2024-10-02 19:29:59 :
(Reuters) – Reliance Group, run by Anil Ambani, said on Wednesday it would jointly develop solar and hydropower projects with the Bhutanese government’s investment arm.
The Indian conglomerate, run by the brother of Asia’s richest man Mukesh Ambani, will set up a new subsidiary owned equally by Mumbai-listed Reliance Power and Reliance Infrastructure .
The subsidiary will develop 500 MW of solar projects and 770 MW of hydropower projects in partnership with Bhutan’s Druk Holding and Investments.
The group did not disclose the amount of investment in these projects.
Reliance Power aims to expand into renewable energy. The power company raised $183 million last week and plans to raise more on Thursday.
The Mumbai-based company said last week it had no debt from banks and financial institutions after paying $461 million in dues to its subsidiaries.
In June, Indian billionaire Gautam Adani’s Port Power Group signed an agreement to build a 570-megawatt green hydropower project in Bhutan.
(1 USD = 83.9370 Indian Rupees)
(Reporting by Nandan Mandayam in Bengaluru; Editing by Leroy Leo)
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