SECI offers 51% stake in JV to Reliance Industries for green power supply

1 Aug 2023 , 11:04 AM

Solar Energy Corp (SECI), India’s renewable energy agency, has proposed to provide Reliance Industries a 51% ownership in a joint venture to deliver renewable power to the latter’s refineries and other manufacturing plants, according to two persons familiar with the situation.

As per the proposal, SECI will invite international bids for supplying renewable energy to the refineries and facilities of Reliance Industries located in Gujarat.

Reliance Industries will select a renewable energy supplier via tariff-based competitive bidding, and SECI will facilitate the project management for a fee, stated the sources.

However, no confirmation from any of the companies was received on the said news.

At around 11.01 AM, Reliance Industries was trading 0.93% lower at Rs 2,525.65 per piece, against the previous close of Rs 2,549.25 on NSE. 

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