Reliance Power Ltd Clarifies No Impact on Business Operations Amid ED’s Provisional Asset Attachment on Promoter

In light of recent developments, Reliance Power Limited issued a statement reassuring investors and stakeholders that the provisional attachment of certain assets by the Enforcement Directorate (ED) related to Reliance Infrastructure Limited will have no impact on Reliance Power’s business continuity or financial health. This attachment pertains to alleged violations under the Prevention of Money Laundering Act (PMLA) involving companies linked to the Anil Ambani Group.

Reliance Infrastructure, a promoter of Reliance Power, had certain assets worth thousands of crores provisionally attached by the ED. However, Reliance Power clarified that none of its own assets have been attached and operational activities remain unaffected. The company also reiterated that Anil D Ambani ceased to be a board member of Reliance Infrastructure more than three and a half years ago.

Management has assured compliance with regulatory requirements and is committed to protecting long-term stakeholder interests. Despite stock market volatility following the ED’s announcement, the company’s operational outlook remains stable.

Key Highlights:

Provisional attachment by ED pertains to Reliance Infrastructure-linked assets.

No assets of Reliance Power Ltd have been attached.

Business operations, shareholders, and employees remain unaffected.

Anil D Ambani not on Reliance Infrastructure board for over 3.5 years.

Company affirms regulatory compliance and commitment to stakeholders.

Market remains watchful; company projects stable operational outlook.

Sources: Financial Express, India Today, ScanX Trade, Moneycontrol, Business Today