Reliance Power on Monday said it will sell 100% stake in several Indonesian step-down subsidiaries to Singapore-based Biotruster Pte Ltd for around $12 million.
A share purchase agreement has been signed among Reliance Power Netherlands BV, Reliance Natural Resources (Singapore) Pte Ltd and Biotruster (Singapore) Pte Ltd to this effect.
Reliance Power will sell 100% equity shareholding in PT Avaneesh Coal Resources, PT Heramba Coal Resources, PT Sumukha Coal Services, PT Brayan Bintang Tiga Energi, and PT Sriwijaya Bintang Tiga Energi, subject to certain conditions precedent and other customary terms and conditions, the company said in a regulatory filing.
Around $12 million will be received on the closure of the deal.
Reliance Power further noted that the buyer does not belong to the promoter/promoter group/group companies.
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