Latest news with #AnilAmbani-led
India.com
a day ago
- Business
- India.com
Anil Ambani hits JACKPOT as this company turns profitable from loss, share price jumps 1150% to touch Rs…, the company is…
Anil Ambani (File) Anil Ambani-led Reliance Infrastructure has made a strong comeback, turning profitable in the first quarter of the current financial year. The company posted a net profit of Rs 59.84 crore for the quarter, compared to a loss of Rs 233.74 crore in the same period last year. Reliance Infra Q1 Results On Monday, Reliance Infrastructure shares witnessed a sharp rally, jumping over 4% to reach Rs 358 on the BSE. The surge came after the company reported a turnaround in performance with a record profit for Q1 of FY26. Reliance Infrastructure is now completely debt-free, with no outstanding dues to banks or financial institutions. The company's total income for the April–June 2025 quarter was at Rs 6,035.59 crore, down from Rs 7,256.21 crore in the corresponding quarter of the previous fiscal. However, on a quarter-on-quarter basis, income showed strong growth up 41% from Rs 4,268.05 crore reported in the March 2025 quarter. Consolidated EBITDA for Q1 FY26 rose 29% year-on-year to Rs 1,494 crore. Reliance Infra Stock Jumps 1150% In 5 Years Reliance Infrastructure shares have given massive returns of over 1,150% in the past five years. The stock, which was priced at Rs 27.85 on July 31, 2020, climbed to Rs 358 as of July 28, 2025. Over the last four years alone, it has surged more than 355%, and in the past two years, it has risen by over 198%. The stock's 52-week high is Rs 425, while the 52-week low stands at Rs 188.25. ED Search Operations Reliance Infrastructure and Reliance Power, both part of the Anil Ambani Group, announced on Sunday that the Enforcement Directorate (ED) has concluded its search operations. The companies confirmed that their executives fully cooperated with authorities during the process. They also clarified that the ED's actions have had no impact on the business operations, financial performance, shareholders, employees, or other stakeholders of the company.
India.com
a day ago
- Business
- India.com
Anil Ambani reveals his future plans, focus will be on defence, power and …, Reliance says…, Enforcement Directorate to…
New Delhi: In a major announcement, the Anil Ambani-led Reliance Group has revealed its plans to focus on the defense, power, and clean energy sectors as part of its next phase of growth. It is important to note that the information was shared after the Enforcement Directorate (ED) completed searches at locations linked to the group as part of an investigation into alleged money laundering and misappropriation of public funds. According to the reports, over 100 top executives from the group's two listed companies — Reliance Infrastructure and Reliance Power — met in Mumbai on Sunday and reaffirmed their commitment to the group's ambitious growth blueprint. What did the group say? In a press statement, the group said, 'Following the unanimous approval by the Boards of Directors of Reliance Infrastructure and Reliance Power a week ago to raise ₹18,000 crore through equity and debt for growth in the defence, aerospace, and renewable energy sectors, the meeting reaffirmed unity of purpose, renewed enthusiasm, and a shared commitment to delivering long-term value for stakeholders.' Company Fully Cooperated With Agency: Reliance In separate statements, both listed companies said that the Enforcement Directorate's action has concluded and that the company and its officials have fully cooperated with the authorities. The statement said, 'The ED's action will have no impact on the company's business operations, financial performance, shareholders, employees, or any other stakeholders.' After the leadership meeting, the group issued a statement and said that its two listed companies— Reliance Infrastructure and Reliance Power— are nearly debt-free, with total assets of Rs 14,883 crore and Rs 16,431 crore respectively The group lso informed that a combined total of 5 million public shareholders. The leadership meeting highlighted high-growth sectors that will drive the group's future strategy.
