Reliance Power has executed Project Agreements with Bangladesh Power Development Board (BPDB) for Phase -I of 750 MW LNG based combined cycle power project at Meghnaghat, near Dhaka in Bangladesh which include Power Purchase Agreement (PPA) and Implementation Agreement (IA). These were exchanged in the august presence of the Honourable Prime Minister of Bangladesh Sheikh Hasina, at a business summit organised by the CII in New Delhi today.

An MoU has also been signed with PetroBangle to set up 500 mmscfd LNG terminal at Kutubdia Island near Chittagong in Bangladesh. The definitive agreements for setting up the LNG terminal will be executed with PetroBangla shortly. Full LNG terminal capacity will be used by PetroBangla to meet huge demand for power and other industries and replace costly and highly polluting fuels.

Reliance Power will install world-class equipment procured from internationally reputed original equipment manufacturers previously for its 2,250 MW combined cycle power project at Samalkot in Andhra Pradesh, India, which will be relocated to Bangladesh in a phased manner.

Reliance Power had signed an MoU on 6m June 2015 with the Bangladesh Power Development Board (BPDB), Government of Bangladesh (GOB) to set up the integrated project, during the visit of Hon. Prime Minister of India, Narendra Modi to Dhaka.

Phase - I will have an investment outlay of nearly USD 1 billion which is the largest foreign direct investment in Bangladesh. Financing of the project is under consideration of Asian Development Bank (ADB) and a consortium of lenders.

Reliance project will give a tremendous boost to the economic and industrial growth of Bangladesh and help to enhance the energy security with clean, green and reliable LNG based power.

Shares of the company gained Rs 0.15, or 0.31%, to trade at Rs 49.00. The total volume of shares traded was 310,197 at the BSE (12.54 p.m., Monday).