Shares of Anil Ambani led- Reliance Group stocks--Reliance Power and Reliance Infrastructure rose upto 5 percent on October 3 after the group's foray in Bhutan to develop solar and hydroelectric power projects.
At 10.40 am, shares of Reliance Power were trading 5 percent higher at Rs 53.64 on the NSE while those of Reliance Infra were up 2.4 percent at Rs 339.80.
The company has successfully secured two projects totalling 1,270 MW of renewable energy, which includes 500 MW of solar energy and 770 MW of hydro energy. The initiative will be undertaken as a joint venture with the commercial and investment arm of the Royal Government of Bhutan, Druk Holding and Investments.
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According to a company statement, the partnership between Reliance Group and Druk Holding aims to prioritise green energy generation, specifically focusing on solar and hydropower initiatives, while also exploring innovative green technologies. To facilitate this project in Bhutan, the Reliance Group has established a new company named Reliance Enterprises.
Meanwhile, the Reliance Power is also due to have a board meeting later today to chart a roadmap its fundraise plans, aimed to enhance its renewable energy portfolio. On the other hand, the board of Reliance Infrastructure also gave its approval to raise Rs 3,014.4 crore through a preferential issue of up to 12.56 crore equity shares at an issue price of Rs 240 apiece, last month.
These back-t0-back announcements by the Anil Ambani-led Reliance Group appear to be part of a larger strategy aimed at reviving the conglomerate.
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