Reliance Power to Sell Indonesian Subsidiaries to Biotruster for $12 Million

Reliance Power announced on Monday that it will sell 100% stakes in several Indonesian step-down subsidiaries to Singapore-based Biotruster Pte Ltd for approximately USD 12 million.

A share purchase agreement has been signed between Reliance Power Netherlands BV, Reliance Natural Resources (Singapore) Pte Ltd, and Biotruster (Singapore) Pte Ltd, the company said in a regulatory filing.

The subsidiaries being sold include PT Avaneesh Coal Resources, PT Heramba Coal Resources, PT Sumukha Coal Services, PT Brayan Bintang Tiga Energi, and PT Sriwijaya Bintang Tiga Energi. The transaction is subject to certain conditions precedent and other customary terms and conditions.

This move forms part of Reliance Power’s strategy to streamline its overseas assets and focus on its core business operations in India and other strategic markets.