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<ul><li>Axis Bank initiated insolvency proceedings for Vidarbha Industries Power. </li><li>The bank has a claim of ₹553 crore against the <keyword id="8566450" type="UNKNOWN" weightage="20" keywordseo="Reliance-Power-arm">Reliance Power arm</keyword>. </li><li><keyword id="6360089" type="COMPANY" weightage="20" keywordseo="reliance-power">Reliance Power</keyword> said that it is engaged with lenders for a suitable resolution outside bankruptcy process. </li></ul>Reliance Power on Tuesday said one of its lenders Axis Bank has initiated insolvency process against its subsidiary Vidarbha Industries Power Ltd for a claim of Rs 553.28 crore.
 "...application for initiation of CIRP (Corporate Insolvency Resolution Process) for Vidarbha Industries Power Ltd, a subsidiary of the company, has been filed by only one of its lender Axis Bank Ltd for a claim of Rs 553.28 crore," Reliance Power said in a regulatory filing.
 It added that the company is engaged with all its lenders to arrive at a suitable resolution outside CIRP.

Anil Ambani's Reliance Power arm slips into bankruptcy

<keyword id="6360089" type="COMPANY" weightage="80" keywordseo="Reliance-Power">Reliance Power</keyword> has invested $3 billion to establish 3,000 megawatt mega power plant in Bangladesh. This will be Bangladesh’s largest foreign investment. It also looks to have a million tonnes floating <keyword id="980348" type="UNKNOWN" weightage="60" keywordseo="LNG-Import-Terminal">LNG import terminal</keyword>. 
 
The company plans to set up the power plant in three years. It will use equipment it had previously contracted for its Samalkot project in Andhra Pradesh 
 The equipment are from <keyword id="114046" type="CITY" weightage="60" keywordseo="General-Electric">General Electric</keyword> (GE), USA and the other global suppliers. 
 <keyword id="6383818" type="ORGANIZATION" weightage="80" keywordseo="Bangladesh-Power-Development-Board">Bangladesh Power Development Board</keyword> (BPDB) will provide land for the power project at appropriate locations. 
 
The FSRU terminal is planned to be set up at Maheshkhali Island in Cox's Bazar, Bangladesh. 
 
(Image credit: Indiatimes)

Reliance Power to propel a whopping $3
billion into Bangladesh Power Plant

Shares of Anil Ambani-led group firms -- <keyword id="20367971" type="General" weightage="20" keywordseo="reliance-home-finance" source="keywords">Reliance Home Finance</keyword> Ltd, <keyword id="6360089" type="General" weightage="20" keywordseo="Reliance-Power" source="Orion">Reliance Power</keyword> and <keyword id="46907" type="General" weightage="20" keywordseo="Reliance-Communications" source="Orion">Reliance Communications</keyword> -- hit their <keyword id="10112182" type="General" weightage="20" keywordseo="lower-circuit-limits" source="Orion">lower circuit limits</keyword> on Monday as investors continued to desert the counters after markets regulator <keyword id="19901201" type="General" weightage="20" keywordseo="Sebi" source="keywords">Sebi</keyword> barred the industrialist and 24 others from the securities market for five years on charges of diversion of funds from <keyword id="19936674" type="General" weightage="20" keywordseo="Reliance" source="keywords">Reliance</keyword> Home Finance Ltd. The stock of Reliance Power dropped 4.99 per cent to hit the lower circuit limit of Rs 32.73 on the BSE. Shares of Reliance Home Finance Ltd tumbled 4.93 per cent to Rs 4.24 -- the lowest trading permissible limit for the day. Reliance Communications dived 4.92 per cent to touch the lower circuit of Rs 2.32. Reliance Infrastructure also declined 2.90 per cent to Rs 205.55. Shares of Reliance Infrastructure, Reliance Home Finance and Reliance Power had slumped on Friday also. Sebi has imposed a penalty of Rs 25 crore on Ambani and restrained him from serving as a director or Key Managerial Personnel (KMP) in any listed company or Sebi-registered entity for five years. Besides, a fine ranging Rs 21 crore to Rs 25 crore has been levied on 24 entities. Also, the regulator barred Reliance Home Finance from the securities market for six months and slapped a fine of Rs 6 lakh on it. After receiving multiple complaints alleging the diversion/siphoning of funds of Reliance Home Finance Ltd, Sebi conducted an investigation for the period of FY 2018-19 to ascertain any regulatory violations. In its probe, Sebi found that <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>, with the help of RHFL's KMPs -- Amit Bapna, Ravindra Sudhalkar and Pinkesh R Shah -- have orchestrated a fraudulent scheme to "siphon off" funds from RHFL by disguising them as loans to entities linked to him. Although the board of directors of RHFL had issued strong directives to stop such lending practices and review corporate loans regularly, the company's management ignored these orders. Sebi, in its 222-page order on Thursday, noted the cavalier approach by the company's management and promoter in approving loans worth hundreds of crores to companies that had little to no assets, cash flow, net worth, or revenue. This suggests a sinister objective behind the 'loans'. The situation becomes even more suspicious when considering that many of these borrowers were closely linked to the promoters of RHFL. Eventually, most of these borrowers failed to repay their loans, causing RHFL to default on its own debt obligations. This led to the company's resolution under the RBI Framework, leaving its public shareholders in a difficult position.

