Reliance Power signed a partnership agreement with JERA, one of the largest power utilities of Japan, for jointly setting up 750 MW gas based combined cycle power project (Phase-1) at Meghnaghat, Bangladesh. Reliance Power will hold 51% stake while JERA will hold 49% stake in the joint venture company. The project will be set up within 36 months of signing the agreements.
The transaction will result in debt reduction for Reliance Power of Rs. 835 crore (USD 116 million) payable to US-Exim.
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