Reliance Power clarifies impact of ED's asset attachment: Majority linked to Reliance Communications

Reliance Power has issued a clarification regarding the recent provisional attachment of assets by the Enforcement Directorate (ED) amounting to Rs 10,117 crore, in connection with alleged violations of the Prevention of Money Laundering Act (PMLA). 

The company emphasized that a substantial portion of the attachment — Rs 8,078 crore — is linked to Reliance Communications Limited, a company that has not been part of the Reliance Group since 2019, more than six years ago. Reliance Communications has been under the Corporate Insolvency Resolution Process (CIRP), and its operations are currently managed by a Resolution Professional under the supervision of the National Company Law Tribunal (NCLT) and its Committee of Creditors, led by the State Bank of India (SBI) and a consortium of lenders. 

Additionally, Rs 339 crore pertains to assets of Reliance Infrastructure Limited, while Rs 582 crore is connected to independent companies, with no affiliation to the Reliance Group. 

Regarding the real estate assets at Ballard Estate, Reliance Power clarified that all of these properties, including the company's own assets valued at Rs 397.46 crore, are held under a long-term lease from the Bombay Port Trust (BPT). Furthermore, the company's windmill assets, valued at Rs 10.14 crore, have also been provisionally attached. 

Despite these developments, Reliance Power Limited continues to operate as usual and remains fully committed to its growth trajectory, operational excellence, and delivering sustainable value to its stakeholders, including its community of over 43 lakh shareholders. Based on legal counsel, the company will pursue all necessary actions to protect its shareholders' interests. 

The statement also pointed out that Anil D Ambani has not been a part of the Board of Directors of Reliance Power for over three and a half years.