Anil Ambani's Reliance Group to develop solar, hydro power projects in Bhutan

Anil Ambani-run Reliance Group said on Wednesday it would jointly develop solar and hydro power projects in Bhutan along with the government's investment arm.

The Indian conglomerate, run by the younger brother of Asia's richest man Mukesh Ambani , will form a new subsidiary that is equally owned by Mumbai-listed units Reliance Power and Reliance Infrastructure.

The subsidiary will develop 500 megawatts of solar power projects and 770 megawatts of hydro power projects with Bhutan's Druk Holding and Investments.

The conglomerate did not disclose the investment amount for the projects.

Reliance Power aims to expand in the renewable energy sector. The electric utility company last week raised $183 million last week and plans to raise more funds on Thursday.

The Mumbai-headquarted company had last week said that it had no debt from banks and financial institutions after settling dues of $461 million towards its unit.

In June, Indian billionaire Gautam Adani's ports-to-power conglomerate signed an agreement for a 570 megawatt green hydro project in Bhutan.