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

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.

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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.

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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.