Anil Dhirubhai Ambani Group
After Monday’s stormy boom in the Indian stock market, a rally is being seen in the market on Tuesday. The main index Sensex of the market is trading at 81,718.91 with a gain of 445.16 points till the news is written. Meanwhile, the shares of Anil Ambani’s company Reliance Infra are also seeing a boom. The company’s shares saw a rise of more than 4 percent. Let us understand that after all Reliance Infra’s shares are increasing so much.
The shares of Anil Ambani’s company Reliance Infrastructure Limited (Reliance Infra) increased by 4% on Tuesday. This happened because the company has received a letter of award (LOA) for a 390 MW solar power project from the government company NHPC. This project is with a battery energy storage system (BESS) and inter-state transmission system (ISTS).
Company shares boom
When this project starts, the portfolio of Reliance Group will add 700 MW solar DC capacity and 780 MW-hour BESS capacity. This will further increase the company’s new energy solutions. Reliance Infra said that the tariff of this project is Rs 3.13 per kW-hour, which makes it one of the cheapest and competitive projects in India’s clean energy transformation. After this news, Reliance Infra’s stock rose 3.60% to Rs 271.85. This is the third consecutive day when the stock saw a rise. This project is part of a tender of NHPC, in which 15 companies bid. 14 of these companies qualified for e-reverse auction. The tender received about four times more subscription, which shows how much the industry is interested in renewable energy projects.
Reliance Power, the second company of Reliance Group, is already running a portfolio of 2.5 GW Solar Power and 2.5 GW-Ghanta BESS capacity. With this new project, the clean energy capacity of the group has reached more than 3 GW DC and 3.5 GW-Ghanta BESS. With this, Reliance Group has become the largest company in the country in Solar-Plus-Bess sector.