Reliance Power Limited (RPL) has issued a clarification regarding recent media reports concerning the Central Bureau of Investigation's (CBI) action on Reliance Communications Limited (RCom) and Anil D Ambani. The company emphatically stated that these developments have no impact on its business operations, financial performance, or stakeholders.

Key Points of Clarification

• Separate Entity: RPL emphasized its status as a separate and independent listed entity with no business or financial linkage to Reliance Communications.

• Management Changes: Anil D Ambani has not been on Reliance Power's Board for more than 3.5 years. He also resigned from Reliance Communications' Board in 2019.

• Historical Context: The complaint filed by State Bank of India (SBI) pertains to matters dating back more than 10 years when Ambani was a Non-Executive Director at RCom with no involvement in day-to-day management.

• Current RCom Management: Reliance Communications is currently managed under the supervision of a Committee of Creditors led by SBI and overseen by a Resolution Professional.

Reliance Power's Operations

RPL reaffirmed its focus on its business plans and commitment to creating value for all stakeholders. The company operates a substantial power generation portfolio:

• Sasan Power Limited is the world's largest integrated coal-based power plant.
• Sasan Power has consistently ranked as the best operating power plant in India for the past seven years.

Recent Corporate Development

In a separate disclosure, Reliance Power informed that it has received an application from Reliance Capital Limited seeking re-classification of its status from promoter group to public. This change is consequent to the implementation of Reliance Capital Limited's Resolution Plan by IndusInd International Holdings Limited, under the Insolvency and Bankruptcy Code, 2016.

Reliance Power continues to operate independently, focusing on its power generation business and maintaining its commitment to stakeholder value creation despite the ongoing legal proceedings involving its former parent company and ex-director.

Reliance Power Limited (RPower) has made a strategic move in the renewable energy sector by indirectly acquiring a 25% stake in GDL-Reliance Solar PTE Ltd (GRSPL), a joint venture established in Bhutan. This partnership marks a significant step in RPower's commitment to expanding its green energy portfolio and fostering international collaborations.

Joint Venture Details

The joint venture, GRSPL, was incorporated under Bhutan's Gelephu Mindfulness City Special Administrative Region. The company is structured as a 50:50 partnership between Green Digital Private Limited, a state-owned enterprise of the Royal Government of Bhutan, and Reliance Enterprises Private Limited (REPL), an associate company of Reliance Power.

Stake Acquisition

Reliance Power's involvement in this venture comes through its associate company, REPL. The stake acquisition details are as follows:

Strategic Implications

This partnership is poised to enhance renewable energy initiatives and support clean power growth in the region. By entering into this joint venture, Reliance Power demonstrates its commitment to:

1. Expanding its presence in the renewable and green energy sector
2. Fostering international partnerships for sustainable development
3. Contributing to the growth of clean energy infrastructure in Bhutan

Operational Status

GRSPL is a newly incorporated entity and has not yet commenced business operations. The formation of this joint venture signals Reliance Power's strategic intent to capitalize on the growing opportunities in the renewable energy sector.

Financial Performance

Separately, Reliance Power reported quarterly results:

Conclusion

As the global focus on sustainable energy solutions intensifies, Reliance Power's investment in this Bhutan-based solar venture positions the company to play a crucial role in the evolving landscape of clean energy in South Asia. The partnership with Bhutan's government-owned enterprise could potentially lead to significant developments in solar power projects within the region.