Reliance power signs MoU to acquire hydro power

 Reliance CleanGen Ltd. (RCL), a 100 per cent subsidiary of Reliance Power Ltd., and Jaiprakash Power Ventures Ltd. (JPVL), a subsidiary of Jaiprakash Associates Ltd. (JAL), has announced the signing of an exclusive Memorandum of Understanding (MoU), for the 100 per cent acquisition by RCL of the entire hydroelectric power portfolio of JPVL’s hydroelectric power portfolio has an aggregate capacity  of nearly 1,800 MW, fully in operation, the largest in the private sector in India, and with an asset base of over Rs. 10,000 crore.
JAL intends to utilise the entire proceeds of the proposed transaction to reduce its outstanding debt, and thereby deleverage its consolidated balance sheet.
The completion of the proposed transaction would make Reliance Power the largest provider of hydroelectric power in the private sector in India.
In addition to the assets contemplated to be acquired under the proposed transaction, Reliance Power has hydroelectric power projects aggregating over 5,000 MW under development,  of  which  4,200  MW  are  located  in  Arunachal  Pradesh,  700  MW  in Himachal Pradesh, and 400 MW in Uttarakhand.

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