Reliance Infrastructure clarifies that assets mentioned in a recent ED media release belong to Reliance Communications (RCOM), which has been independent since 2019 and is undergoing Corporate Insolvency Resolution. Anil D. Ambani resigned from RCOM six years ago. The order has no impact on Reliance Infrastructure or Reliance Power, both of which continue normal operations with a commitment to stakeholders.
Clarification on ED Media Release
Reliance Infrastructure clarifies that assets referenced in a recent media release pertain to Reliance Communications (RCOM). RCOM has been undergoing Corporate Insolvency Resolution Process (CIRP) for over six years and has been independent of the Reliance Group since 2019. All resolution matters are before the Hon’ble National Company Law Tribunal (NCLT) and the Hon’ble Supreme Court of India.
Management of Reliance Communications
Currently, Reliance Communications is managed by a Resolution Professional under the supervision of the NCLT / Committee of Creditors (CoC), led by the State Bank of India (SBI) and a consortium of banks/lenders. Anil D. Ambani has not been involved with Reliance Communications and resigned six years prior in 2019.
Impact on Reliance Infrastructure and Reliance Power
The attachment order does not materially impact the operations, performance, or future prospects of Reliance Infrastructure and Reliance Power. Both companies continue operations as usual, focusing on growth, operational excellence, and stakeholder commitment. Anil D. Ambani has not been on the Board of Directors for either company for over three and a half years.
Reliance Group Overview
Reliance Group includes Reliance Infrastructure Limited and Reliance Power Limited. Together, they have a combined investor base of over 50 lakh shareholders. The Group employs over 28,000 people. The Group’s assets are worth Rs 1,07,123 crore, with a net worth of Rs 40,856 crore.
Reliance Infrastructure Focus
Reliance Infrastructure Limited focuses on projects in sectors like Power, Roads, and Metro Rail, as well as the Defence sector. It is also involved in Engineering and Construction (E&C) services for developing power, infrastructure, metro, and road projects.
Source: BSE