Reliance Home Finance, Reliance Power shares hit lower circuit limits

Once again, land acquisition issue has provided a stumbling block to a power plant in <keyword id="6360371" type="COMPANY" weightage="20" keywordseo="Jharkhand">Jharkhand</keyword>. As per a news report by The Economic Times, Anil Ambani-led <keyword id="6360089" type="COMPANY" weightage="20" keywordseo="Reliance-Power">Reliance Power</keyword> today has terminated the contract for Rs 36,000 crore <keyword id="2827486" type="UNKNOWN" weightage="20" keywordseo="Tilaiya-mega-power-project">Tilaiya mega power project</keyword> in Jharkhand over inordinate delays in land acquisition. 
 The ET report further adds, the firm had, in August 2009, won rights to set up a 3,960 MW power plant at <keyword id="43255" type="CITY" weightage="20" keywordseo="Hazaribagh">Hazaribagh</keyword> in Jharkhand after bidding a levelised tariff of Rs 1.77 per unit . However, it couldn’t start work on the project as the state government had not provided the required land even after more than five years. 
 
JIPL, a special purpose vehicle created for implementing the project, had signed PPA with 18 power off-takers in 10 states for 25 years. The project was based on captive coal blocks for which coal was to be sourced from Kerendari BC coal mine block. 
 
The total land requirement for the project was over 17,000 acres. 
 
According to the statement, there has been a delay of over 5 years in land acquisition by the state government for the power plant, captive coal blocks and related infrastructure. 
 
The company said, in spite of more than 25 review meetings and extensive and continuous follow-ups with the state government, the required land is yet to be made available. 
With the termination of this project, Reliance Power has reduced its future capital expenditure by Rs 36,000 crore and remains financially conservative with a debt equity ratio of 1.5:1, which is one of the lowest in the sector. 
 
(Image: reuters)

Land acquisition issues force Reliance to shut down its Tilaiya power project

<keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="261" meta.entityid="Reliance Group">Reliance Group</keyword> has launched the <keyword id="24017314" type="General" weightage="20" keywordseo="Reliance-Group-Corporate-Centre" source="keywords">Reliance Group Corporate Centre</keyword> (RGCC) as part of its <keyword id="24017313" type="General" weightage="20" keywordseo="2030-growth-strategy" source="keywords">2030 growth strategy</keyword>. "The RGCC will serve as a strategic hub, providing guidance to the Group's companies as they pursue new opportunities and technological advancements," the firm said in a statement. The core team of RGCC will include experienced leaders of the Group -- Sateesh Seth, Punit Garg, and K Raja Gopal. Garg currently leads as CEO of <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords">Reliance Infrastructure</keyword>, while K Raja Gopal has been at the helm of Reliance Power for six years. He has over 27 years experience in the power sector. Other leaders from the Group companies will also be invited to the RGCC. "The establishment of RGCC aims to harness the in-house expertise of these seasoned leaders to support the Group's forward-looking growth initiatives and cultivate a new generation of leadership for future project," the statement said. The RGCC will play a pivotal role in mentoring and developing emerging leaders, blending experience with fresh talent to propel the Group towards sustained growth. A Reliance Group spokesperson highlighted, "We are thrilled to introduce RGCC, a team of seasoned professionals with a broad spectrum expertise. This strategic move aims to steer the Group's future growth by tapping into the vast experience of these leaders, will help navigate industry challenges and capitalise on new opportunities, drive innovation, and deliver exceptional value to our customers and stakeholders. We believe RGCC will be instrumental in shaping the next phase of our Group's success." In recent developments, Reliance Infrastructure Ltd and Reliance Power Ltd, key entities under the Reliance Group, have achieved zero bank debt status and outlined plans for expansion into new growth areas. Reliance Power has secured 1,270 MW of renewable power projects in Bhutan, while Reliance Infrastructure, through its subsidiary Reliance Defence Ltd, is setting up a manufacturing facility for small arms, ammunition, and explosives in Ratnagiri, Maharashtra, spanning 1,000 acres. "To support these ambitious expansion plans, the companies have announced a combined fundraising effort of Rs 17,600 crore. This includes Rs 4,500 crore via preferential equity issues, Rs 7,100 crore from Varde Partners through equity-linked long-term FCCBs, and Rs 6,000 crore via Qualified Institutional Placement (QIP), with Reliance Power and Reliance Infrastructure each targeting Rs 3,000 crore," it added.

