Shares of Reliance Power and Reliance Infrastructure, part of Anil Ambani's Reliance Group, saw gains of up to 5 percent on October 3 following the group’s expansion into Bhutan to develop solar and hydroelectric energy projects.
By 10:40 am, Reliance Power shares had risen 5 percent to Rs 53.64 on the NSE, while Reliance Infrastructure shares climbed 2.4 percent to Rs 339.80.
The company recently secured two renewable energy projects totaling 1,270 MW, consisting of 500 MW in solar power and 770 MW in hydropower. These projects will be developed in partnership with Druk Holding and Investments, the commercial and investment branch of the Royal Government of Bhutan.
According to the company's statement, the collaboration with Druk Holding focuses on advancing green energy through solar and hydroelectric initiatives, while also exploring new green technologies. To manage this venture in Bhutan, Reliance Group has set up a new entity, Reliance Enterprises.
In related developments, Reliance Power is scheduled to hold a board meeting later today to outline its fundraising plans aimed at expanding its renewable energy portfolio. Meanwhile, Reliance Infrastructure’s board had previously approved raising Rs 3,014.4 crore through a preferential issue of up to 12.56 crore equity shares at a price of Rs 240 each.
