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BUSINESS
Rosa Power operates a 1,200 MW coal-based thermal power plant in Rosa village near Shahjahanpur, Uttar Pradesh.
TRENDING NOW
In a big relief to Anil Ambani, as Reliance Power’s subsidiary became debt-free, its subsidiary Rosa Power has prepaid Rs 850 crore of its debt to Singapore-based lender Varde Partners. The company reportedly is on schedule to pay off its debt entirely and plans to settle the outstanding balance in the upcoming quarter, finishing the process before the end of the current financial year.
The 1,200 MW coal-based thermal power station in Rosa village, close to Shahjahanpur, Uttar Pradesh, is run by Rosa Power. Varde Partners is the only lender for it. Rosa Power's balance sheet has strengthened, and the company recently issued a preferential issue of Rs 1,525 crore. These developments will let Reliance Power explore new commercial prospects, especially in the renewable energy industry.
The preferential issue of Reliance Power was authorised by the board on Monday. Authum Investment and Infrastructure Ltd and Sanatan Financial Advisory Services contributed the remaining Rs 900 crore, with Reliance Infrastructure, the company's promoter, contributing around Rs 600 crore.
According to a company stock marketing filing, Reliance Power's net worth is expected to increase from Rs 11,155 crore to above Rs 12,680 crore as a result of this preferential issue, preserving the business's zero-bank-debt position. The money raised will be invested in the company's subsidiaries or utilised directly to grow the business's operations.