Mukesh was informed about Anil's investment plans Wednesday, December 1 2004 19:10 Hrs (IST)
New Delhi:
Contrary to reports, Reliance Energy headed by Anil Ambani had informed the parent company Reliance Industries last financial year about the Rs 14,000 crore investment plans including the new generation projects and had got a go-ahead along with the financial backing.
It has been widely reported that unilateral announcement of investments including a Rs 11,000 crore power project at Dadri in UP by REL (Reliance Energy Ltd) Chairman and Managing Director Anil Ambani was a major cause of the battle for control between the two brothers that led to passage of contentious resolution at Reliance Industry's July 27 board meeting, granting superior power to Chairman Mukesh Ambani.
Prior to being converted as Reliance Energy, BSES had made a presentation for an investment plan of Rs 14,000 crore before the RIL Board, majority shareholder, on January 29, 2004, in the presence of Reliance Chairman and Managing Director Mukesh Ambani.
Mukesh Ambani, after a separate meeting with younger brother Anil just before the meeting, attended by 12 directors, had proposed to the Board an investment/loan of upto Rs 5,000 crore from RIL in its power companies - BSES and Reliance Delhi Power Private Limited, sources close to Reliance group said.
Despite repeated attempts, RIL spokesperson could not be contacted in Mumbai for comments.
Sources said that in fact, Reliance Energy had invited RIL Board members including Mukesh Ambani at a meeting on October 20 and made a presentation before them on various projects including the 3,500 MW project in UP.
