ADAG firm Reliance Power on Friday said it will acquire 433 MW of power generation assets from Group company Reliance Infrastructure for Rs 1,095 crore in order to bring the entire power generation portfolio under one roof.
The board of director of the company at its meeting on Thursday decided to acquire 433 MW generation capacity owned by Reliance Infrastructure, comprising of 220 MW at Samalkot in Andhra Pradesh, 165 MW in Kerala and 48 MW in Goa for Rs 1,095 crore, Reliance Power said in a regulatory filing to the Bombay Stock Exchange.
"The value of assets to be transferred is estimated at Rs 1,095 crore based on independent valuation by global consulting firm, KPMG," the company said.
The assets are held by the subsidiaries of Reliance Infrastructure and the transfer would take place after obtaining the requisite approval, the filing added.
All the three plants have significant potential for capacity expansion.
With this acquisition, which is aimed at bringing the entire power generation portfolio of the Group under one roof, Reliance Power would have over 1,000 MW operating capacity and 600 MW of the Phase I of Rosa Power Project in UP.
Reliance Power Ltd is a private sector power generation company and is implementing power projects with aggregate capacity of over 35,000 MW, the company said.