Reliance Power
Reliance Power is an Indian electricity-generation company associated with the Reliance Group, operating coal, gas and renewable power assets.
Last updated October 16, 2026
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Overview
Reliance Power Limited, commonly known as Reliance Power or R-Power, is an Indian power-generation company associated with the Reliance Group. The company was created to develop, build, own, operate and maintain electricity projects in India and, at various points in its planning, international markets. Its business has been closely linked with Reliance Infrastructure and the Reliance ADA Group, under the wider corporate influence of Anil Dhirubhai Ambani. The company was incorporated in January 1995 as Bawana Power Private Limited. It was renamed Reliance Delhi Power Private Limited shortly afterward, then Reliance Energy Generation Limited in 2004, and finally Reliance Power Limited in 2007. Its development strategy during the 2000s was based on a large pipeline of coal-fired, gas-fired, hydroelectric and renewable projects. At its height, the proposed portfolio included 13 medium and large projects with planned capacity of approximately 33,480 MW, distributed across western, northern, northeastern and southern India. Reliance Power became one of India’s most closely watched infrastructure companies during its initial public offering in January 2008. The offering attracted exceptionally strong demand, but the shares fell sharply after their February 2008 listing as the broader market weakened and investors questioned the valuation and execution prospects of the project pipeline. The company subsequently announced a bonus-share issue intended to address investor concerns. The IPO episode became an important part of the company’s public identity because it illustrated both the enthusiasm surrounding India’s proposed power expansion and the financing and execution risks of large infrastructure ventures. A major corporate development followed in 2010, when Reliance Natural Resources merged with Reliance Power. The enlarged company continued to pursue large thermal projects, including the Sasan Ultra Mega Power Project in Madhya Pradesh, the Rosa Thermal Power Project in Uttar Pradesh, the Samalkot gas project in Andhra Pradesh and several projects that were later delayed, canceled or abandoned. The Sasan project, a 3,960 MW coal-fired plant, became the company’s principal large-scale operating asset and reached full capacity in 2015. Rosa, with installed capacity of 1,200 MW, also became operational. By contrast, several proposed projects were undermined by land-acquisition delays, changes in imported-coal economics, fuel shortages, lapsed environmental approvals, contractual disputes and broader financial stress in the Indian power sector. Reliance Power’s gas-based Samalkot project was only partially implemented and remained unused because of financing difficulties and inadequate gas availability. The company also exited or abandoned the Tilaiya, Krishnapatnam, Chitrangi and Dadri projects. Its renewable portfolio has been much smaller than its original thermal-development ambitions; the Dhirubhai Ambani Solar Park is identified as an operational renewable project, while other renewable proposals remained at different stages of development. The company has also been connected with electricity distribution through businesses including BSES Delhi operations, BSES Kerala and BSES Odisha. In 2017, however, the Mumbai suburban electricity-distribution operation was sold to Adani Power, reducing Reliance Power’s direct presence in that market. The company has pursued equipment, financing and technology relationships with international counterparties, including Shanghai Electric, the United States Export-Import Bank and General Electric. These arrangements supported the original ambition to construct a very large generation fleet, although the realized portfolio became substantially smaller than the planned pipeline. Reliance Power remains an active Indian power company, but its current identity is more closely associated with operating and managing a limited set of generation assets than with the expansive multi-region projec…
History
