Adani Power, one of Anil Ambani’s favorite companies, has signed a big deal with a unit of JSW Energy. Under this deal, JSW Energy’s unit will acquire the project of Reliance Power. Let us also tell you what is the whole matter after all. How much will Anil Ambani benefit from this deal?
Anil Ambani’s days are going very well for the last few days. Reliance Power has done the work of bringing these good days. Who is settling her debts quickly. Now Reliance Power has made another deal, which can bring huge benefits to Anil Ambani. In fact, JSW Energy’s unit JSW Renewable Energy has signed an agreement to acquire Reliance Power’s 45 MW wind energy project in Washpet, Maharashtra for Rs 132 crore. Let us also tell you what is the whole deal?
Reliance Power’s big deal
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. This deal is likely to be completed by May 21, 2024.
The money will be used to repay the loan
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.
Reliance Power shares rise
On the other hand, there was a tremendous rise in the shares of Reliance Power on Friday. The company’s shares were seen hitting an upper circuit of 5 percent on Friday. The company’s shares closed at Rs 26.27 throughout the day. In about 10 days the company has given a return of 29 percent to the investors. If experts are to be believed, the company’s stock may soon break its 52-week high. Reliance Power had reached a 52-week high of Rs 33.10 on January 8, due to which the company’s share is now around Rs 7 less.