Anil Ambani, brother of Mukesh Ambani, has got a piece of good news regarding his business. One more company of his Reliance Group has prepaid its debt to become debt-free. Reliance Power, a Rs 17433 crore market cap firm, has said its arm Rosa Power Supply Company has prepaid another Rs 485 crore debt to Singapore-based lender Varde Partners and become a zero-debt company. Rosa Power operates a 1,200 MW coal-based thermal power plant in Rosa village near Shahjahanpur, Uttar Pradesh.
In September, Rosa Power had prepaid Rs 833 crore to Varde Partners. Now, with the latest payment, Rosa Power has achieved a zero-debt status, fully settling its outstanding debt by payment of Rs 1,318 crore to Varde ahead of the original schedule, a company statement said.
The strengthening of Rosa Power's balance sheet, along with a recent Rs 1,525 crore equity-linked warrants preferential issue, will support Reliance Power in pursuing business opportunities, in the fast-growing green energy sector, it stated.
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This preferential issue will boost the company's net worth from Rs 11,155 crore to over Rs 12,680 crore. Reliance Power, a part of Reliance Group, is a private sector power generation and coal resources company.
The company has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with a commissioned portfolio of 5,300 megawatts.
(With inputs from PTI)