Reliance Power was incorporated on 17 January 1995 as Bawana Power Private Limited. Its name changed to Reliance Delhi Power Private Limited in February 1995, to Reliance Energy Generation Limited in March 2004, and to Reliance Power Limited in July 2007. The company was established within the Reliance corporate sphere to pursue utility-scale electricity generation and related infrastructure. During India’s power-development expansion in the 2000s, Reliance Power assembled an ambitious project pipeline covering coal, natural gas, hydroelectricity and renewable energy. The proposed portfolio included projects in several regions of India and had a planned capacity of roughly 33,480 MW. The plan envisaged six coal-based projects, two gas-based projects and four hydroelectric projects, alongside renewable initiatives. The company’s strategy relied on a combination of captive coal resources, imported fuel, domestic gas reserves and long-term infrastructure financing. The company’s 2008 initial public offering became one of the most prominent Indian market events of the period. Demand was very high when the issue opened, but the stock fell after listing amid market volatility and doubts about the issue price and the execution risk attached to the proposed project portfolio. Reliance Power later announced a bonus-share issue intended to reduce the impact on investors. The company’s public-market debut highlighted the gap that can arise between a large announced infrastructure pipeline and the time, financing and regulatory approvals required to turn that pipeline into operating assets. In 2010, Reliance Natural Resources merged with Reliance Power. The combined business continued to pursue a large generation strategy while also maintaining connections to transmission and distribution activities. Reliance Power placed a major equipment order with Shanghai Electric for coal-fired generation units, spare parts and services over a ten-year period. It also entered into financing arrangements with the United States Export-Import Bank and a technology and equipment agreement with General Electric connected with the Samalkot gas project. The Sasan Ultra Mega Power Project in Singrauli district, Madhya Pradesh, became the company’s most important large-scale generation asset. The six-unit, 3,960 MW coal-fired project was designed as a government-supported ultra mega power project and was reported to have reached full capacity in March 2015. The 1,200 MW Rosa Thermal Power Project in Uttar Pradesh also became fully operational. A 600 MW Butibori thermal plant in Maharashtra was identified as no longer in use. Other projects encountered serious obstacles. The 2,400 MW Samalkot gas project in Andhra Pradesh was only partly implemented and remained at a standstill because of financial stress and the lack of sufficient gas supply. The 4,000 MW Tilaiya project in Jharkhand was abandoned after land-acquisition delays, with the remaining interests later sold to a state development corporation. The 3,960 MW Krishnapatnam project in Andhra Pradesh became uneconomic after Indonesia changed its coal-export policy; the project was subsequently shelved and became the subject of disputes over land, money and bank guarantees. The Delhi High Court upheld the invocation of bank guarantees in 2019. The 3,960 MW Chitrangi project in Madhya Pradesh was canceled after prolonged inaction, the expiry of environmental clearance and termination by its intended customer. The 7,480 MW Dhirubhai Ambani Energy City project at Dadri was also shelved. Reliance Power’s renewable business remained relatively small compared with its original thermal ambitions. The Dhirubhai Ambani Solar Park, with capacity reported at 40 MW, was identified as its operational renewable project, while other projects remained proposed or incomplete. The company also had distribution interests through BSES-related businesses in Delhi, Kerala and Odisha. In 2017, it sold the Mumbai suburban distribution operation to Adani Power. The company’s trajectory therefore moved from ambitious national-scale expansion toward a more limited operating portfolio shaped by fuel availability, project finance, regulatory approvals, environmental requirements, land acquisition and the economics of imported coal and domestic gas. K. Raja Gopal has served as chief executive officer since 2 May 2018. Reliance Power remains an active Indian power company, although many of the generation projects proposed during its early expansion phase were delayed, canceled or shelved.
- 2018
Tilaiya interests transferred to Jharkhand
[1]Reliance Power sold its remaining interests in the shelved Tilaiya project to Jharkhand State Power Development Corporation.
- 2017
Mumbai distribution business sold
[1]The company sold its Mumbai suburban electricity-distribution operation to Adani Power.
- 2015
Sasan reaches full capacity
[1]The six-unit Sasan Ultra Mega Power Project was reported to be operating at its full 3,960 MW capacity.
- 2011
Chitrangi project awarded
[1]Reliance Power won the tender for the proposed Chitrangi coal-based project after bidding a low electricity tariff.
- 2010
Merger with Reliance Natural Resources
[1]Reliance Natural Resources merged with Reliance Power, consolidating related energy interests.
