NewsStocksReliance Infrastructure Clarifies ED's Rs 10,117 Crore Asset Attachment, Majority Linked to Former Group CompanyReliance Infrastructure Clarifies ED's Rs 10,117 Crore Asset Attachment, Majority Linked to Former Group Company
Reliance Infrastructure (RInfra) has issued a clarification on the Enforcement Directorate's recent attachment of assets worth Rs 10,117 crore. The company provided a breakdown of the attached assets, revealing that 79.8% (Rs 8,078 crore) belongs to Reliance Communications Limited, which is no longer part of the Reliance Group since 2019. Only 3.3% (Rs 339 crore) of the attached assets are directly related to RInfra. The company assured stakeholders of its normal operations and commitment to growth, stating it will take appropriate legal action to protect shareholder interests. RInfra also noted that Anil D. Ambani has not been on its Board of Directors for over three and a half years.
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Reliance Infrastructure Limited (RInfra) has issued a clarification regarding the recent provisional attachment of assets by the Enforcement Directorate (ED), valued at Rs 10,117 crore, for alleged violations of the Prevention of Money Laundering Act (PMLA). The company has provided a detailed breakdown of the attached assets, emphasizing that the majority of the value is not directly related to RInfra's current operations.
Breakdown of Attached Assets
| Entity | Asset Value (Rs Crore) | Percentage of Total |
|---|---|---|
| Reliance Communications Limited | 8,078.00 | 79.8% |
| Reliance Infrastructure Limited | 339.00 | 3.3% |
| RInfra's Non-core Assets | 330.00 | 3.3% |
| Independent Companies | 582.00 | 5.8% |
| Unspecified | 788.00 | 7.8% |
| Total | 10,117.00 | 100% |
Key Points from RInfra's Clarification
Reliance Communications Assets: The largest portion of the attached assets, amounting to Rs 8,078.00 crore (79.8% of the total), belongs to Reliance Communications Limited. RInfra emphasized that this company has not been part of the Reliance Group since 2019 and is currently undergoing Corporate Insolvency Resolution Process (CIRP).
RInfra's Direct Involvement: Only Rs 339.00 crore worth of assets (3.3% of the total) are directly related to Reliance Infrastructure Limited.
Non-core Assets: An additional Rs 330.00 crore in non-core assets of RInfra are also included in the attachment.
Independent Companies: Rs 582.00 crore of the attached assets belong to independent companies that RInfra claims have no involvement with the Reliance Group.
Operational Status: RInfra has assured stakeholders that it continues to operate normally and remains committed to growth, operational excellence, and creating sustainable value for its approximately 7 lakh shareholders.
Legal Action: The company, based on legal advice, has stated its intention to take appropriate action to protect shareholder interests.
Management Change: RInfra noted that Mr. Anil D. Ambani has not served on its Board of Directors for more than three and a half years.
Company's Stance
Reliance Infrastructure has emphasized its commitment to transparency and shareholder value. The company's clarification aims to address any potential misconceptions regarding the ED's asset attachment, particularly highlighting that the majority of the attached assets are not related to RInfra's current operations.
The company's proactive communication on this matter demonstrates its effort to maintain investor confidence and provide clarity on its financial and legal position. As the situation develops, stakeholders will likely be watching closely for any further updates or legal proceedings related to this asset attachment.
Historical Stock Returns for Reliance Infrastructure
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.62% | -10.01% | -16.44% | -58.35% | -48.80% | +517.60% |
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