Good news for Anil Ambani as Reliance Group plans to invest massive Rs 18000 crore in...., plan is to...
Good news for Anil Ambani: In a significant update for Anil Ambani, Anil Ambani's Reliance Group has charted a massive Rs 18,000 cr growth path with a 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.
At a time when 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).
(With inputs from agencies)
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