Anil Ambani-led Reliance Group on Wednesday (October 2) through an exchange filing announced that the company has entered into a partnership with Druk Holding and Investments Ltd. (DHI), the commercial and investment arm of Bhutan's Royal Government.
The agreement was signed by Harmanjit Singh Nagi, President of Corporate Development at Reliance Power Ltd., and Deep Dahal, CEO of Druk Holding and Investments, in the presence of Anil Ambani.
Furthermore, through the regulatory filing, Reliance Group also announced the launch of a new flagship company, Reliance Enterprises, focused on promoting investments in Bhutan’s renewable energy sector.
"On this occasion, Reliance Group announced the establishment of a new flagship company, Reliance Enterprises, dedicated exclusively to promoting investment in Bhutan's renewable and green energy sector. Jointly promoted by Reliance Infrastructure Ltd. and Reliance Power Ltd., Reliance Enterprises will focus on enhancing sustainable energy solutions and implementing smart distribution and metering systems throughout Bhutan," the company added in the exchange filing.
Solar and Hydropower
As part of this partnership, Reliance Enterprises and DHI will work together on two major projects:
- a 500 MW solar power plant in Gelephu Mindfulness City, and
- the 770 MW Chamkharchhu-1 hydro project.
The solar power plant will be developed in two phases, each generating 250 MW. Once completed, the project will be Bhutan's largest solar installation.
Moreover, this project also marks the largest foreign direct investment (FDI) by an Indian company in Bhutan's renewable sector.
Meanwhile, the 770 MW Chamkharchhu-1 hydro project, classified as a run-of-the-river initiative, will be a key contributor to Bhutan’s hydropower sector.
Ujjwal Deep Dahal, CEO, Druk Holding and Investments, said, “The partnership between Reliance Enterprises and Druk Holding leverages the strengths of both organizations in the areas of green energy and development. We are pleased to be partnering with Reliance and together we are committed to delivering world-class clean energy projects that will benefit both India and Bhutan.
