Reliance Infrastructure clarified that the matter relates to an issue dating back 15 years. In 2010, the company awarded an EPC contract for the Jaipur–Ringus Highway (JR Toll Road) to Prakash Asphaltings & Toll Highways, a domestic contract with no foreign exchange involvement. Shares of Reliance Infrastructure Ltd ended at ₹242.15, down by ₹5.10, or 2.06%, on the BSE.
The Enforcement Directorate (ED) is conducting searches at six
Reliance Infrastructure Limited premises in Indore and Mumbai under FEMA in connection with alleged illegal remittances abroad on Tuesday (September 30), sources told CNBC TV18.
Reliance Infrastructure clarified that the matter relates to an issue dating back 15 years. In 2010, the company awarded an EPC contract for the Jaipur–Ringus Highway (JR Toll Road) to Prakash Asphaltings & Toll Highways, a domestic contract with no foreign exchange involvement.
Also Read: Reliance Infra cedes control in Dassault Aviation JV with ₹176 cr stake sale
The work has been completed, and the toll road has been with NHAI for the past four years. The company added that it and its officials are fully cooperating with the authorities. It also noted that the ED action has no impact on its business operations, financial performance, shareholders, employees, or other stakeholders.
Shares of Reliance Infrastructure Ltd ended at ₹242.15, down by ₹5.10, or 2.06%, on the BSE.
Subscribe to Chart Art
The most relevant Indian markets intel delivered to you everyday.
Read about our editorial guidelines and ethics policy