According to the company, the Indonesian subsidiaries did not contribute any income during the last financial year (Image Source: Twitter)
Reliance Power on Monday said it has signed a definitive agreement to divest its entire stake in five Indonesian coal subsidiaries to Singapore-based Biotruster Pte. Ltd. for a total consideration of $12 million. The move marks another step in the Anil Ambani-led company’s strategy to streamline operations and exit non-core overseas businesses.
Details of the Transaction
In a regulatory filing, Reliance Power confirmed that its step-down subsidiaries , Reliance Power Netherlands B.V. and Reliance Natural Resources (Singapore) Pte. Ltd. , have entered into a share purchase agreement with Biotruster (Singapore) Pte. Ltd.
The deal involves the sale of 100% equity stakes in the following entities:
The agreement was executed on September 29, 2025, and subject to customary closing conditions, the transaction is expected to be completed by December 30, 2025. Reliance Power said it will receive the full $12 million consideration upon closing.
Financial Impact
According to the company, the Indonesian subsidiaries did not contribute any income during the last financial year and accounted for only 0.53% of Reliance Power’s consolidated net worth, valued at Rs 16,909 lakh.
Reliance Power clarified that Biotruster does not form part of its promoter group, and therefore, the transaction does not qualify as a related-party deal. The sale also does not involve a slump sale or any scheme of arrangement under Regulation 37A of SEBI’s Listing Obligations and Disclosure Requirements (LODR).
Strategic Rationale
Reliance Power has been focusing on deleveraging and consolidating its energy portfolio by prioritizing domestic assets and renewable projects. The divestment of its Indonesian coal ventures, which had been non-revenue generating for years, is expected to allow the company to reallocate resources more efficiently.
Analysts say the exit underscores a broader trend of Indian power companies reducing overseas fossil fuel exposure, especially in Southeast Asia, as they shift toward cleaner energy investments and debt reduction.
Market Reaction
Shares of Reliance Power were trading marginally higher on the Bombay Stock Exchange following the announcement, reflecting investor optimism that the sale would help the company trim non-performing assets and improve balance-sheet efficiency.
Reliance Power, part of the Anil Dhirubhai Ambani Group (ADAG), continues to operate power projects in India across gas, coal, and renewables. Industry watchers say the latest divestment could pave the way for the company to explore fresh capital infusions into solar and green energy, aligning with India’s clean energy transition targets.
