Reliance Power subsidiary prepays Rs 485 crore debt owed to Singapore-based Varde Partners, becomes zero-debt company
Rosa Power Supply Company Ltd (Rosa Power), a subsidiary of Reliance Power, has prepaid a Rs 485 crore loan to Singapore-based lender Varde Partners.
Reliance Power subsidiary Rosa Power Supply Company has cleared another Rs 485 crore of debt owed to Singapore-based Varde Partners, taking its total advance payment of debt to Rs 1,318 crore. Rosa Power has now fully settled its outstanding debt owed to Varde Partners ahead of the original schedule. With that, Rosa Power Supply became a zero-debt company. Reliance Power is part of the Reliance Group led by top businessman Anil Ambani.
The Rs 485 crore payment followed a separate prepayment of Rs 833 crore to Varde Partners in September.
Rosa Power operates a 1,200 MW coal-based thermal power plant in Rosa village near Uttar Pradesh's Shahjahanpur.
With the strengthening of its balance sheet, along with the recent preferential issuance of Rs 1,525 crore equity-linked warrants, Rosa Power will support Reliance Power in pursuing business opportunities, in the fast-growing clean green renewable energy sector.
This preferential issue is estimated to take the company's net worth past the Rs 12,680 crore mark from Rs 11,155 crore.
Additionally, with no debt obligations owed to banks, Reliance Power aims to pursue growth opportunities in clean green power sector.
Reliance Power is among the country's major private sector power generation and coal resources companies.
It has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy.
Reliance Power, part of the Reliance Group also known as the Reliance ADA group, has a commissioned portfolio of 5,300 megawatts.
Earlier on Wednesday, Reliance Power shares—traded with the symbol RPOWER on stock exchanges BSE and NSE—strengthened by Rs 2.1, or 5.0 per cent, to settle at Rs 43.5 apiece.
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