Reliance split to be transparent: Ambani Jr

Anil Ambani, Chairman of Anil Dhirubhai Enterprises Ltd, told Reliance Energy Ltd (REL) shareholders that there will be transparency and fai...

Anil Ambani, Chairman of Anil Dhirubhai Enterprises Ltd, told Reliance Energy Ltd (REL) shareholders that there will be transparency and fair play in the ongoing reorganisation of the Reliance group.

Addressing an extra-ordinary general meeting of REL shareholders today, Anil said: ‘‘A large number of you present here are also shareholders of Reliance Industries. As you are aware, the Reliance group is currently undergoing a process of re-organization. The four pillars of the ongoing restructuring, as I have advocated, are fairness, transparency, and the need to unlock and enhance value for all 2.3 million RIL shareholders, especially the small investors who have always been the bedrock of Reliance’s foundation.’’

Anil resigned from parent Reliance Industries as Vice Chairman and Managing Director after a seven-month public fracas that ended in division of assets in the Rs 100,000 crore Reliance group between the Ambani brothers.

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Since the last REL AGM — held 40 days ago — Ambani said the overall shareholder value has increased by nearly Rs 2,000 crore — an average increase of Rs 50 crore of investor wealth per day. The GoI has also already given the necessary environmental clearance for the 7,480 MW Dhirubhai Ambani Energy City project, which will be commissioned in phases, he added.

Shareholders of REL at the EGM gave approval for preferential offer of equity shares and equity-related securities to Anil Dhirubhai Ambani Enterprises and long-term institutional investors, amounting to Rs 1,750 crore.

REL Q1 net up 42.37%

MUMBAI: Reliance Energy has posted a 42.37 per cent rise in net profit at Rs 156.63 crore for the quarter ended June 2005 as compared to Rs 110.01 crore for the corresponding quarter in the previous fiscal. Total income has increased 6.34 per cent to Rs 1,084.44 crore for the quarter ended June 2005 from Rs 1,019.70 crore in the year-ago period. It has approved a quarterly dividend of 12 per cent. ENS