New Delhi: Reliance Power Ltd on Tuesday said Asian Development Bank (ADB) has approved debt financing and partial risk guarantees totalling $583 million to develop its 750 MW power plant and LNG terminal project in Bangladesh.

“The board of Asian Development Bank has approved debt financing and partial risk guarantees totalling $583 million (approx Rs3,748 crore) for 750 MW LNG based combined cycle power plant and LNG Terminal project being developed by the company’s subsidiaries in Bangladesh," the company said in a BSE filing.

The project, which includes a power generation facility to be located in Meghnaghat near Dhaka and an LNG terminal near Kutubdia Island south of Chittagong, will significantly increase power generation and improve energy infrastructure in Bangladesh, ADB said.

Total project cost is approximately $1 billion.

At 12.19pm, Reliance Power shares were trading 0.41% lower at Rs36.60 on BSE, while the Sensex was down 0.35% to 32,753.93 points.

Reliance Group companies have sued HT Media Ltd, Mint’s publisher, and nine others in the Bombay high court over a 2 October 2014 front-page story that they have disputed. HT Media is contesting the case.

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