Reliance Power exits Tilaiya UMPP

Reliance Power Limited has sold its 3,960 MW Tilaiya ultra mega power project (UMPP) for Rs 1.12 billion to state-run Jharkhand Urja Vikas Nigam Limited. The company has transferred its entire holding of Rs 1.5 million held in Jharkhand Integrated Power Limited (JIPL), an SPV created for the development of the Tilaiya UMPP. JIPL had signed a long-term power purchase agreement for the plant with 18 offtakers in 10 states and subsequently terminated them in 2015 due to land acquisition issues.