Majority assets provisionally attached by ED pertain to Reliance Communications: Reliance Group led by Anil Ambani

MUMBAI: Reliance Infrastructure Limited on Friday clarified recent reports regarding the provisional attachment of assets by the ED, amounting to Rs 10,117 crore, for alleged violations of the Prevention of Money Laundering Act (PMLA).

Of the total value cited, Rs 8,078 crore pertains to assets of Reliance Communications Limited, a company that ceased to be part of the Reliance Group in 2019, that is, for more than 6 years, Reliance Infrastructure Limited said in the release.

According to the company’s release, Reliance Communications has been undergoing the Corporate Insolvency Resolution Process (CIRP) and is currently managed entirely by the Resolution Professional, under the supervision of the NCLT and its Committee of Creditors (CoC), led by the State Bank of India (SBI), along with a consortium of banks and lenders.

An amount of Rs 339 crore, together with seven other non-core assets of ~330 crore, pertains to Reliance Infrastructure Limited. A further Rs 582 crore relates to independent companies with which the Reliance Group has no involvement whatsoever.

Reliance Infrastructure Limited continues to operate normally, remaining fully committed to growth, operational excellence, and the creation of sustainable value for all stakeholders, including its community of over 7 lakh shareholders.

According to the release, the company, based on legal advice, will take all appropriate action to protect the interests of its shareholders. Anil Ambani has not served on the Board of Directors of Reliance Infrastructure Limited for more than three and a half years.

Reliance Infrastructure Limited (Reliance Infrastructure) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high-growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.

Reliance Infrastructure is a major player in providing Engineering and Construction (E&C) services for developing power, infrastructure, metro and road projects.

Reliance Infrastructure through its SPVs, has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on a build, own, operate and transfer (BOOT) basis and road projects on build, operate and transfer (BOT) basis.

Reliance Infrastructure is also a leading utility company with having presence in power distribution. (ANI)