During morning trading on April 15, shares of Reliance Power experienced a nearly 5 percent decline on the NSE following the completion of the slump sale of its Vashpet, Maharashtra wind power project to JSW Renewable Energy. At 10 am, the stock was trading at Rs 26, while JSW Energy also witnessed a 1.29 percent decrease, trading at Rs 608.50.
According to a regulatory filing on April 12, Reliance Power finalized the slump sale or transfer of its 45 MW Wind Power Project located at Vashpet, Maharashtra to JSW Renewable Energy (Coated) Limited, receiving a consideration amounting to Rs. 132.39 crore. This transaction was initially reported on March 27, indicating that JSW Renewable Energy (Coated) had agreed to acquire the renewable energy generation capacity from Reliance Power. JSW Renewable Energy (Coated) is a wholly-owned subsidiary of JSW Neo Energy and a step-down subsidiary of JSW Energy.
In addition to the wind power project sale, Reliance Power had previously announced in January 2024 that it signed an agreement to sell its 1,200 MW Kalai II hydroelectric project in Arunachal Pradesh for Rs 128.39 crore to THDC India. The purpose behind this agreement was to monetize the hydroelectric power project.
Disclaimer: It is advisable for users to consult certified experts before making any investment decisions.
