Reliance Infrastructure has issued a strong denial of allegations made by Cobrapost, labeling them as a malicious campaign to tarnish the company’s reputation. The company asserts that the information is recycled and already vetted by authorities. They also highlight potential market manipulation and have filed a complaint with authorities. Reliance Infrastructure condemns the actions as blackmail and greenmail tactics and highlights a scheme to acquire assets at discounted prices.
Denial of Allegations
Reliance Infrastructure has refuted claims made by Cobrapost, characterizing them as a deliberate campaign to spread calumny, disinformation, and character assassination against the Reliance Group, Anil D. Ambani, and its 55 lakh shareholders. The company argues this is an attempt to manipulate stock prices and acquire Reliance Group assets at reduced values.
Response to Cobrapost
The company claims that Aniruddha Bahal of Cobrapost engaged in coercive tactics. Reliance Infrastructure alleges that the information being circulated is not new and has been previously examined by agencies, including the CBI, ED, and SEBI. The company views the proposed press conference as an attempt to damage the image and credibility of the Reliance Group and Mr. Anil D. Ambani and to destabilize shareholder confidence.
Shareholder Protection
Reliance Infrastructure states that it has experienced heightened speculation and volatility in the market. To protect investor interests, the company has filed a complaint requesting a review of trading patterns to address any activities undermining market integrity. The company urges investors and media to rely on verified disclosures.
Company Strength
Reliance Group highlights that Reliance Infrastructure and Reliance Power are debt-free, with zero outstanding loans from banks or financial institutions. The group states its financial strength is reflected in a net worth and annual turnover of over Rs 33,000 crore, with a shareholder base exceeding 5 million.
Power and Infrastructure
Reliance Infrastructure is active in the energy sector, focusing on power distribution in Delhi and power generation. The company also has interests in defense manufacturing and plays a role in infrastructure development projects like the Mumbai Metro. Reliance Power has an installed capacity of 5,305 MW, including the 4,000 MW Ultra Mega Power Project in Sasan, Madhya Pradesh.
Source: BSE
