Days after ED raid, Anil Ambani's BIG move, hundreds of senior leaders of Reliance Infra, Reliance Power hold meetings, plan next phase of…, focus on…
Anil Ambani's Reliance Group announced on Sunday that it will focus on the defence, power, and clean energy sectors to drive its next phase of growth, with focus on innovation and value creation.
The announcement came on the same day the Enforcement Directorate concluded searches at locations linked to the group as part of a probe into alleged money laundering and misappropriation of public funds.
After this backdrop, over 100 senior leaders from its two listed entities Reliance Infrastructure and Reliance Power gathered in Mumbai to reaffirm their commitment to the group's ambitious growth strategy. Anil Ambani Group Responds On ED Raids
'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 meeting, it said, spotlighted high-growth verticals driving the group's future strategy. Reliance Infrastructure & Reliance Power Future Plans
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.
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.
(With Inputs From PTI)
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