Anil Ambani's Reliance Power to invest $3 billion in power plant in Bangladesh.

Anil Ambani-led Reliance Power recently signed an agreement to invest $3 billion in setting up a mega power plant and a floating LNG import terminal in Bangladesh which faces acute power shortages.

Reliance Power will set up a 2 million tonnes a year floating LNG import terminal as well as 3,000 megawatt power plant, according to a memorandum of understanding (MoU) signed by Sameer Gupta, executive vice-president of Reliance Power, during Prime Minister Narendra Modi' two-day visit here.

The company will use the equipment it had contracted for its Samalkot project in Andhra Pradesh for setting up the power plant in Bangladesh in three years from the date of signing power purchase agreement (PPA).

The equipment will be under appropriate warranties from General Electric (GE), USA and the other global suppliers, the company said in a statement.

TOI