- 2008
Initial public offering and stock-market listing
[1]Reliance Power conducted a heavily subscribed IPO in January and began trading in February, followed by a sharp decline in the share price.
- 2007
Renamed Reliance Power Limited
[1]The company changed its name to Reliance Power Limited in July 2007.
- 2004
Renamed Reliance Energy Generation Limited
[1]The company adopted the name Reliance Energy Generation Limited as it developed its power-generation strategy.
- 1995
Incorporation as Bawana Power Private Limited
[1]The company was incorporated on 17 January 1995 under the name Bawana Power Private Limited.
Products and positioning
An Indian private-sector power developer and generator focused historically on large utility-scale thermal projects, with additional interests in renewable generation, transmission and electricity distribution.
Coal-fired thermal power generation · 2015
Sasan Ultra Mega Power Project
A 3,960 MW coal-fired plant in Singrauli district, Madhya Pradesh, consisting of six 660 MW units. It was developed as an Indian ultra mega power project and was reported to have operated at full capacity from March 2015. Sasan became Reliance Power’s principal large-scale generation asset. A proposed 4,000 MW project in Jharkhand. Reliance Power exited after delays in land acquisition and later transferred its remaining interests to Jharkhand State Power Development Corporation. The project was shelved. A proposed 3,960 MW, six-unit project in Nellore district, Andhra Pradesh. Changes in Indonesia’s coal-export policy made the fuel economics unattractive, after which the project was abandoned amid disputes involving land, payments and bank guarantees.
Coal-fired thermal power generation
Rosa Thermal Power Project
A 1,200 MW coal-based thermal power plant at Rosa in Shahjahanpur district, Uttar Pradesh. The project consists of four 300 MW units and is identified as fully functional in the referenced company history.
Gas-fired power generation
Samalkot Power Project
A proposed 2,400 MW gas-fired project in East Godavari district, Andhra Pradesh, designed around three 800 MW units. Implementation was incomplete and operations were halted because of financial stress and inadequate gas supply. The company later discussed relocating or diverting one unit to Bangladesh.
Solar power generation
Dhirubhai Ambani Solar Park
A 40 MW solar-generation project identified as Reliance Power’s operational renewable-energy project. It represents a smaller renewable component within a portfolio historically dominated by proposed coal and gas projects.
Coal-fired thermal power generation
Butibori Thermal Power Project
A 600 MW coal-fired plant near Nagpur in Maharashtra, comprising two 300 MW units. The referenced material identifies the plant as no longer in use.
Coal-fired thermal power development
Chitrangi Power Project
A proposed 3,960 MW coal-fired project in Madhya Pradesh. Although Reliance Power won the tender, the project did not advance, its environmental approval lapsed and the intended customer canceled the arrangement.
Thermal power development
Dhirubhai Ambani Energy City Dadri Project
A proposed 7,480 MW power project at Dadri in Uttar Pradesh. It was part of the company’s large early development pipeline but was ultimately shelved.
Controversies
2008
Controversy surrounding the initial public offering
Complaints about the formulation and structure of Reliance Power’s IPO led to regulatory restrictions and public-interest litigation. The Supreme Court nevertheless allowed the offering to proceed even if an Indian court later issued an order concerning the venture. The episode was controversial because of the offering’s scale, valuation debate and subsequent share-price decline.
Brand decisions
2019
Challenge over Krishnapatnam bank guaranteesOtherBackground
The proposed Krishnapatnam project had become unviable after changes in Indonesia’s coal-export policy and was being abandoned amid contractual disputes.
Action taken
The Andhra Pradesh government invoked bank guarantees connected with the project, and Reliance Power challenged the action.
Aftermath
The Delhi High Court upheld the invocation of the guarantees.
Bank guarantees invoked. ₹300 crore (January 2019)
2018
Seek a new destination for Samalkot generation equipmentStrategyBackground
The Samalkot gas project was incomplete and unable to operate because of financial stress and insufficient gas supply.
