Reliance Enterprises, Bhutan state firm set up 50:50 renewable energy JV

By Jomy Jos Pullokaran

Anil Ambani’s Reliance Power Limited on Monday (August 18) said that its associate company, Reliance Enterprises Private Limited (REPL), has incorporated a joint venture (JV) company named GDL–Reliance Solar Pte Ltd (GRSPL) in Bhutan.

The JV, incorporated on July 24, 2025, under Gelephu Mindfulness City (GMC), a Special Administrative Region in Bhutan, has been established as a 50:50 partnership between Green Digital Private Limited, a state-owned enterprise of the Royal Government of Bhutan, and REPL.

GRSPL belongs to the renewable and green energy sector and is a newly incorporated entity yet to commence business operations. As part of the incorporation, REPL has subscribed 2,25,000 shares of USD 100 each in cash, representing 50% of the shareholding in GRSPL. Consequently, Reliance Power indirectly holds a 25% stake in the company through REPL.

The company clarified that the incorporation of this associate does not fall within the purview of related party transactions. However, Reliance Infrastructure Limited, the promoter company, also indirectly holds 25% of the share capital in GRSPL through REPL. The acquisition has been carried out on an arms-length basis.

First Quarter Results

Reliance Power reported a net profit of ₹125.6 crore for the fourth quarter that ended March 31, 2025. In the corresponding quarter of the previous fiscal, Reliance Power posted a net loss of ₹397.6 crore, the company said in a regulatory filing.

The company’s revenue from operations dipped 1% to ₹1,978 crore as against ₹1,997 crore in the corresponding period of the preceding fiscal. At the operating level, EBITDA jumped 1,109% to ₹589.8 crore in the fourth quarter of this fiscal over ₹48.8 crore in the corresponding period in the previous fiscal.

EBITDA margin stood at 29.8% in the reporting quarter as compared to 2.4% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

This article has been republished from CNBC TV18.