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

In recent years, <keyword id="19902194" type="General" weightage="20" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword>'s <keyword id="20479923" type="General" weightage="100" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> has seen marquee firms being auctioned in insolvency proceedings and piling debt-fold businesses. But the group has, in the week gone by, made announcements that investors believe may mark its transformation. In three days -- from September 18 to September 20 -- the group announced it has turned into nearly zero debt and is implementing long-term fundraising plans that are said to solidify its financial position. <keyword id="20144587" type="General" weightage="20" keywordseo="Reliance-Infrastructure" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure" meta.hostid="153" meta.entityid="Reliance Infrastructure">Reliance Infrastructure</keyword>'s board approved <keyword id="20431799" type="General" weightage="20" keywordseo="fund-raising" source="keywords">fund raising</keyword> of up to Rs 6,000 crore via preferential issue and QIP, while <keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="153" meta.entityid="Reliance Power">Reliance Power</keyword> board is meeting on September 23 to consider and approve the fundraise via multiple routes. The speed at which Anil Ambani moved to clear the debt of his companies, and simultaneously announce and execute the fund raising plans for future expansion of his companies, has surprised the investors. Shares of both firms surged on stock markets. The announcement to invest Rs 1,100 crore by the promoters group in Anil Ambani's flagship company, Reliance Infrastructure, has further boosted the confidence of investors in the group's revival plans and its long-term growth story, investors said. Anil Ambani's twin strategy of <keyword id="21440133" type="General" weightage="20" keywordseo="debt-reduction" source="keywords">debt reduction</keyword>, coupled with fresh capital raising, has set the stage for a long-term transformation of the Reliance Group, they feel. Reliance Infrastructure's <keyword id="20000950" type="General" weightage="20" keywordseo="market-capitalisation" source="keywords">market capitalisation</keyword> by the end of this week surged nearly 50%, rising from Rs 8,500 crore to Rs 12,500 crore. Similarly, Reliance Power's market capitalisation increased over 25%, moving from Rs 11,500 crore to Rs 14,600 crore. Reliance Infra announced a significant reduction in standalone external debt, lowering it from Rs 3,831 crore to just Rs 475 crore. This was achieved by clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, according to company filings. The move signals a robust financial recovery and enhances Reliance Infra's financial flexibility. Also, Reliance Infra board approved a preferential issue to raise Rs 3,014 crore, increasing the stake of Risee Infinity Pvt Ltd, a promoter group entity, along with other investors such as Florintree Innovation LLP and Fortune Financial &amp; Equities Services Pvt Ltd. The board also approved seeking shareholder authorization to raise an additional Rs 3,000 crore via a qualified institutional placement. This will provide further capital to strengthen the balance sheet and invest in new growth opportunities. With these fund infusions, Reliance Infra's net worth is set to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the filings. The company is now well-positioned to invest in high-growth sectors, investors said.

