Reliance Power

What Reliance Power does

Reliance Power Limited is an Indian public power generation company and part of the Anil Dhirubhai Ambani Group (ADAG), incorporated in 1995 and listed on the NSE (RPOWER) and BSE (532939). It operates a diversified portfolio of power generation assets spanning coal-fired thermal (Sasan Ultra Mega Power Project at 3,960 MW with captive coal mines, the 1,200 MW Rosa Thermal Project, the 600 MW Butibori plant, and the 2,400 MW Samalkot plant), gas-based combined cycle projects, solar PV (including Rajasthan Sun Technique Energy and Dhursar Solar Power), hydroelectric projects in the Himalayan region through Siyom, Tato, and Urthing Sobla subsidiaries, and battery energy storage through Reliance NU BESS Limited. Its operating geographies include India, Bangladesh (via the JERA joint venture Meghnaghat project and Reliance Chittagong Power Company), and Indonesian coal-mining interests through PT Avaneesh, PT Heramba, and PT Brayan Bintang Tiga Energi.

The company generates revenue primarily by selling electricity under long-term Power Purchase Agreements (PPAs) to state electricity distribution companies (DISCOMs), industrial customers, and government procurement entities such as the Solar Energy Corporation of India (SECI) and SJVN Limited, with tariffs determined through competitive bidding or regulatory approval by CERC. Go-to-market is enterprise B2B field sales into tenders and direct PPA negotiations. The FY26 reporting shows total income of Rs 7,988.52 crore (with annual sales marginally up 0.49% at Rs 7,619.71 crore), against a consolidated net loss of Rs 336.89 crore, a sharp reversal from the Rs 2,947.83 crore net profit in FY25.

Reliance Power has been navigating significant financial and regulatory headwinds, including Enforcement Directorate and CBI investigations into the ADAG group, an insolvency petition filed by the US Exim Bank against subsidiary Samalkot Power over a net US$165.41 million default, a three-year SECI tender bar on Reliance NU BESS following a forged bank guarantee discovery, and the October 2025 arrest of its CFO. To address financial obligations and fund a pivot toward renewables and battery storage, the Board has approved raising up to Rs 6,000 crore through securities, on top of prior Värde Partners debt facilities aggregating Rs 1,750 crore in 2022.

Name

Reliance Power

Legal name

Reliance Power Limited

Website

https://reliancepower.co.in

Company type

Public

Founded year

1995

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Reliance Power Limited is an Indian public power generation company operating a diversified mix of coal, gas, solar, hydro, and battery storage assets, selling electricity via long-term PPAs to state DISCOMs and government entities.

Ownership category

akta.pro rank

Product category

Power Generation

NAICS

Electric Power Generation (22111), Fossil Fuel Electric Power Generation (221112), Solar Electric Power Generation (221114), Hydroelectric Power Generation (221111)

SIC

Electric Services (4911)

akta.pro primary industry

Solar Project Development & IPP (Utility-Scale & Rooftop) (EUAMABAA)

akta.pro secondary industries

Gas-Fired Power Plant Development & IPP Ownership (Greenfield/Brownfield) (EUACABAI), Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), PPA Origination, Structuring & Offtake Contracting (Physical/Financial, Sleeves) (EUAMAMAD)

Keywords

• Thermal power generation
• Renewable energy projects
• Hydroelectric power plants
• Solar power generation
• Power purchase agreements

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Supply Chain, Infrastructure, Personnel, Others

Revenue model

1. Electricity Generation and Sale: Reliance Power generates electricity from coal, gas, solar, and hydro sources and sells power through long-term Power Purchase Agreements (PPAs) with state DISCOMs, industrial customers, and government entities. Revenue is primarily capacity-based with some merchant sales.

Go-to-market motion1 record

Distribution channels2 records

Marketing channels1 record

Core offering

Reliance Power generates electricity from coal, gas, solar, and hydro sources and sells power through long-term Power Purchase Agreements (PPAs) with state electricity distribution companies (DISCOMs), government entities, and industrial customers. It operates coal-based thermal (Sasan UMPP, Rosa, Butibori, Samalkot), gas-based combined cycle, solar PV, hydroelectric, and battery energy storage projects across India, Bangladesh, and Indonesia. Revenue is primarily capacity-based via PPAs, with some merchant sales.

Product overview

Reliance Power is a power generation company operating as part of the Reliance Group (Anil Dhirubhai Ambani Group). The company operates a diversified portfolio of power generation assets across thermal and renewable energy segments. The thermal portfolio includes coal-based projects (Sasan UMPP, Rosa) and gas-based projects (Butibori, Bangladesh). The renewable portfolio comprises solar projects, hydroelectric projects, and battery energy storage systems. The company also engages in carbon credit trading.

