Reliance Power Ltd clarifies on provisional attachment of assets by ED

Reliance Power wishes to clarify recent reports concerning the provisional attachment of assets by ED, amounting to Rs 10,117 crore for alleged violation of PMLA.

Of the total value cited, Rs 8,078 crore pertains to assets of Reliance Communications Limited, a company that ceased to be a part of the Reliance Group since 2019-that is, for more than six years. Reliance Communications has been undergoing the Corporate Insolvency Resolution Process (CIRP) and is currently managed entirely by the Resolution Professional, under the supervision of the Hon'ble NCLT and its Committee of Creditors (CoC), led by the State Bank of India (SBI) along with a consortium of banks and lenders.

An amount of Rs 339 crore, together with certain other non-core assets, pertains to Reliance Infrastructure Limited.

A further Rs 582 crore relates to independent companies with which the Reliance Group has no involvement whatsoever.

All real estate assets at Ballard Estate, including the Company's assets valued at Rs 397.46 crore, are held on a long-term lease from the Bombay Port Trust (BPT).

The Company's windmill assets valued at Rs 10.14 crore have been provisionally attached.

Reliance Power Limited continues to operate normally, remaining fully committed to growth, operational excellence, and the creation of sustainable value for all stakeholders, including its community of over 43 lakh shareholders.

The Company, based on legal advice, will take all appropriate action to protect the interest of its shareholders.

Mr. Anil D. Ambani has not served on the Board of Directors of Reliance Power Limited for more than three and a half years.

Shares of Reliance Power Limited was last trading in BSE at Rs. 37.69 as compared to the previous close of Rs. 38.20. The total number of shares traded during the day was 2266159 in over 7844 trades.

The stock hit an intraday high of Rs. 38.28 and intraday low of 37.40. The net turnover during the day was Rs. 85523376.00.

Source : Equity Bulls

Keywords

ReliancePower INE614G01033 RPOWER ED ProvisionalAttachment NormalOperations