BrahMos WORLD INDIA MADHYA PRADESH BHOPAL SPORTS BUSINESS FUN FACTS ENTERTAINMENT LIFESTYLE TRAVEL ART & LITERATURE SCIENCE & TECHNOLOGY HEALTH EDUCATION DIASPORA WTN SPECIAL OPINION & INTERVIEW GOSSIP CORNER RECIPES DRINKS BIG MEMSAAB 2017 BUDGET 2017 FUNNY VIDEOS VIRAL ON WEB PICTURE STORIES Mahakal Ke Darshan
WTN HINDI ABOUT US PRIVACY POLICY SITEMAP CONTACT US
N
W
T
logo
Breaking News

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

Thursday - May 17, 2018 2:00 pm , Category : BUSINESS
Mumbai May 17 (IANS) 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

RELATED NEWS