Anil Ambani
Anil Ambani, brother of the country’s richest man Mukesh Ambani, has been continuously going into the abyss since the division of Reliance Group. The performance of his companies deteriorated, and they got stuck in a quagmire of debt.
With this, Anil Dhirubhai Ambani Group (ADAG), once a shining star of the business world, was on the verge of sinking. Now Anil Ambani’s fortunes are about to change. He has received great news from Reliance Power. Reliance Power has now become a loan free company. The company has recently repaid its loan of Rs 800 crores.
Repaid the entire debt of all banks
Business Standard has reported quoting sources that Reliance Power has entered into a debt settlement agreement between December 2023 and March 2024, repaying the debt of several banks including IDBI Bank, ICICI Bank, Axis Bank and DBS. Now it has become a debt-free company on a standalone basis. Sources said that Reliance Power has repaid the entire debt of all these banks.
Money raised by selling these projects
In December 2023, Reliance Power sold the development rights of a proposed 1,200 MW hydro power plant in Arunachal Pradesh to THDC for Rs 128 crores. Apart from this, in March 2024, the company sold its 45 MW renewable energy project in Washpet, Maharashtra to JSW Renewable Energy for Rs 132 crore. The company has used the money received from the sale of these projects to repay its debt.
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There are more than 38 lakh retail investors
Reliance Power has more than 38 lakh retail investors. The company’s equity base is Rs 4,016 crore. Reliance Power has an operating capacity of 5900MW. This including’s the 3960 MW Sasan Ultra Mega Power Project and the 1200MW Rose Thermal Power Plant in Utter Pradesh. Sasan is the world’s largest integrated coal-based power plant.
Reliance Power shares closed with a jump
Reliance Power’s stock closed with a gain on Monday. The company’s stock closed at Rs 26.07, up 4.28 percent. The 52*week high of this stock is Rs 34.35 and the lowest level is Rs 13.80. The company’s market cap on Monday was Rs 10,472 crore.