R-Power is to acquire three gas-based power plants of Reliance Infrastructure for an enterprise value of Rs 1,095 crore, Reliance Power announced on Friday.
Reliance Power is the arm of ADA (Anil Dhirubhai Ambani) Group which acquires Reliance Infrastructure that has the capacity to generate 433 MW.
The deal is reported to be advantageous to the Reliance Infrastructure also as the company requires Rs 3,000 crore (as equity) to develop its infrastructure projects. However, the details regarding the cash transaction and cash receipt by Reliance Infrastructure were not disclosed.
Reliance Infrastructure had acquired Rosa Power Project in Uttar Pradesh from the Aditya Birla group in 2006. Rosa Power Project has the capacity of generating 1,200 MW, according to the sources.
According to the deal, the R-Power will buy Reliance Infrastructure’s 220 MW unit at Samalkot in Andhra Pradesh, 48 MW unit at Zuarinagar in Goa and 165 MW unit in Kochi, reports said.
Reliance Power will now have the operational capacity of 1,000 MW.