Reliance Infrastructure Limited has made clear that the recent Enforcement Directorate (ED) action, which involved attaching assets under the Prevention of Money Laundering Act (PMLA), will have no impact on its business operations or stakeholders.
The majority of the assets seized by the ED are associated with Reliance Communications (RCOM), a company currently managed by the Resolution Professional and the committee of creditors, primarily led by State Bank of India, as stated by the Reliance Group.
Responding to concerns, the group emphasized that the enforcement action will not disrupt the business activities of Reliance Infrastructure and Reliance Power. They reiterated their commitment to safeguarding the interests of their extensive investor base, comprising over 50 lakh retail shareholders.
The clarification follows the ED’s announcement of attaching 32 acres of land at Dhirubhai Ambani Knowledge City (DAKC) in Navi Mumbai, valued at Rs 4,462 crore. This action is part of a broader investigation into alleged bank fraud involving three Anil Ambani group companies — Reliance Communications Ltd (RCOM), Reliance Commercial Finance Ltd (RCFL), and Reliance Home Finance Ltd (RHFL).
The total worth of assets seized in cases related to Anil Ambani-led enterprises has now exceeded Rs 7,500 crore.
Reliance Infrastructure reiterated that the attachment of assets will not hamper their projects or daily operations. The company assured that it continues to function seamlessly, with a strong focus on enhancing its business and upholding stakeholder trust.
Amid rising investor interest in the ED’s actions, the group sought to reassure shareholders that the company’s financial stability and ongoing activities remain unaffected.