Reliance Power confirms IPO

MUMBAI: Ending speculations, Reliance Power has announced today that its plans to issue initial public offer is firm but was awaiting approvals.

The Anil Dhirubhai Ambani Group that controls the firm plans to sell 10.1 percent of the company. What media calls India’s biggest IPO will be worth around around $2.8 billion, according to some estimates.

Referring to the speculations that the IPO may be postponed, the group in a statement said the speculations were part of a disinformation campaign.

There is a “vicious campaign of disinformation underway by vested industrial interests to stall Reliance Power’s IPO,” the statement said.

It said the campaign was “motivated by frustration at continuing success and rising valuations of ADA Group.”

Reliance Power is awaiting the approval of the market watchdog for the offering, the statement said.

The group has interests in telecoms, financial sector and infrastructure. It controls Reliance Power through group companies including Reliance Energy, which has a 50 percent holding in the firm.