The Hindu
2 days ago
- Business
- The Hindu
Enforcement Directorate searches are over, say Reliance Group companies
Reliance Group firms Reliance Infrastructure (RInfra) and Reliance Power (RPower) on Sunday (July 27, 2025) said the Enforcement Directorate (ED) had concluded searches on their premises and that the companies would continue to cooperate with the agency. Both the Anil Ambani-led group's companies said they, including their officials, would continue to fully cooperate with the ED. They said that the said action had no impact on their business operations. RInfra said, 'Action by ED has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the company. The same appears to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL), which are over 10 years old. Reliance Infrastructure is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL.' 'RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016, since over six years,' it said. RPower also said the same, adding that the company continued to operate in its normal course and that the said action had no impact on its business operations. The ED began searching multiple premises linked to the group on Thursday (July 24, 2025) over alleged money laundering and financial irregularities, running into crores of rupees, and the searches continued for the third day on Saturday (July 27, 2025).
United News of India
4 days ago
- Business
- United News of India
Anil Ambani not on boards of companies, says statement after ED raids 35 premises
Mumbai, July 24 (UNI) The Anil Ambani-led Reliance Power and Reliance Infrastructure issued a statement today that raids carried out by the Enforcement Directorate (ED) "have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders of the companies." "The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCom) or Reliance Home Finance Limited (RHFL), which are more than 10 years old," the statement mentioned. "It is clarified that Reliance Power is a separate and independent listed entity with no business or financial linkage to RCOM or RHFL," the statement clarified. "RCOM has been undergoing the Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 for over 6 years." RHFL has been fully resolved pursuant to the judgement of the Supreme Court. Similar allegations as those set out in the media reports are sub judice and pending before the Securities Appellate Tribunal (SAT), as per publicly available information," according to the statement. "Further, Anil Ambani is not on the Board of Reliance Power and Reliance Infrastructure. Accordingly, any action taken against RCOM or RHFL has no bearing or impact on the governance, management, or operations of both the companies," the statement maintained. Earlier in the day, the ED raided more than 35 premises and 50 companies linked to the Anil Ambani-led Reliance Group to probe an alleged Rs 3,000-crore Yes Bank loan fraud, where Yes Bank officials allegedly received bribes. According to the ED, the raids and searches were conducted under Section 17 of the Prevention of Money Laundering Act (PMLA), based on two FIRs registered by the Central Bureau of Investigation (CBI) after inputs shared by the including Securities & Exchange Board of India (SEBI), the National Housing Bank (NHB), Bank of Baroda and the National Financial Reporting Authority (NFRA). Preliminary ED investigations showed that loans worth around Rs 3,000 crore, sanctioned by Yes Bank between 2017 and 2019, were allegedly diverted to shell companies and other Anil Ambani group entities. The ED also found evidence suggesting possible bribery of Yes Bank officials, including its promoter Rana Talwar. The ED stated that senior business executives linked to the Anil Ambani group are also being searched as part of a wider investigation. The ED stated that it has gathered evidence of a planned scheme to divert public funds. The ED probe suggests that several entities, including banks, shareholders, investors, and public institutions, may have been misled or cheated in the process of diverting public funds. The ED action follows the State Bank of India's (SBI) recent declaration of Anil Ambani and his company Reliance Communications (RCom) as "fraud". On June 13, 2025, under guidelines issued by the Reserve Bank of India (RBI) about fraud risk management, and as per its internal policy, the SBI had flagged the company and its promoter. Recently, the Minister of State for Finance Pankaj Chaudhary had informed the Lok Sabha that SBI reported the matter to the RBI on June 24, 2025 and the SBI is preparing to file a formal complaint with the CBI. On July 1,the Resolution Professional for Reliance Communications (RCom) informed the Bombay Stock Exchange (BSE) about SBI's decision as part of its disclosure responsibilities. SBI's