Anil Ambani, brother of the country’s richest man, Mukesh Ambani, continued to sink after the split of Reliance Group. His companies’ performance deteriorated, and they got stuck in a quagmire of debt. With this, Anil Dhirubhai Ambani Group (ADAG), once the shining star of the business world, was on the verge of sinking.
Now, Anil Ambani’s days are about to change. He has received great news from Reliance Power. Reliance Power has become a loan-free company, having recently repaid its loan of Rs 800 crore.
Repair The Entire Loan Of All Banks
Business Standard, quoting sources, has reported that Reliance Power has entered into a debt settlement agreement by repaying the loans of several banks, including IDBI Bank, ICICI Bank, Axis Bank, and DBS, between December 2023 and March 2024. Now, it has become a debt-free company on a standalone basis. Sources said that Reliance Power has repaid all of these banks’ debts.
Money Raised By Selling These Projects
In December 2023, Reliance Power sold the proposed 1,200 MW hydropower plant development rights in Arunachal Pradesh to THDC for Rs 128 crore. 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.
There Are More Than 38 Lakh Retail Investors
Reliance Power has more than 38 lakh retail investors. Its equity base is Rs 4,016 crore. The company’s operating capacity is 5900 MW, including the 3960 MW Sasan Ultra Mega Power Project and the 1200 MW Rosa Thermal Power Plant in Uttar Pradesh. Sasan is the world’s largest integrated coal-based power plant.
Reliance Power Stock Closed With A Jump
Reliance Power stock closed with a gain on Monday. The company’s stock closed at Rs 26.07, up 4.28 per cent. The 52-week high of this stock is Rs 34.35, and the lowest is Rs 13.80. The company’s market cap on Monday was Rs 10,472 crore.
