Reliance Enterprises Partners Bhutan State Firm in 50:50 Renewable Energy JV

19 Aug 2025 , 10:32 AM

Reliance Power Ltd., led by Anil Ambani, on Monday announced that its associate company, Reliance Enterprises Pvt. Ltd. (REPL), has formed a joint venture in Bhutan with Green Digital Pvt. Ltd., a state-owned enterprise of the Royal Government of Bhutan.

The new entity, GDL–Reliance Solar Pte Ltd. (GRSPL), was incorporated on July 24, 2025, under the Gelephu Mindfulness City (GMC) Special Administrative Region. It will focus on renewable and green energy projects. The joint venture is structured as a 50:50 partnership, with REPL subscribing to 2,25,000 shares of USD 100 each in cash, giving it a 50% stake in GRSPL.

Through REPL, Reliance Power indirectly holds a 25% stake in the JV, while Reliance Infrastructure Ltd., the promoter company, also holds 25% indirectly. The company clarified that the incorporation does not constitute a related-party transaction and was completed on an arm’s-length basis.

Reliance Power reported a consolidated net profit of ₹125.6 crore for the fourth quarter ended March 31, 2025. This is compared with a net loss of ₹397.6 crore in the same quarter last year. Revenue from operations slipped marginally by 1% to ₹1,978 crore. It recorded to ₹1,997 crore a year earlier. However, operating performance showed a sharp turnaround. EBITDA rise more than 11-fold to ₹589.8 crore from ₹48.8 crore. The EBITDA margin also improved significantly to 29.8% from just 2.4% in the year-ago period.

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