- By Aditya Pratap Singh
- Wed, 04 Dec 2024 10:11 AM (IST)
- Source:JND
Reliance Power Share Price: Reliance Power Share Price surged up to 5% to hit the upper circuit in early hours trade on Wednesday after Solar Energy Corporation of India Limited (SECI) withdrew the debarment notice issued to Reliance Power and its subsidiaries. Now Anil Ambani-led firm will be able to participate in tenders of public sector solar projects.
At around 10:03 am, the shares of Reliance Power were at Rs 41.09, up 41.09, 4.98 per cent against the previous day's closing of Rs 39.14 on NSE.
The Solar Energy Corporation of India (SECI) on Tuesday said that it had withdrawn the ban notice to Reliance Power allowing Anil Ambani-led company to take part in bidding for the public sector's solar projects in future.
SECI is the governing body for renewable energy projects. On November 6, it barred Reliance Power Ltd and Reliance NU Base Ltd from taking part in bids of any tender for three years.
On November 13, SECI issued a show cause notice to Reliance Power, asking why criminal proceedings should not be initiated against them after one of its entities submitted fake bank guarantees to secure projects.
In a statement released on Tuesday, SECI said that the withdrawal of its sanction notice will not affect its right to take all actions permitted by law.
Following the legal proceedings relating to the matter, the sanction notice issued to Reliance Power Ltd stands withdrawn immediately," SECI said. It added that the November 6 notification was modified to the extent mentioned above.
Meanwhile, Reliance Power said in a filing to the stock exchanges that it has received SECI's letter withdrawing the ban notice. The company and its subsidiaries, except Reliance NU BESS Limited (formerly known as Maharashtra Energy Generation Limited), are eligible to participate in all tenders issued by SECI, R Power said.