India, Sept. 29 -- Reliance Power announced on Monday that it will sell its entire stakes in several Indonesian step-down subsidiaries to Singapore-based Biotruster Pte Ltd for approximately USD 12 million.
A share purchase agreement has been signed between Reliance Power Netherlands BV, Reliance Natural Resources (Singapore) Pte Ltd, and Biotruster Pte Ltd.
Under the deal, Reliance Power will divest 100 per cent equity in PT Avaneesh Coal Resources, PT Heramba Coal Resources, PT Sumukha Coal Services, PT Brayan Bintang Tiga Energi, and PT Sriwijaya Bintang Tiga Energi. The transaction is subject to conditions precedent and other customary terms, the company stated in a regulatory filing.
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