SECI weighs criminal proceedings against Reliance Power

18 Nov 2024 CW Team

India's top renewable energy agency has sent a notice to Anil Ambani-run Reliance Power, asking why it should not initiate criminal proceedings after a subsidiary of the power producer submitted fake documents for a bid, according to a notice dated Wednesday. Last week, Solar Energy Corporation of India Ltd (SECI) barred the power firm from participating in its clean energy project tenders for three years after it found that a unit of the company had submitted a fake endorsement of a foreign bank guarantee. SECI said that the bank guarantee submitted by the unit, Reliance NU BESS, was also fake. "The repeated submission of a fake bank guarantee along with its counterfeit endorsement has been deemed a deliberate act by the bidder, intended to vitiate the tendering process and to secure the project capacity through fraudulent means," SECI said. Reliance Power did not immediately respond to a Reuters request seeking comment on the notice. Last week, the company said that it would legally challenge SECI's ban and had lodged a police complaint against the third party that arranged the bank guarantee. The notice and ban come as Reliance Power, a coal power generator, is looking to expand into the domestic and overseas renewable energy sector. Indian companies are increasingly looking to set up clean energy projects as the country targets 500 GW of renewable energy by 2030 as part of its 2070 net-zero goal, up from the current installed capacity of about 154 GW. In August, Anil Ambani was banned from the securities market for five years and fined about $3 million by the Indian markets regulator on charges of fund diversion.

Infrastructure Urban

06 Jul 2026

ABS Marine Sees CRISIL Credit Rating Upgrade

ABS Marine Services has secured an upgrade to its long term and short term credit ratings from CRISIL, reflecting improved profitability and revenue growth through long term contracts. CRISIL moved the long term rating from BBB+/Stable to A-/Stable and revised the short term rating from A2 to A2+. The action signals strengthened financial metrics and operational resilience. The company benefited from durable client relationships with firms such as ONGC and Schlumberger. The rating decision followed stronger cash flows and an enlarged bank loan facility, which increased from Rs 3,705 million (m..

Project BRAHMANK Marks 16 Years Of Strategic Roads In Arunachal

Project BRAHMANK is marking 16 years of work to establish strategic road and bridge links across Arunachal Pradesh, maintaining and developing 811 kilometres of roads and nearly 86 bridges that range from small culverts to large steel and arch bridges. These transport links are described as critical for ensuring year-round movement of defence personnel, equipment and essential supplies while improving everyday travel for people in remote villages. The project balances national security requirements with regional development by focusing on reliable access in challenging terrain. Notable enginee..

Longleng CSOs Give One Week Ultimatum Over Two-Lane Highway

Civil society organisations (CSOs) in Longleng district have demanded immediate restoration of the deteriorating Changtongya–Longleng two-lane road and sought a detailed status report on the stalled construction within one week. The demand followed a consultative meeting convened under the Phom Peoples' Council (PPC) to discuss welfare and development concerns. PPC president YB Angam Phom said prolonged non-maintenance had caused hardship to commuters and affected transportation, local commerce and the district's development. The meeting urged authorities to undertake immediate restoration a..