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.

Anil Ambani's fortune is on the upswing as Reliance Power's shares rose 5% to Rs 53.65, marking a 52-week high. With Reliance Power debt-free and Reliance Infrastructure reducing its debt by 87%, investor confidence has surged.

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.

Anil Ambani-led Reliance group announced on Wednesday it has entered into an agreement with Druk Holding and Investments Ltd (DHI), the commercial and investment arm of the Bhutan government, to jointly develop a solar and a hydroelectric project in the Himalayan kingdom.

Anil Ambani-led Reliance Group on Wednesday said it has entered into a partnership with Druk Holding and Investments (DHI), the commercial arm of the Royal Government of Bhutan, to jointly develop solar and hydropower projects, marking its first foreign venture.

In partnership with Druk Holding and Investments Ltd (DHI), the commercial arm of the Bhutanese government, Reliance Enterprises—a newly established company under Reliance Infrastructure Ltd and Reliance Power Ltd—will lead the project.

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.

Anil Ambani-led Reliance Group is set to establish Bhutan's largest solar plant, surpassing all existing solar installations in the country. It will produce clean, renewable energy to help mitigate the impacts of climate change.