Reliance Group will partner with Druk Holding and Investments Ltd. to develop 500 MW of solar and 770 MW of hydroelectric power projects in Bhutan. A new subsidiary, Reliance Enterprises, will be formed.

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,

Reliance Group said on Wednesday it would jointly develop solar and hydro power projects in Bhutan along with the government’s investment arm, reported the news agency Reuters. ;

The agreement, signed today, includes plans to develop a total of 1,270 MW of clean energy, marking the largest foreign direct investment (FDI) by an Indian company in Bhutan’s green energy space.

Reliance Power (RPower), led by Anil Ambani, has seen its shares surge by around 55% over the past nine trading sessions. From a closing price of Rs 31.40 on September 17, the stock has been hitting upper circuits consecutively, reaching Rs 48.66 by the latest session.

India's Reliance Power , part of Anil Ambani's Reliance Group, said on Monday that it plans to raise up to 15.25 billion rupees ($183 million) through a preferential allotment.

Anil Ambani’s Reliance Group said it’s partnered with Bhutan’s Druk Holding and Investments Ltd. to develop solar and hydro energy plants in the South Asian nation.

YTD, Reliance Power surged by 93.53%, while in a year, the stock advanced by 142.04%. Meanwhile, YTD and NTPC gained by 42% and Power Grid surged by 48.9%. In a year, NTPC gained by 85.74% and 76.66%.

Reliance group led by Anil Ambani on Wednesday launched a new company for investing in Bhutan's renewable energy sector, starting with building 1.2 gigawatts of solar and hydropower projects that could entail investments of up to $1 billion.