Anil Ambani’s Reliance Power in trouble, Renewable Energy Agency launches criminal case over fake bidding

Published On: November 14, 2024 5:59 pm

The SECI notice comes at a time when the company is eyeing an expansion into the domestic and overseas renewable energy sector.

2024-11-14 17:56:57 :

India’s apex renewable energy body Solar Energy Corporation of India (SECI) has reportedly issued a notice to Reliance Power asking why a criminal case should not be filed after the Anil Ambani-led power producer’s subsidiary submitted false bid documents, news agency Reuters citing a notice issued on Wednesday, November 13.

Last week, SECI found that a unit of Reliance Power had submitted fake foreign bank guarantee endorsements and banned the company from participating in tenders for its clean energy projects for three years.

SECI is owned and controlled by the Government of India under the Ministry of New and Renewable Energy. The agency also reportedly said on Wednesday that the bank guarantee submitted by Reliance NU BESS was also fake.

“Repeated submission of false bank guarantees and its forged endorsements have been seen as a deliberate act by the bidders to undermine the bidding process and secure project capacity through fraudulent means,” SECI said, according to the agency.

Reliance Power did not immediately respond to the agency’s query about the development.

Last week, the Anil Ambani-led power generation company said it would challenge SECI’s ban in accordance with the law and file a police complaint against the third party who arranged the bank guarantee.

The notice from the government agency comes as the company considers expansion into renewable energy at home and abroad.

Reliance Power Ltd shares closed down 1.53% $36 points after market close on Thursday, compared to $The previous market close was 36.56.

renewable energy in india

Indian companies are looking more at setting up clean energy projects as the country aims to reach 500 gigawatts (GW) of renewable energy by 2030 as part of its 2070 net-zero target. This figure is higher than the current installed capacity of nearly 154 GW.

In August, Anil Ambani was reportedly banned from the securities market for five years and fined nearly $3 million by the Securities and Exchange Board of India (SEBI) over fund transfer charges.