NewsStocksReliance Power Clarifies No Impact from Enforcement Actions Against Other Reliance Group EntitiesReliance Power Clarifies No Impact from Enforcement Actions Against Other Reliance Group Entities
By ScanX News Team
Reliance Power Limited (RPower) has issued a clarification stating that recent enforcement agency actions against other Reliance Group companies have no impact on its operations or stakeholders. RPower emphasized its status as an independent entity with no business or financial ties to Reliance Communications Limited (RCOM) or Reliance Home Finance Limited (RHFL). The company highlighted its operational portfolio, including a 5,305 megawatt capacity and the Sasan Power Limited plant. RPower also noted that Anil D. Ambani is not on its Board of Directors.
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Reliance Power Limited (RPower) has issued a clarification regarding recent media reports about enforcement agency actions, emphasizing that these actions have no bearing on its operations or stakeholders. The company, which operates independently from other Reliance Group entities, sought to distance itself from allegations involving Reliance Communications Limited (RCOM) and Reliance Home Finance Limited (RHFL).
Key Points of Clarification
No Business Impact: RPower stressed that the enforcement actions have absolutely no impact on its business operations, financial performance, shareholders, employees, or any other stakeholders.
Separate Entity: The company emphasized its status as a separate and independent listed entity with no business or financial linkage to RCOM or RHFL.
Historical Context: The allegations mentioned in media reports appear to concern transactions over 10 years old, involving RCOM and RHFL, not RPower.
Legal Status of Other Entities: RCOM has been undergoing Corporate Insolvency Resolution Process for over 6 years, while RHFL has been fully resolved pursuant to a Supreme Court judgment.
Management Clarification: RPower pointed out that Anil D. Ambani is not on its Board of Directors.
Company Focus and Operations
Despite the media attention, Reliance Power reaffirmed its commitment to its business plans and value creation for stakeholders. The company highlighted its operational portfolio:
- Total operating capacity of 5,305 megawatts
- Includes the 3,960 megawatt Sasan Power Limited plant, described as the world's largest integrated coal-based power plant
- Sasan Power has consistently ranked as the best operating power plant in India for the past seven years
Corporate Governance
RPower's clarification, issued under Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, underscores the company's commitment to transparency and corporate governance. The statement aims to reassure investors and stakeholders about the company's stability and independence from other Reliance Group entities facing regulatory scrutiny.
As the power sector continues to be a critical component of India's infrastructure growth, Reliance Power's focus remains on its operational excellence and future expansion plans, separate from the challenges faced by other companies sharing the Reliance brand name.
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