• Sunday, Sep 23, 2018
  • Last Update : 10:29 am

Reliance Power aims to attain financial closure for $1bn Bangladesh unit in FY18

  • Published at 01:30 pm September 27th, 2017
Reliance Power aims to attain financial closure for $1bn Bangladesh unit in FY18
Reliance Power is expecting to complete financial closure for its phase its 750 MW liquefied natural gas (LNG) power project in Bangladesh within this financial year. "Our efforts to put our 750 MW gas-based project in Bangladesh is on track. We will be able to achieve financial closure in the current fiscal,” Reliance Group Chairman Anil Ambani said on Tuesday. “We expect it to be commercially operational by March 2020," he said while addressing the stakeholders during the 23rd annual general meeting held in Mumbai. In phase I, the company is developing 750 MW power project and 500 mmscfd LNG terminal with an investment outlay of nearly $1 billion which is the largest FDI in Bangladesh, the Indian business magnate said Reliance Power has signed a Memorandum of Understanding (MoU) with the Bangladesh government to develop 3,000 MW LNG project in Meghnaghat and 500 mmscfd LNG Terminal at Qutubdia Island in Bangladesh, reports the Business Standard. Ambani said: "This project will generate earning in the dollar for the company as it will get dollar-denominated tariff in this project. Its implementation will significantly enhance top line and bottom line of the company.”