Another company of Anil Ambani is going to be sold, this time the government is the buyer, know the complete details
New Delhi: Another company of debt-ridden veteran industrialist Anil Ambani is going to be sold. His company Reliance Power has signed an agreement to sell the 1,200 MW Kalai-II Hydroelectric Project in Arunachal Pradesh to THDC India Limited. This deal is worth Rs 128.39 crore. Reliance Power said in its information given to the stock market on Sunday that the purpose of this deal is to raise funds by selling hydroelectric projects. Kalai Power Limited is a subsidiary of Reliance Power. THDC India Limited is a Mini Ratna company owned by NTPC. It was established in 1988. It operates Tehri Hydro Power Complex and many other hydro projects.
According to the information, Arunachal Pradesh Government, Kalai Power Private Limited and THDC India Limited signed the agreement in this regard on December 30, 2023. Under the agreement, the development rights and related physical assets, studies, approvals, designs and intellectual property of the proposed 1,200 MW Kalai-Do Hydroelectric Project located on the Lohit River Basin in Arunachal Pradesh will be transferred to THDC. This deal is worth a total of Rs 128.39 crore which is subject to certain conditions.
From the floor to the floor
Reliance Power was once one of the favorite companies of the stock market. Its IPO in January 2008 received record bids. At that time the price of Reliance Power shares was around Rs 261. According to the report published by Forbes India in 2007, Anil Ambani’s net worth was 45 billion dollars and at that time he was the third richest person in the country. But today his net worth is zero and the share of Reliance Power has come to Rs 24.13. Its 52 week minimum level is Rs 9.05.
