Varde Partners, a global alternative investment firm, completed the acquisition of a 15% stake in Reliance Power, a group established to develop, construct, operate and maintain power projects in the Indian and international markets, for $117m. RPL has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with an operating portfolio of 6k MW. However, the Reliance group has been struggling under a pile of debts leading to at least four of its companies being dragged to the bankruptcy process by its lenders.