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

New Delhi, Jan 28 () Yes Bank on Tuesday offloaded shares worth over Rs 5.7 crore in Reliance Power through an open market transaction.
 According to bulk deal data on the National Stock Exchange (NSE), a total of 3,02,59,855 shares, representing 1.07 per cent of the total shares of Reliance Power, were sold by the private lender.
 The lender sold the shares at an average price of Rs 1.91 apiece, which took the total deal value to over Rs 5.77 crore.
 The buyer, however, could not be ascertained.
 Shares of Reliance Power on Tuesday closed 5 per cent lower at Rs 1.9 on the NSE. SRS HRS

Yes Bank sells shares worth Rs 5.7 cr in Reliance Power

<keyword id="20024191" type="General" weightage="20" keywordseo="Reliance-Power" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Power" meta.hostid="261" meta.entityid="Reliance Power">Reliance Power</keyword> said it has received <keyword id="21075266" type="General" weightage="20" keywordseo="shareholders-approval" source="keywords">shareholders' approval</keyword> to raise <keyword id="23666886" type="General" weightage="20" keywordseo="Rs-1524-60-crore" source="keywords">Rs 1,524.60 crore</keyword> through issuance of <keyword id="20770487" type="General" weightage="20" keywordseo="preferential-shares" source="keywords">preferential shares</keyword>. A resolution through a postal ballot notice has been passed with requisite majority, the company said in a late night stock exchange filing on Wednesday. According to the postal ballot notice, the company will raise up to Rs 1,524.60 crore by preferential issue of up to 46.20 crore <keyword id="20035340" type="General" weightage="20" keywordseo="equity-shares" source="keywords">equity shares</keyword> and/or warrants convertible into equivalent number of equity shares at a price of Rs 33 per apiece. On September 23, the board of Reliance Power Ltd had approved raising Rs 1,524.60 crore through issue of preferential shares, wherein promoters will infuse Rs 600 crore into the company to advance its business. <div type="Article" hostid="261" msid="79183505" title="Happy Dhanteras 2024 messages and wishes" mstype="2" mssubtype="0"></div> Reliance Infrastructure, the promoter of the company, will enhance its equity stake by over Rs 600 crore. The other investors who will participate in the preferential issue include Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services. The fresh fund would be utilised for expansion of business operations directly and/or through investment in subsidiaries and joint ventures, debt reduction and for general corporate purposes, the company said. The preferential issue will enhance the company's net worth from about Rs 11,155 crore to over Rs 12,680 crore, it said. SEE ALSO:<a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/webstories/afcons-infrastructure-ipo-gmp-risk-factors-and-all-you-need-to-know/slidelist/114490954.cms" target="_blank">Afcons Infrastructure IPO – GMP, risk factors and all you need to know</a><a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank"></a> <a href="https://www.businessinsider.in/tech/news/upi-refund-scam-to-digital-arrest-scam-here-are-most-common-online-scams-in-india/articleshow/114428011.cms" target="_blank">UPI refund to digital arrest scam, here are some online scams you need to be aware of</a><a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank"></a> <a href="https://www.businessinsider.in/stock-market/news/waaree-energies-ipo-allotment-how-to-check-allotment-ipo-gmp-listing-date-and-more/articleshow/114508632.cms" target="_blank">Waaree Energies IPO allotment – How to check allotment, IPO GMP, listing date and more</a>

Reliance Power gets shareholders' nod to raise ₹1,525 crore via preferential shares