financial exposure to Reliance Communications includes a fund-based principal amount of Rs 2,227.64 crore along with interest and expenses due since August 26, 2016. The SBI also has a non-fund-based exposure through bank guarantees worth Rs 786.52 crore. The Anil Ambani-led RCom is already under a Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code, 2016. A resolution plan has been approved by the Committee of Creditors and filed with the National Company Law Tribunal (NCLT) in Mumbai on March 6, 2020. A final decision by the NCLT is still pending. In addition to the company insolvency proceedings, SBI has also started personal insolvency proceedings against Anil Ambani under the same law, and the case is being heard by the NCLT bench in Mumbai. UNI XC ARN SSP
Hindustan Times
5 days ago
- Business
- Hindustan Times
Why ED raided Anil Ambani's Reliance Group-linked 50 companies
The Enforcement Directorate (ED) on Thursday carried out extensive raids at 35 locations across India as part of a probe into alleged loan fraud involving companies of Anil Ambani-led Reliance Anil Dhirubhai Ambani Group (ADAG). Anil Ambani, chairman of the Reliance Anil Dhirubhai Ambani Group(File Photo/Reuters) As previously reported by Hindustan Times, citing officials familiar with the matter, the searches were conducted at premises linked to over 50 companies and 25 individuals. The raids are part of a money laundering investigation initiated under the Prevention of Money Laundering Act (PMLA), based on two FIRs originally filed by the Central Bureau of Investigation (CBI) in September 2022. Yes Bank loans to Reliance firms under scrutiny The CBI cases pertain to loans extended by Yes Bank to Reliance Home Finance Ltd (RHFL) and Reliance Commercial Finance Ltd (RCFL). Both FIRs name former Yes Bank chairman Rana Kapoor. An officer from the probe agency said, 'Preliminary investigations have revealed a well-planned and thought-after scheme to divert or siphon off public money by cheating banks, shareholders, investors, and other public institutions.' He further added, 'The offence of bribing bank officials, including founder of Yes Bank [Rana Kapoor] is also under scanner." A second official involved in the investigation said ED suspects illegal diversion of around ₹3,000 crore in loans issued by Yes Bank between 2017 and 2019. 'We have also found that just before the loan was granted, the Yes Bank promoters [Kapoor] received money in their concerns. The ED is investigating this nexus of bribe and the loan,' the officer added. Another ED official highlighted 'gross violations' in loan approvals, pointing to systemic lapses in Yes Bank's internal processes. 'Credit approval memorandums (CAMs) were back-dated, investments were proposed without any due diligence or credit analysis in violation of the bank's credit policy,' the officer said. Loans routed through shell firms and group companies Investigators have uncovered evidence of loan diversions to multiple group companies and shell firms, flouting the terms of lending. The agency also identified several red flags, including: Loans to financially weak entities Absence of proper documentation Borrowers with common addresses and directors Loans disbursed on or before the application date Evergreening of loans Misrepresentation of financial data 'These findings clearly indicate a pattern of financial mismanagement and manipulation,' an officer said. The ED is also probing a sharp increase in corporate loans disbursed by RHFL, which jumped from ₹3,742.60 crore in FY 2017–18 to ₹8,670.80 crore in FY 2018–19. Apart from the CBI, several regulatory and financial institutions including the Securities and Exchange Board of India (SEBI), National Housing Bank, National Financial Reporting Authority (NFRA), and Bank of Baroda have also provided inputs to the ED as part of the investigation. According to a Reuters report, shares of Reliance Infrastructure and Reliance Power dropped by up to 5% on Thursday following reports of ED probe. Reliance Group's statement In response, Reliance Infrastructure and Reliance Power issued a statement: 'The media reports appear to pertain to allegations concerning transactions of Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL) which are over 10 years old,' the companies said. They further added, 'RCOM is undergoing Corporate Insolvency Resolution Process as per the Insolvency and Bankruptcy Code, 2016 since over 6 years. RHFL has been fully resolved pursuant to the judgment of the Hon'ble Supreme Court of India. Similar allegations as those set out in the media reports are sub-judice and pending before the Hon'ble Securities Appellate Tribunal, as per publicly available information.' (With inputs from Neeraj Chauhan in New Delhi)
