ED conducts surveys at Reliance Infrastructure premises, say sources

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.

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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.