Reliance Anil Dhirubhai Ambani Group or abbreviated as Reliance ADA Group (ADAG) is headquartered in Mumbai. An Indian Conglomerate of companies, this establishment was formed in 2006 by Anil Ambani after the business of his father Dhirubhai Ambani was divided between him and his brother Mukesh Ambani. Following the split of Reliance Industries in December 2005, Anil Ambani got Reliance Infocomm, Reliance Energy and Reliance Capital. Here is an overview of top <keyword id="559059" type="PERSON" weightage="20" keywordseo="Anil-ambani-companies">Anil Ambani companies</keyword>. Reliance Infrastructure Formerly known as Reliance Energy Limited, Reliance Infrastructure Limited, and Bombay Suburban Electric Supply are Indian Private Sector Enterprises involved in power generation, defense, construction and infrastructure. Reliance Power Earlier, Reliance power limited was called as Reliance Energy Generation Limited. This company was created in order to establish, build, operate and maintain power projects in India and International markets. The company has the largest collection of power projects in the private sector in India that is based on thermal energy and renewable energy. Reliance Communications Reliance Communications is a highly popular network provider in India. In February 2019, this company went bankrupt as it could not sell its assets for the sake of repaying its debt. It was declared that the company has an asset worth of Rs.18,000 crores whereas the outstanding debts were Rs.50,000 crores. Reliance Capital Reliance Capital Limited is an India based financial services holding company with a diversified portfolio. A part of the Reliance Group, Reliance Capital is a constituent of Nifty Midcap 50 and MSCI Global Small Cap Index. Reliance Naval and Engineering Identified as R-Naval, Reliance Naval and Engineering Limited was formerly known as Reliance Defense and Engineering Limited. This company is headquartered in Mumbai and is involved with Indian Ship Building and Heavy Industries. This establishment has one of the largest engineering infrastructures in the country. This is the first company from the private sector to get a contract and license for building warships. Reliance Entertainment Reliance Entertainment Private Limited manages the media and entertainment business of the Reliance Anil Dhirubhai Ambani Group. The services of the firm range over content and distribution platforms. Kokilaben Dhirubhai Ambani Hospital Kokilaben Dhirubhai Ambani Hospital is a high-quality tertiary care medical facility situated in Versova, Mumbai, India. This 750-bed multi-speciality hospital was first initiated by Nitu Mandke as a full-fledged and large-scale heart hospital but faced a troubled existence after his death in 2003. Reliance ADA Group of Anil Ambani completed it and named it after his mother Kokilaben Ambani. In 2016, the hospital made an announcement that it will establish about 18 cancer-care centres in the rural regions of Maharashtra. In 2018, Kokilaben Hospital has conferred an award as the Best Multi-specialty Hospitals during the Navbharat Healthcare Awards Summit. Reliance Health Insurance Limited A part of Reliance Capital, Reliance Health Insurance is one of the leaders in the private health insurance sector of India. It has more than 139 offices across India. Affordable health insurance plans and a wide range of options to choose from are the unique distinguishing features of this company.

Here's a look at all the companies that Anil Ambani owns

New Delhi: <keyword id="19902194" type="General" weightage="100" keywordseo="Anil-Ambani" source="keywords">Anil Ambani</keyword> is reviewing a <keyword id="20738747" type="General" weightage="20" keywordseo="Sebi-order" source="keywords">Sebi order</keyword> imposing a fine and banning him from capital markets for five years in an alleged fund diversion case and will take appropriate next steps as legally advised, his spokesperson said in a statement on Sunday. <keyword id="19898589" type="General" weightage="20" keywordseo="ambani" source="keywords">Ambani</keyword>, the spokesperson in a statement said, had resigned from the board of <keyword id="21260537" type="General" weightage="20" keywordseo="Reliance-Infrastructure-Ltd" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Infrastructure Ltd" meta.hostid="153" meta.entityid="Reliance Infrastructure Ltd">Reliance Infrastructure Ltd</keyword> and Reliance Power Ltd, pursuant to Sebi's interim order dated February 11, 2022 in the matter pertaining to Reliance Home Finance Ltd. He "is in compliance with the said interim order (of February 11, 2022) for the last two and half years," the statement said. On the August 22 order that banned him and 24 others from the securities market for five years on charges of diversion of funds, the spokesperson said, "Mr Ambani is reviewing the final order dated August 22, 2024 passed by Sebi in the said matter, and will take appropriate next steps as legally advised." The Securities and Exchange Board of India (Sebi) had also imposed a fine of Rs 25 crore on Ambani, saying he orchestrated a scheme to "siphon off" funds from Reliance Home Finance, a listed subsidiary of conglomerate <keyword id="20479923" type="General" weightage="20" keywordseo="Reliance-Group" source="keywords" meta.keywordsubtype="org" meta.entityname="Reliance Group" meta.hostid="153" meta.entityid="Reliance Group">Reliance Group</keyword> of which he is chairman. The ban means that he and the other 24 will not be able to access the securities market and are prohibited from buying, selling or otherwise dealing in securities, directly or indirectly. In a separate statement, Mumbai-listed Reliance Infrastructure Ltd said it "was not a noticee or party to the proceedings before Sebi in which the order is passed. No directions are given in the order against Reliance Infrastructure Ltd". "Mr Ambani had resigned from the board of directors of Reliance Infrastructure Ltd pursuant to the interim order dated February 11, 2022 passed by Sebi in the same proceedings. Therefore, the order dated August 22, 2024 passed by Sebi has no bearing whatsoever on the business and affairs of Reliance Infrastructure Ltd," it said. Reliance Power, the other listed company of Anil Ambani's group, also issued a similar statement saying Ambani had resigned in 2022 and that the latest Sebi order has no bearing on it. Sebi in the August 22 order had stated that a "fraudulent" scheme "siphoned off" funds from Reliance Home Finance, which provides loans for housing and construction, by structuring them as loans to credit-unworthy borrowers. Most of these borrowers were linked to "promoters", the regulator had said. Anil Ambani and his elder brother Mukesh had in July 2006 split their father Dhirubhai Ambani-created Reliance Industries Ltd. Anil Ambani's Reliance Group spanned financial services, infrastructure and telecommunications while the elder brother got the traditional oil refining and petrochemicals business. Over the last few years, Anil Ambani has seen three of the largest firms within the group, including Reliance Communications, Reliance Capital, and Reliance Infrastructure, undergoing bankruptcy over unpaid debt. Sebi has charged that more than Rs 9,000 crore worth of loans from Reliance Home Finance were made to "nondescript borrowers who had no demonstrable financial ability to repay any of it". The other 24 banned include executives of Anil Ambani's Reliance Group and other unlisted companies connected to him.

