Anil Ambani's Rs 18658 crore company's shares surge by 5% after...

Anil Ambani continues to be in the news this week due to major developments in Reliance Group companies. On Wednesday, Reliance Power's subsidiary Reliance NU Suntech won India's single largest 930 MW solar project with 1,860 MWh battery energy storage system from the Solar Energy Corporation of India (SECI). A day after, Reliance Power shares surged by 5 per cent to Rs 46.24 on both the BSE and NSE. Its market cap surged to Rs 18658 crore.  

The subsidiary has secured the solar with storage project in an e-reverse auction held by SECI on Monday, parent Reliance Power said in a statement on Wednesday. "Reliance NU Suntech has won 930 MW solar energy contract from SECI. This is the single largest project of solar and battery storage system in India," the company said. As per the terms of the tender, Reliance NU Suntech will also have to install a minimum storage capacity of 465 MW/1,860 MWh charged by solar power.

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Earlier this week, Reliance Power set up a new renewable energy subsidiary, Reliance NU Energies Pvt Ltd. It also made top leadership appointments -- Mayank Bansal as Chief Executive Officer (CEO) and Rakesh Swaroop as Chief Operating Officer (COO). It launched a new subsidiary to innovate and seize the opportunities to develop clean, affordable and reliable energy solutions that India and the world's growing demand for sustainability needs. 

(With inputs from PTI)