Reliance Power Limited and JERA Co. Inc. , through their joint venture project company, are developing a new gas-fired power generation project in Bangladesh. The project company has achieved financial closure for the project with a group of lenders that includes Japan Bank for International Cooperation & Asian Development Bank and all requisite conditions for availing drawdown under the loan agreements have been satisfied.

The Project is to build, own, and operate a 745 MW natural gas combined-cycle power project in Meghnaghat, Narayanganj, located approximately 40 km southeast of Dhaka

Reliance Power's wholly-owned subsidiary Samalkot Power Limited has received approval from the Export-Import Bank of the United States to sell one module of equipment to Samsung C&T Corporation of South Korea, who is the EPC contractor for the Project, for Rs. 1540 Crore.

Notice to Proceed has been issued by the Project Company to Samsung C&T, who in turn has issued the Notice to Proceed to Samalkot Power for the supply of equipment. Samalkot Power will supply one module of world-class equipment procured from internationally reputed original equipment manufacturers to the Phase 1 Project in Bangladesh.

Reacting to the development, Shares of Reliance Power Ltd. is 4.65 percent higher from its previous closing on the NSE.

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