Anil Ambani’s company Reliance Power The stock of is witnessing a tremendous rise. On Wednesday, September 18, the stock rose by 5 percent Upper Circuit With this, it reached Rs 32.97 per share. Let us tell you that on August 23, the stock made a 52 week high of Rs 38.07. Since the beginning of this year, the stock has given a return of 37 percent. At the same time, there has been a rise of 73 percent in the last one year. Let us know why the shares of Reliance Power are rising so much?
In fact, the company has informed the exchange that it has settled the debt as a guarantor for power generation company Vidarbha Industries Power Limited (VIPL). This means that the company has repaid a debt of Rs 3,872.04 crore. The company has fulfilled all responsibilities like corporate guarantee, undertaking. This can be called a big success for Reliance Power, because after repaying the entire debt, they can get zero debt status.
Reliance Power has formalized an agreement with Rosa Power Supply Company, VIPL and CFM Asset Reconstruction Private Limited to repay the outstanding loan. Now the company does not have to pay any dues to the bank or any institution. Now all legal actions initiated by and against Reliance Power, including actions taken under the Insolvency and Bankruptcy Code (IBC), have been withdrawn.
Some time ago, Business Today Bazaar told you that Reliance Power has received a big order from the renewable energy sector. The company had informed that it has secured a major battery storage contract of 500 MW/1000 MWh from Solar Energy Corporation of India (SECI). This contract establishes Reliance Power as a major player in one of the world’s largest standalone battery energy storage projects. Reliance Power has come up with a tariff of Rs 3.8 lakh per megawatt per month. This contract marks Reliance Power’s entry into the renewable energy and storage sector in India. Let us tell you that SECI conducted the auction on September 11.
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