Differentiator

Problem solved

Functional benefit

Brands

• Reliance NU Energies: Renewable energy subsidiary focused on solar, wind, and battery energy storage projects
• Reliance NU BESS

Products and services

• Coal Based Power Projects Coal-fired thermal power generation projects including the 3,960 MW Sasan Ultra Mega Power Project (integrated with captive coal mines), 1,200 MW Rosa Power Project in Uttar Pradesh, 600 MW Butibori Power Plant in Maharashtra, and 2,400 MW Samalkot Power Plant in Andhra Pradesh. Electricity sold to state DISCOMs and industrial customers under long-term PPAs.
• Gas Based Power Projects Gas-based combined cycle power generation projects including the 600 MW Butibori plant in Maharashtra and the 750 MW Meghnaghat project in Bangladesh (JV with JERA). Electricity sold via long-term PPAs to distribution utilities.
• Solar Power Projects Utility-scale solar photovoltaic power generation projects including Rajasthan Sun Technique Energy and Dhursar Solar Power in Rajasthan. Includes MoU signed in 2015 with Government of Rajasthan to develop 6,000 MW of solar power projects.
• Hydroelectricity Projects Hydroelectric power generation projects including run-of-river and storage-based hydro projects (Siyom Hydro Power, Tato Hydro Power, Urthing Sobla Hydro Power) in the Himalayan region in various stages of development.
• Renewable Energy and Battery Storage Initiatives Battery Energy Storage Systems (BESS) and solar-plus-storage projects developed through subsidiary Reliance NU Energies Private Limited and Reliance NU BESS Limited. Includes the 1,500 MW/6,000 MWh ISTS-connected solar plus BESS project awarded by SJVN and a 1,000 MW BESS tender bid through SECI.
• Carbon Credits Carbon credit trading and environmental attribute monetization from renewable energy and clean energy projects operated by the company.

Named customers1 record

Segments3 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature1 record

Partnerships

Three partnerships are on record, tiered minor and core.

• AVEVAminorStrategic or Co-development Partner · 5 June 2026AVEVA signed MoU with Reliance Power Limited at the India CONNECT launch event in Mumbai. The partnership involves industrial intelligence platform implementation to accelerate industrial digital transformation initiatives.
• Green Digital Private Limited (GDL), BhutanminorStrategic or Co-development Partner · 19 May 2025Reliance Power signed commercial term sheet for long-term Power Purchase Agreement with GDL Bhutan for cross-border power supply, expanding its geographic footprint in South Asia.
• SJVN LimitedcoreStrategic or Co-development Partner · 12 May 2025Reliance Power subsidiary, Reliance NU Energies, received Letter of Award (LoA) from SJVN Limited for the largest allocation in 1,500 MW/6,000 MWh FDRE ISTS tender. This represents a major renewable energy project win for the company.

Scale indicators11 records

Recent moves7 records

Expansion highlights5 records

Direct peers

• Torrent Power: Private Indian IPP and integrated power utility with thermal and renewable generation plus distribution franchises; overlaps with Reliance Power's diversified generation-to-grid model and DISCOM-focused offtake.
• NHPC Limited: India's largest hydro power generator and a major participant in pumped storage and renewable auctions; comparable for Reliance Power's hydro portfolio (Siyom, Tato, Urthing Sobla) and its broader renewable auction strategy.
• JSW Energy: Indian private IPP with thermal and renewable generation assets supplying state DISCOMs and C&I customers under PPAs; comparable in scale, GTM, and the ongoing thermal-to-renewable transition.
• Jindal Power (Jindal Steel & Power): Operates large captive and merchant coal-based power plants in India with similar integration between mining and generation; directly comparable on scale, fuel sourcing, and PPA-based offtake.
• Tata Power: One of India's largest integrated private-sector power companies with a similar diversified portfolio spanning coal, gas, solar, wind, hydro and BESS, selling to DISCOMs and industrial customers through long-term PPAs.
• Adani Power: India's largest private thermal IPP with multi-GW coal-based capacity selling electricity via PPAs to state DISCOMs; directly comparable to Reliance Power's coal-heavy operating fleet and PPA-driven revenue model.

Regional players

• CESC Limited: Vertically integrated private power utility with generation, transmission and distribution in eastern India (West Bengal, Rajasthan); relevant comparable for Reliance Power's integrated generation-to-DISCOM PPA model.

Emerging players

• Adani Green Energy: India's largest pure-play renewable IPP focused on utility-scale solar, wind and hybrid projects including SECI/ISTS tenders; directly comparable to Reliance NU Energies' FDRE and BESS positioning.

Others

• JERA Co. Inc. Japanese utility joint-venture partner with Reliance Power on the 750 MW Meghnaghat gas-based project in Bangladesh; strategic partner and an adjacent comparable for cross-border, gas-fired and LNG-linked IPP structures in Asia.

Broad incumbents

• NTPC Limited: India's largest power generator and a state-owned incumbent operating coal, gas, hydro, solar and nuclear assets across the country; competes with Reliance Power for IPP tenders and represents the dominant counterparty in central utility auctions like SECI/SJVN.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/reliancepower
• LinkedInlinkedin.com/company/reliance-power

Revenue estimate

Valuation estimate

Number of profiles

Profiles4 records

Subsidiaries16 records

Funding overview

Funding rounds5 records

Investors4 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Reliance Power