Shares of Reliance Power soared 5% to a new 52-week high of Rs 53.65, while Reliance Infrastructure experienced a 4% increase, reaching Rs 345.80 on the BSE. This surge followed the announcement of the conglomerate’s entry into Bhutan to develop solar and hydroelectric power projects.
To know more about Reliance Stocks in India, Click Here!
Reliance Group will collaborate with Druk Holding and Investments Ltd. (DHI), the investment arm of the Royal Government of Bhutan, to jointly develop a total of 500 MW of solar and 770 MW of hydropower projects. A new subsidiary named ‘Reliance Enterprises’ will be established, co-promoted by Reliance Infrastructure Ltd. and Reliance Power.
In a press release, Reliance Group emphasized its commitment to enhancing investment in Bhutan’s renewable and green energy sector through this strategic partnership with DHI. The agreement aims to undertake various initiatives in the renewable energy landscape of Bhutan.
Also Read: Vipul Organics Shares Soar 13%, Touches its ATH with 1:3 Rights Issue – Get Details Here
The 500 MW solar plant is planned to be executed in two phases over the next two years, with each phase comprising 250 MW. Additionally, Reliance Power and DHI will collaborate on the 770 MW Chamkharchhu-1 hydro project, which is designated as a run-of-the-river project under a concession model aligned with RGOB policy.
On the previous trading day, Reliance Power shares closed at Rs 51 after a 5% rally, while Reliance Infrastructure shares fell 1% to settle at Rs 332.
