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Dear Colleagues,
It is with a profound sense of pride and heartfelt gratitude that we address each one of you today. The past several months have tested us in myriad ways, but they have also revealed the true strength of the Reliance Group family – our family. In moments of uncertainty and challenge, every one of you chose to stand tall, with resilience and grace. We honour you, and we see you: your grit and tenacity, quiet determination and consummate dedication.
Indeed, your unwavering commitment to the values that define us and your belief in our shared purpose have carried the organisation forward and reinforced the spirit that binds us together. Today, we write to you not only to share an important development, but also to acknowledge your contribution and reaffirm, together, the path that lies ahead.
A Journey Spanning Two Decades of Commitment and Resilience
Since the formation of the Reliance Group in FY2006, the organisation has played a significant role in building and operating critical infrastructure and power assets across India. Over this 20-year period, the Group has navigated economic cycles, industry transformations and evolving regulatory environments, while remaining steadfast in its commitment to fulfilling its obligations to lenders, governments, investors and the millions of citizens who rely on our services.
The scale of the Group’s financial discipline over this period is significant. Across the organisation, repayments to lenders have exceeded ₹3,44,000 crore, comprising approximately ₹2,45,000 crore in principal and ₹93,000 crore in interest. In addition, the Group has contributed more than ₹1,01,000 crore to the Government of India through taxes, licence fees, spectrum charges, and other statutory payments.
At critical moments, the promoter family and the Group have also infused more than ₹15,000 crore of capital into stressed entities, including over ₹4,001 crore directly from the promoter family. Complementing these efforts, the monetisation of key assets has generated approximately ₹23,476 crore, with every rupee applied directly towards lender obligations through structured and monitored payment mechanisms.
These figures represent far more than financial data. They reflect the collective effort, integrity and perseverance of thousands of employees who have contributed to building and sustaining this institution. Every repayment, every project delivered and every stakeholder relationship strengthened has been made possible through your professionalism and commitment.
The Commitment Demonstrated by Our Companies
Within this broader journey, both Reliance Infrastructure Limited and Reliance Power Limited have maintained a consistent record of honouring their financial commitments. Since FY2006, Reliance Infrastructure has repaid approximately ₹84,000 crore to its lenders, including around ₹53,400 crore in principal and ₹30,500 crore in interest to banks and financial institutions. Over the same period, the Company and its subsidiaries have discharged statutory dues and payments to Central and State Government authorities aggregating approximately ₹25,200 crore.
Similarly, Reliance Power has continued to demonstrate financial responsibility through sustained repayments to lenders. Between FY2018 and FY2026, the Company repaid approximately ₹41,330 crore to its lenders, comprising ₹24,890 crore in principal and ₹16,440 crore in interest. Since 2008, cumulative payments to lenders have reached approximately ₹59,830 crore, alongside statutory dues and taxes of about ₹12,150 crore paid to government authorities.
Navigating the Present Moment Together
Against this long-term backdrop, a significant step has recently been taken to facilitate an equitable and structured resolution of the remaining matters under discussion. Our Founder Chairman, Shri Anil D. Ambani, has written to the Hon’ble Finance Minister of India, Nirmala Sitharaman, respectfully requesting the constitution of a Lenders’ Committee anchored by State Bank of India and Bank of Baroda as Lead Banks.
The purpose of this proposed committee would be to determine, in a transparent and institutional manner, the net principal exposure of lenders after duly accounting for recoveries under the Insolvency and Bankruptcy Code and the Inter Creditor Agreement frameworks, as well as asset monetisation, promoter capital infusion and other legitimate adjustments. The committee would then formulate a structured and time-bound repayment schedule for any residual dues.
This request flows directly from the detailed Counter Affidavit filed before the Hon’ble Supreme Court of India on 9 March 2026 in Writ Petition (Crl.) No. 1217 of 2025, the contents of which are already part of the official judicial record. At its core, this matter remains a commercial issue between lenders and borrowers — one that we firmly believe can be resolved through institutional dialogue in a manner that is equitable, transparent and honourable for all stakeholders.
Throughout this process, the Group has continued to demonstrate consistent cooperation with authorities and a clear commitment to operating within established legal and institutional frameworks. Our approach has always been guided by responsibility, respect for due process, and a long-term view of institutional credibility.
Moving Ahead with Resolve and Confidence
For all of us within the organisation, it is important to remember that the Reliance Group has been built not only on financial capital, but also on human capital — the dedication, resilience, and professionalism of its people, who are its greatest assets. Whether in Mumbai, Delhi, or at project sites across the country, your commitment to maintaining operational excellence and organisational stability sustains the institution through periods of uncertainty.
We remain confident that the constructive engagement now sought at the highest levels of Government can enable a pragmatic and economically sound solution that protects the interests of our more than 50 lakh retail shareholders while honouring all legitimate stakeholder claims.
The Reliance Group has always believed in building for the long term. The challenges of the present moment do not diminish that belief; rather, they reinforce the importance of the values that have guided us for decades: responsibility, resilience, integrity and perseverance.
We therefore extend our deepest appreciation to every member of the Reliance family and thank each of you – from the heart – for embodying these values.
Together, we will navigate this chapter with the same dignity, discipline and resolve that have defined the Reliance Group over the years, and we will continue to move forward with confidence in our shared journey and our collective future.
In gratitude,
Vijesh Thota
Executive Director & Chief Financial Officer
Reliance Infrastructure Limited
Neeraj Parakh
Executive Director & Chief Executive Officer
Reliance Power Limited