Reliance Power gets RBI approval

Mumbai: Reliance Power, the power generation company of Anil Ambani group, said the company has received approval from the Reserve Bank of India to borrow $4 billion as external commercial borrowing in order fund two mega power projects.

The large sum would be utilised for constructing two ultra mega power projects, each having 4,000 MW capacity. The plants would be located in Sasan, Madhya Pradesh and Krishnapatnam in Andhra Pradesh, the company said in a media statement.

It has posted Rs 59 crore as net profit for the quarter ended June 30. Its net sales stood at Rs 72 crore.

Earlier in the year, the company had raised Rs 11,563 crore through IPO to part finance its power projects.

On Friday, the stock was traded on the BSE at Rs 168.85 down by 4.06 per cent over the previous close of Rs 176.