Mumbai-based Reliance Power has signed a share purchase agreement to sell its entire stake in five Indonesian subsidiaries for $12mn, the company said in a stock exchange filing dated September 29. The deal marks its exit from overseas coal mining ventures.

According to a regulatory filing, the company’s step-down subsidiaries — PT Avaneesh Coal Resources, PT Heramba Coal Resources, PT Sumukha Coal Services, PT Brayan Bintang Tiga Energi, and PT Sriwijaya Bintang Tiga Energi — will be divested to Biotruster (Singapore) Pte Ltd. The buyer is unrelated to Reliance Power’s promoter group.

The agreement was executed through Reliance Power Netherlands B.V. and Reliance Natural Resources (Singapore) Pte Ltd, which together hold 100% equity in the five Indonesian entities. Completion of the transaction is expected by December 30, 2025, subject to customary conditions.

The assets contributed no income during the last financial year but carried a net worth of about 0.53% of Reliance Power’s consolidated net worth.

The sale comes as Reliance Power seeks to streamline operations and deleverage its balance sheet.

 

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