Reliance Power and Japanese energy major JERA have inked a pact with a group of banks for full financing, totalling $642 million (approx Rs 4,798 crore), for their new gas-fired thermal power generation project in Bangladesh.

Reliance Power and JERA, through their project company, are developing a new 745 MW natural gas combined-cycle power project in Meghnaghat in Bangladesh.

"The project company has now signed a loan agreement for full financing totaling $642 million with a group of banks that includes the Japan Bank for International Cooperation," Reliance Power said in a regulatory filing.

Anil Ambani, Chairman of Reliance Power said this financing tie-up represents one of the largest funding tie-ups for a project in Bangladesh's power sector.

"Going forward, Reliance Power and JERA will focus on full-scale construction and work steadily towards achieving commercial operation in 2022," the company added.

Shares of Reliance Power were trading 1.18 per cent lower at Rs 3.34 apiece on BSE.