Anil Ambani reviewing SEBI order, to take appropriate steps: Statement

The board of clean energy solution provider <keyword id="46212" type="General" weightage="20" keywordseo="Suzlon-Energy" source="Orion">Suzlon Energy</keyword> has appointed J P <keyword id="149791" type="General" weightage="100" keywordseo="chalasani" source="Orion">Chalasani</keyword> as the company's Chief Executive Officer following the resignation of <keyword id="6372540" type="General" weightage="20" keywordseo="Ashwani-Kumar" source="Orion">Ashwani Kumar</keyword> from the post. Ashwani Kumar has resigned as the CEO with effect from 5th April 2023 on account of personal reasons, a BSE filing stated. The Board of Directors, at its meeting held on 4th April 2023 has, inter alia, approved the appointment of J P Chalasani as the Chief Executive Officer and one of the key managerial personnel of the Company, to act as the Group Chief Executive Officer, with immediate effect, i.e. from 5th April 2023, the filing said. Chalasani had been Group CEO of Suzlon for the period from April 2016 to July 2020 and continued as Strategic Advisor to the Suzlon Group thereafter. Chalasani has over 40 years of experience in the public and private sector across the entire gamut of the power sector (power generation projects, transmission, distribution, trading and coal mining). Prior to his earlier stint as the Group Chief Executive Officer of the Company, Chalasani was the Group CEO and Managing Director of Punj Lloyd since January 2014 and was responsible for the energy, infrastructure and defence business for the group globally, which is close to USD 1.8 Billion. Prior to joining Punj Lloyd, Chalasani had spent over 18 years with the Reliance Group. He joined Reliance Group (undivided) as a Vice President in 1995 and worked on a number of assignments for the group. He also served as the first Chief Executive Officer and the Director on the Board of BSES Rajdhani and BSES Yamuna Power Ltd. In 2003, along with Anil Ambani, he was appointed to the Board of Reliance Infrastructure as Director Business Development. Post demerger of the Reliance Group, Chalasani was with the ADAG group. He took over as CEO of Reliance Power in March 2008, soon after the company completed its big initial public offer. Chalasani created a 10 people team to start Reliance Power and grew it to a 30,000 MW (generating, under construction and under development) company in 2013. Prior to Reliance Group, Chalasani started his career at NTPC and worked there for 15 years in various capacities, including Special Technical Assistant to the Chairman and Managing Director.

