 13.26 percent to investors. Whereas, it has given a return of 2.73 percent on monthly basis. In the last six months, an increase of 38.79 percent i.e. Rs 7.35 was seen. Whereas, on annual basis, Reliance Power has proved to be a multi-bagger for investors. It has given a return of 164.32 percent to investors.