Reliance Group’s back-to-back announcement from infusing funds in domestic companies including Reliance Power and Reliance Infra to setting up a new company, Reliance Enterprise, to support its projects in Bhutan appears to be a new revival gameplan of Anil Ambani
Anil Ambani-owned Reliance Group has entered Bhutan’s renewable energy sector. The company has secured 1270 MW projects comprising 500 MW solar and 770 MW hydro energy. The project will be carried out as a joint venture with the commercial and investment arm of the Royal Government of Bhutan, Druk Holding and Investments.
“The partnership between Reliance Group and Druk Holding will focus on green energy generation, specifically solar and hydropower initiatives, while also exploring innovative green technologies,” the company said in a statement.
The Reliance Group has also set up a new company, Reliance Enterprises, which will carry out the project in Bhutan.
The back-to-back announcement by Anil Ambani-led Reliance Group seems to be part of a broader revival of the conglomerate. Last week, Reliance Power, which became a zero-debt company on a standalone basis, announced to raise funds to expand its renewable energy portfolio. The board is set to have a meeting on October 3 to decide on a roadmap for raising funds.
“...The meeting of the board of directors of the company is scheduled on 3/10/2024 to consider and approve raising of long-term resources from domestic and/or local markets,” the company said in a statement on BSE on September 27.
Prior to this, Reliance Infrastructure announced plans to raise Rs 6,000 crore. Nearly Rs 3,014 crore will be raised through preferential allotment of shares. The proceeds from the issue will be used to finance day-to-day business operations, including investments in subsidiaries and joint ventures. Following the issue, the net worth of reliance Infra will jump from Rs 9,000 crore to Rs 12,000 crore with nil debt.