Suzlon board appoints J P Chalasani as Chief Executive Officer

NEW DELHI: <keyword id="45417" type="COMPANY" weightage="20" keywordseo="Adani-Power">Adani Power</keyword> has acquired <keyword id="192578" type="CITY" weightage="20" keywordseo="Lanco-Infratech">Lanco Infratech</keyword>’s 1,200 mw Udupi thermal power plant in a Rs 6,000-crore transaction, marking the second mega deal in twoand-a-half weeks for the sector that is seeing a spurt of fund-raising and M&amp;A activity after being down in the dumps for years. 
 The deal, the largest in thermal power in terms of value and capacity, catapults the <keyword id="6367820" type="COMPANY" weightage="20" keywordseo="Adani-Group">Adani Group</keyword>, already India’s biggest private sector power producer, to a bigger league with a capacity of nearly 10,000 mw while helping Lanco reduce debt. 
 
Lanco Infratech, which has a market capitalisation of Rs 2,054 crore, said it will receive Rs 2,000 crore in cash and transfer debt of about Rs 4,000 crore to Adani. 
 Adani pipped other bidders including Mumbai-based <keyword id="83507" type="PERSON" weightage="20" keywordseo="Sajjan-Jindal">Sajjan Jindal</keyword> in the acquisition of the Udupi plant, which runs on imported coal and sells 90 per cent of the power to Karnataka and 10 per cent to Punjab. 
 Adani was also in the race for the Jaypee group’s hydropower portfolio, India’s largest, but lost out to <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s <keyword id="6360089" type="COMPANY" weightage="20" keywordseo="Reliance-Power">Reliance Power</keyword> which signed the initial pact for the Rs 12,000-crore deal. After the Jaypee deal, ET had reported that Adani was aiming to acquire 5,000 mw of capacity. 
 
The sellers, in both cases, were driven by the need to pare debt that had ballooned in recent years when the power sector was in deep trouble, with many plants stranded due to lack of fuel, low tariffs and distribution bottlenecks. 
 
However, the sector’s outlook has improved significantly after the change in government in May this year, increasing the appetite of potential buyers and prompting some sellers to seek higher valuation for their assets. 
 
In recent months, infrastructure firms raised about Rs 5,000 crore from qualified institutional placement (QIP), or share sales to institutional buyers. The flurry of transactions augur well for the sector and is expected to breathe life into so-called stranded assets -- power plants that are running below capacity on account of fuel shortages -- and repair distressed balance sheets of sellers. 
 Lanco and Adani said in a statement that the deal is valued at more than Rs 6,000 crore. Even before the transaction, Lanco had signed an agreement with the <keyword id="58906" type="ORGANIZATION" weightage="20" keywordseo="Karnataka-government">Karnataka government</keyword> to expand capacity by a further 1,320 mw, to a total of 2,500 mw. 
 
Udupi is India’s first independent power project in the country based on 100 per cent imported coal with a captive jetty of 4 million tonnes per annum and an external coal-handling system located at Mangalore Port. The capacity can be expanded to handle another 4 million tonnes, Lanco said. 
 
"For Lanco Infratech, this transaction will support the company in reducing its debt and will enable Lanco to receive about Rs 2,000 crore as cash and additionally, Adani Power will take Udupi Power’s long-time debt of around Rs 4,000 crore," the statement said. 
 
As reported by ET, experts and industry players expect infrastructure companies to raise Rs 8,000-10,000 crore more through QIPs, initial public offering (IPO) and other equity sale. They also believe more deals in the renewable energy, thermal power and road sectors are in the pipeline as highly leveraged companies have been looking to sell stake in projects.

You Searched For "Reliance Power" and got 12 results

Anil Ambani's Reliance Power arm slips into bankruptcy

PTI

Reliance Power to propel a whopping $3 billion into Bangladesh Power Plant

BI India Bureau

Reliance Home Finance, Reliance Power shares hit lower circuit limits

PTI

Land acquisition issues force Reliance to shut down its Tilaiya power project

BI India Bureau

Anil Ambani's Reliance Group sets up centre to helm 2030 growth strategy

PTI

Anil Ambani's Reliance Group starts transformation journey, achieves near zero-debt

PTI

Yes Bank sells shares worth Rs 5.7 cr in Reliance Power

PTI

Reliance Power gets shareholders' nod to raise ₹1,525 crore via preferential shares

PTI

Here's a look at all the companies that Anil Ambani owns

BI India Bureau

Anil Ambani reviewing SEBI order, to take appropriate steps: Statement

PTI

Suzlon board appoints J P Chalasani as Chief Executive Officer

PTI

Adani Power Buys Lanco Infratech’s Udupi Thermal Power Plant

ET

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