Reliance Power arms settle Rs 1,023 crore debt to RCFL

Reliance Power subsidiaries, Kalai Power and Reliance Cleangen, have cleared Rs 1,023 crore debt to RCFL, the firm said in an exchange filing.

Reliance Power had recently signed an agreement to sell a 45 MW wind power project in Maharashtra to JSW Renewable Energy for ₹132 crore.

Reliance Power then said it will use the proceeds of the sale to retire its debt, adding that it was aiming to be debt-free by the end of the current financial year.

The company, part of the Anil Dhirubhai Ambani Group, has been settling its debt with its lenders. In the last three months, it has settled its dues to three banks, DBS Bank, ICICI Bank, and Axis Bank.

Shares of Reliance Power shares have been seeing an upward trend for over a week.

Reliance Power shares have touched the upper circuit on all sessions except on Tuesday last week.