Reliance Power clarifies that assets attached pertain to Reliance Communications (RCOM), separate since 2019, and undergoing Corporate Insolvency Resolution Process (CIRP) for over six years. Mr. Anil D. Ambani resigned in 2019 and is not involved. The order has no material impact on Reliance Infrastructure or Reliance Power. The companies continue to operate as usual, focusing on growth and shareholder commitment.
RCOM’s Ongoing Insolvency
Reliance Power clarifies that recent media coverage regarding asset attachments pertains to Reliance Communications (RCOM). These assets have not been part of Reliance Power or the broader Reliance Group since 2019. Since then, RCOM has been under Corporate Insolvency Resolution Process (CIRP) for over six years. All resolution matters are before the National Company Law Tribunal (NCLT) and the Supreme Court.
Management and Operations
RCOM’s operations are currently managed by a Resolution Professional, supervised by the NCLT and the Committee of Creditors (CoC), led by the State Bank of India (SBI) and a consortium of lenders.
Leadership Transition
Mr. Anil D. Ambani has no involvement with Reliance Communications and officially resigned from his position six years ago, in 2019.
Impact on Reliance Power and Infrastructure
The attachment order has no material impact on the operations, performance, or future prospects of Reliance Infrastructure and Reliance Power. Both companies are operating normally, focusing on growth, operational efficiency, and commitment to all stakeholders.
Reliance Group Overview
Reliance Group’s flagship companies, Reliance Infrastructure Limited and Reliance Power Limited, are bank debt-free. They collectively have an investor base of over 50 lakh shareholders and employ over 28,000 people. The Group’s assets are valued at Rs 1,07,123 crore, with a net worth of Rs 40,856 crore.
Reliance Infrastructure’s Role
Reliance Infrastructure Limited is involved in large infrastructure projects, including power, roads, metro rail, and the defense sector. The company also provides Engineering and Construction (E&C) services.
Reliance Power’s Position
Reliance Power Limited is a power generation company with an installed capacity of 5,305 MW, including the 4,000 MW Sasan Ultra Mega Power Project in Madhya Pradesh.
Source: BSE