The Indian business tycoon and the managing director of Reliance Group, Anil Ambani, has taken a bold move. He has announced a significant investment in Bhutan to plant 1270 megawatts of solar and hydroelectric power projects, which could entail investments of up to $1 billion.
Reliance Enterprises has partnered with Bhutan’s Druk Holding and Investments Ltd. (DHI) to take on major projects.
Rumours also suggest that Reliance will also collaborate with Bhutan’s state-owned companies on infrastructure projects that support the country’s net-zero goals. Harmanjit Singh Nagi, President (Corporate Development) of Reliance Power, and Ujjawal Deep Dahal, CEO of GHI, have already signed the partnership agreement.
Over the next two years, two 250 MW solar plants will be developed in Bhutan’s Gelephu Mindfulness City. The Reliance-DHI partnership will also extend to developing the 770 MW Chamkhar Chhu-1 hydroelectric project. It will be the first joint venture with an Indian private sector company in Bhutan’s hydro sector.
The land for the solar project has already been finalized, and site assessment and studies are ongoing. The project will start soon and will be the largest plant in the country, surpassing all existing solar installations. It will also be the one-time investment in the renewable energy sector and the largest foreign direct investment by an Indian company in Bhutan.
“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,” the company stated.
Reliance is India’s major conglomerate with a diverse presence worldwide. Reliance Power is a leading power generation company in India that is now expanding its business internationally. This investment news comes amid the penalty imposed on Anil Amabani’s son, Jai Anmol Ambani, for alleged irregularities in Reliance Home Finance. Let’s see if it will impact the new projects. However, this Bhutan investment may prove a big move for Reliance Group.
