Reliance Power to buy Jaiprakash’s hydro business
Reliance Power will reportedly buy Jaiprakash Power Ventures Limited’s entire hydropower business. The deal, it is said, will make Anil Ambani’s group the largest private hydropower provider in India. Reliance CleanGen Limited, a part of Ambani’s Reliance Group, has signed an exclusive Memorandum of Understanding (MoU) with Jaiprakash to buy three power plants. The hydropower portfolio is valued at around Rs 120 billion and the plants have a total capacity of nearly 1,800 MW. For Reliance, whose business empire includes technology, financial services and media assets, the plants would add to about 5,000 MW of hydropower capacity it is already developing.