Anil Ambani’s megaplan to do this business in foreign, bids for…, shares skyrocket by…

Anil Ambani’s Reliance Power Ltd is planning to set up a 1,500-MW gas-based power project overseas and is actively participating in several international tenders for its development, according to sources.

Sources said, Reliance Power has submitted competitive bids for gas-based power projects in Kuwait, UAE, and Malaysia as part of its selective global expansion strategy.

The company has recently secured two mega power projects in Bhutan – a 500-MW solar project and a 770-MW hydropower project.

Based on the outcome of the ongoing international bids, Reliance Power plans to relocate two 750 MW modules of world-class equipment currently in its possession in India.

Reliance Power Share Climb

Shares of Reliance Power have been consistently performing well. This year, so far, the shares of R Power have registered a growth of up to 60%. In the last five days, there has been a surge of 10%, and in the last six months, the shares have risen by up to 40%. Over the past year, the company’s shares have surged by 140%. Over the last five years, Anil Ambani’s company’s shares have delivered returns of up to 1500%. During this period, its price has climbed from Rs 4.45 to its current levels.

What Is Reliance Power’s Plan?

The proposed project is expected to create significant value in Reliance Power’s balance sheet, as the company aims to realise up to Rs 2,000 crore through the monetisation of these assets.

When contacted, a Reliance Power spokesperson confirmed the company’s participation in global tenders.

Originally, the company had imported three modules of 750 MW world class equipment from General Electric, USA, for a gas-based combined cycle power project, out of which one module was exported to Bangladesh for an LNG based power project in partnership with Japan’s JERA.

Now, Reliance Power intends to deploy the remaining two modules for a similar project at an overseas location.

The demand for gas-based power – widely regarded as a clean energy source – is significantly high in countries such as Kuwait, the UAE, and Malaysia.

(With Inputs From PTI)

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