Reliance Power signed a partnership agreement with JERA for jointly setting up 750 MW gas based combined cycle power project (Phase 1) at Meghnaghat, Bangladesh. Reliance Power will hold 51% stake while JERA will hold 49% stake in the joint venture company. The Project Agreements include the Power Purchase Agreement and Land Lease Agreement with BPDB for the power project, Gas Supply Agreement with Titas Gas, a subsidiary of Petrobangla for the supply of gas to the power project and Implementation Agreement with Ministry of Power, and Mineral Energy Resources. The project will be set within 36 months of up signing the agreements. The project will represent the large Foreign Direct Investment in the (FDI) power sector in Bangladesh, and shall cater to the country's rising needs for power, contributing to Bangladesh's goal of energy security. Reliance Power will relocate one module of world--class equipment procured from internationally reputed original equipment manufacturers, for its combined cycle power project at Samalkot in Andhra Pradesh, India; for the Phase-1 project in Bangladesh. The transaction will result in debt reduction for Reliance Power of ~INR 8,350 million (USD 116 million) payable to US--Exim.