After pulling out of Tilaiya UMPP on a host of issues, Reliance Power is looking to secure a total of Rs 714 crore as bank guarantees and compensation from 18 procurers of the electricity project. Of this, Rs 600 crore will be in the form of bank guarantees the procurers had offered to buy electricity and another Rs 114 crore as compensation for various expenses incurred by the Anil-Ambani led company. The formalities with the 18 procurers in 10 states for the release of money are at final stage and the company hopes to achieve closure very soon.
Reliance Power, a part of the Reliance Group, is India’s leading private sector power generation and coal resources company. The company has the largest portfolio of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating capacity of 5,945 megawatts.
