Mumbai, Sep 3 (IANS): Reliance Power has entered into a partnership agreement with JERA, one of the largest power utilities of Japan, for jointly setting up a power project in Bangladesh.

The two will jointly set up 750 MW gas based combined cycle power project (Phase-1) at Meghnaghat.

In a statement issued on Tuesday, Reliance Power said that it will hold 51 per cent stake while JERA will hold 49 per cent stake in the joint venture company.

"This joint venture project will give a tremendous boost to the economic and industrial growth of Bangladesh and will enhance the energy security of the country with clean, green and reliable LNG based power," Anil D. Ambani, Chairman, Reliance Group of Companies said in the statement.

"We are excited to be part of the growth story of Bangladesh in partnership with JERA."

As per the statement, the project will represent the largest Foreign Direct Investment (FDI) in the power sector in Bangladesh, and shall cater to the country's rising needs for power, contributing to Bangladesh's goal of energy security.

Reliance Power is the power generation company of Reliance Group.