Reliance Power Limited announced on Monday, September 29, that it has entered into a definitive agreement to sell its entire equity stake in five Indonesian step-down subsidiaries to Biotruster (Singapore) Pte. Ltd. The transaction, valued at USD 12 million, is expected to close by December 30, 2025.
According to the filing, the sale includes PT Avaneesh Coal Resources, PT Heramba Coal Resources, PT Sumukha Coal Services, PT Brayan Bintang Tiga Energi, and PT Sriwijaya Bintang Tiga Energi. These subsidiaries contributed nil income and accounted for 0.53% of consolidated net worth (Rs. 16,909 lakh) in the last financial year.
The buyer, Biotruster (Singapore) Pte Ltd., does not belong to Reliance Power’s promoter group, and the deal is not categorized as a related-party transaction. Reliance Power clarified that the agreement is a standard share purchase arrangement with customary conditions precedent.
This move is part of Reliance Power’s ongoing portfolio rationalisation. The divestment of its coal subsidiaries comes at a time when Indian energy companies are increasingly focusing on domestic operations and regulatory compliance.