Anil Ambani's Reliance Group charts next phase of growth with focus on defence, renewables
Anil Ambani
's
Reliance Group
will focus on defence, power and clean energy sectors to chart the next phase of growth that will train resources on innovation and value creation, it said on Sunday.
Just as financial crime-fighting agency, Enforcement Directorate concluded searches at locations linked to the group as part of an investigation into alleged money laundering and siphoning of public funds, over 100 top leaders from its two listed firms --
Reliance Infrastructure
and
Reliance Power
-- convened in Mumbai on Sunday to reaffirm their commitment to its ambitious growth roadmap.
"After the unanimous approval by the Board of Directors of
Reliance Infrastructure
and
Reliance Power
, just a week ago by both boards to raise Rs 18,000 crore by way of equity and debt to fund growth across defence and aerospace and
renewable energy
sectors, the meeting reflected unity of purpose, renewed vigour and a shared resolve to deliver long-term value for stakeholders," the group said in a press statement.
The two listed firms in separate statements earlier in the day stated that the action by ED has concluded and that the company and its officials have fully cooperated with the authority.
"Action by ED has no impact on business operations, financial performance, shareholders, employees, or any other stakeholders of the company," they said.
In the statement on the leadership meeting, the group said its two listed companies -- Reliance Infrastructure and Reliance Power -- are "nearly debt-free, have net worths of Rs 14,883 crore and Rs 16,431 crore, respectively, and have 50 lakh public shareholders, one of India's largest shareholder family."
The leadership meet, it said, spotlighted high-growth verticals driving the group's future strategy.
Reliance Infrastructure's focus will be on defence and aerospace, which includes plans to manufacture Falcon 2000 business executive jets in India for global markets in partnership with Dassault Aviation of France, strategic partnership with US-based Coastal Mechanics to establish MRO and overhaul hub in Maharashtra, partnership with defence manufacturer Rheinmetall AG of Germany, and strengthening strategic partnership with Diehl Defence of Germany for guided munition/terminally guided munition (TGM).
The "aim (is) to rank among India's top three defence exporters -- strong commitment to the Indian defence markets and '
Make in India
' and 'Atmanirbhar' initiative of the Government of India," it said.
In the power business, its electricity distribution utility BSES that services more than 53 lakh households, covering two-thirds population in Delhi, will focus on continued excellence in smart, sustainable power delivery and sourcing clean green energy for Delhi in the next five years.
In the renewable energy space, the group is focusing on solar and battery storage.
Reliance Power is focused on an operating portfolio of 5.3 GW. It has secured renewable energy projects of 3.3 GWh of solar and battery energy storage system (BESS) projects, Asia's largest solar-plus-storage project.
"Pursue your goals even in the face of difficulties, and convert adversities into opportunities -- the spirit of the group's legendary and visionary founder, Padma Vibhushan late Shri Dhirubhai H Ambani, resonated throughout the discussion," the statement added.
While Reliance Infrastructure also has interests in defence manufacturing and plays a key role in infrastructure development through special purpose vehicles (SPVs), including projects like the Mumbai Metro, Reliance Power has a total installed capacity of 5,305 MW, including the 4,000 MW ultra mega power project in Sasan, Madhya Pradesh.
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