Action taken
Reliance Power signed an agreement with Bangladesh concerning the relocation or diversion of one Samalkot unit.
Aftermath
The arrangement reflected the company’s attempt to redeploy equipment from a stalled domestic project.
2017
Sell Mumbai suburban distribution operationM&ABackground
Reliance Power was the electricity distributor for consumers in Mumbai’s suburbs through its related distribution operations.
Action taken
The Mumbai suburban operation was sold to Adani Power.
Aftermath
Reliance Power reduced its direct distribution presence in Mumbai.
2015
Exit the Tilaiya Ultra Mega Power ProjectStrategyBackground
Land acquisition delays prevented the proposed Jharkhand project from progressing as planned.
Action taken
Reliance Power exited the project and later sold its remaining interests to the state development corporation.
Aftermath
The project was shelved and the company’s planned development portfolio was reduced.
Consideration for remaining project interests. ₹112 crore (May 2018)
2010
Merge with Reliance Natural ResourcesM&ABackground
The two companies operated in related energy businesses and the merger followed Reliance Power’s public offering.
Action taken
Reliance Natural Resources was merged into Reliance Power.
Aftermath
The transaction consolidated the related energy interests within Reliance Power.
2008
Proceed with the initial public offeringOtherBackground
The company sought funding for six proposed power projects, while complaints about the IPO structure prompted regulatory restrictions and litigation.
Action taken
Reliance Power proceeded with the IPO after the Supreme Court ruled that the offering could go ahead despite possible court orders.
Aftermath
The issue attracted unusually high demand but the shares fell sharply after listing, leading to a subsequent bonus-share announcement.
2008
Announce bonus-share issueOtherBackground
Reliance Power’s shares traded materially below the IPO issue price after the February listing.
Action taken
The company announced three bonus shares for every five shares held.
Aftermath
The measure was presented as an effort to mitigate investor losses associated with the post-listing decline.
Recent events
- 2019
Delhi High Court upholds invocation of Krishnapatnam bank guarantees[1]
Lawsuit
The Delhi High Court upheld the Andhra Pradesh government’s invocation of bank guarantees connected with the abandoned Krishnapatnam project.
- 2018
Tilaiya project interests transferred to Jharkhand state entity[1]
M&A
Reliance Power sold its remaining interests in the shelved Tilaiya project to Jharkhand State Power Development Corporation.
- 2018
Reliance Power signs Bangladesh agreement concerning Samalkot equipment[1]
Other
The company signed an agreement with Bangladesh relating to the proposed relocation or diversion of one Samalkot project unit.
- 2017
Mumbai suburban electricity-distribution operation sold to Adani Power[1]
M&A
Reliance Power’s Mumbai suburban distribution operation was transferred to Adani Power, changing the company’s presence in the Mumbai electricity market.
- 2015
Sasan power project reaches full operating capacity[1]
Product generation
The 3,960 MW Sasan Ultra Mega Power Project in Madhya Pradesh was reported to be operating at full capacity.
- 2015
Reliance Power exits Tilaiya Ultra Mega Power Project[1]
Other
The company withdrew from the Jharkhand project, citing delays in land acquisition.
- 2010
Reliance Natural Resources merges with Reliance Power[1]
M&A
Reliance Natural Resources was merged into Reliance Power, consolidating related energy interests shortly after Reliance Power’s public offering.
- 2008
Reliance Power launches heavily subscribed initial public offering[1]
Other
Reliance Power’s IPO attracted exceptionally strong first-day demand, becoming a defining event in the company’s early history and in India’s infrastructure-market boom.
- 2008
Reliance Power shares fall after stock-market listing[1]
Other · Pricing
The company’s shares declined substantially on their first trading day as market volatility and concerns about the IPO valuation affected investor sentiment.
- 2008
Reliance Power announces bonus shares after IPO decline[1]
Other
The company announced three bonus shares for every five shares held as an effort to mitigate the effect of the post-listing decline on investors.
Sources4 sources
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