Reliance Power sells Tilaiya UMPP to JUVNL

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 shareholding in Jharkhand Integrated Power Limited (JIPL), a special purpose vehicle created for developing the Tilaiya UMPP. JIPL had signed a long-term PPA for the plant with 18 offtakers in 10 states and terminated the same in 2015, due to land acquisition issues. The Jharkhand government plans to retender the UMPP.