Reliance Power clarifies that the company continues to operate normally after the ED’s provisional attachment of assets. The majority of attached assets pertain to Reliance Communications, a separate entity since 2019. Assets directly related to Reliance Power are valued at ₹397.46 crore and are held under a long-term lease. The company is taking action to protect shareholder interests.
Company Operations Unaffected
Reliance Power has issued a clarification stating that its operations remain normal following the provisional attachment of certain assets by the Enforcement Directorate (ED). The company emphasizes its commitment to continued growth and value creation for stakeholders.
Details of Attached Assets
The company clarified that the majority of the assets attached by the ED pertain to Reliance Communications, which has not been part of the Reliance Group since 2019. The assets of Reliance Communications are valued at ₹8,078 crore. Reliance Communications is undergoing Corporate Insolvency Resolution Process.
Limited Impact on Reliance Power
The clarification notes that an amount of ₹339 crore relates to Reliance Infrastructure Limited, along with some non-core assets. Additionally, ₹582 crore relates to independent companies with which the Reliance Group has no involvement.
Real Estate and Windmill Assets
All real estate assets at Ballard Estate, including the company’s assets valued at ₹397.46 crore, are held on a long-term lease from the Bombay Port Trust (BPT). The company’s windmill assets valued at ₹10.14 crore have been provisionally attached.
Commitment to Stakeholders
Reliance Power is committed to growth and value creation. The company will take appropriate action to protect the interests of its over 43 lakh shareholders.
Source: BSE
