Reliance Infrastructure Overview
Fundamentals of Reliance Infrastructure
|P/E Ratio (TTM)||NA|
|Debt to Equity||1.24|
Financials of Reliance Infrastructure
|Sep 2022||Dec 2022||Mar 2023||Jun 2023|
|Profit before tax||47.09||-56.6||-2,565.45||-494.88|
|EPS in Rs||-6.17||-9.82||-5.27||-5.41|
About Reliance Infrastructure
Reliance Infrastructure Ltd (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, R ... oads and Metro Rail in the Infrastructure space and the Defence sector. Reliance Infrastructure Ltd is also a leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission, Distribution and Power Trading. RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis; eleven road projects with total length of about 1,000 kms on build, operate and transfer (BOT) basis. RInfra also provides Engineering, Procurement and Construction (EPC) services for developing power and road projects. The company has entered into the defence sector. The Maharashtra Government has allotted land at Mihan near Nagpur for the development of India's first smart city for defence sector known as Dhirubhai Ambani Aerospace Park (DAAP). RInfra associate Reliance Naval & Engineering Ltd, houses India's largest dry dock facility to build warships and other naval vessels. The Company has 56 subsidiaries and step down subsidiaries as on March 31, 2019. Reliance Infrastructure Limited was incorporated in the year October 01, 1929 with the name Bombay Suburban Electric Supply Ltd (BSES) and then changed their name to BSES Ltd. The company achieved steep growth from 1995-96 after the completion of 2 x 250 MW Generation Project at Dahanu. During the year 1996-97, the installed capacity of the system was augmented to 1,382 MVA by commissioning additional 224 MVA capacities. They commissioned the Aarey Receiving Station during the year. During the year 1997-98, the installed capacity of the system was augmented to 1,502 MVA by commissioning additional 120 MVA capacity in 33 kV / 11 kV distribution network. Gujarat Power Corporation Ltd. (GPCL) after evaluating the bids received for setting up of small to medium liquid distillate fuel (naphtha) based projects in Gujarat awarded a letter of intent to the Company for setting up a short gestation 57 MW power project at Dahej in Bharuch District. During the year 1998-99, the company commissioned 7 nos. 33/11 KV 20 MVA and 2 nos. 33/11 KV 15 MVA transformers to evacuate power from the Dahanu Power Station. The company with a view to promoting the non-conventional energy sources took up a 7.59 MW Wind Farm project comprising 33 Wind Mills in the State of Karnataka at an estimated cost of Rs 41 crore. In March 2000, the company operated 'BSES Telecom' as an Internet service provider (ISP) in Mumbai and had a fiber optic network to support their last mile services and also exploring alliances for providing utility solutions. Dahanu Power Station achieved a plant load factor (PLF) of 82.68% during 2000-01. In 2001-02, the BSES Kerala Power Ltd commissioned the power station in the Combined Cycle mode but due to various reasons the BKPL suspended their operations from October 2001. OFGW of 220 KW transmission line between Ghodbunder, Versova and Dahanu was successfully completed. During the year 2002-03, the company restructured their investments in their various joint ventures and special purpose vehicles. Consequently, BSES Andhra Power Ltd, BSES Infrastructure Finance Ltd, BSES Kerala Power Ltd, BSES Rajdhani Power Ltd, BSES Telecom Ltd, BSES Yamuna Power Ltd, North Eastern Electricity Supply Company of Orissa Ltd, Southern Electricity Supply Company of Orissa Ltd, Tamil Nadu Industries Captive Power Company Ltd and Western Electricity Supply Company of Orissa Ltd ceased to be subsidiaries of the company. In February 2003, the Reliance Group acquired the management and control of the company following the open offer to the shareholders of the company and became the promoters of the company. In April 2003, BSES Andhra Power Ltd (BAPL) and Reliance Salgaocar Power Company Ltd (RSPCL), which became wholly owned subsidiary companies during the year, were amalgamated with the company effective from April 1, 2003. During the year 2003-04, the company, in order to focus on its core activities to enhance overall shareholder value, decided to exit from non-core activities that were undertaken by the company. They disinvested their entire shareholdings in ST-BSES Coal Washeries Ltd and Maithon Power Ltd during the year. The name of the company was changed to Reliance Energy Ltd with effect from February 24, 2004. During the year 2005-06, the company successfully bagged the 280 MW Urthing Sobla Hydro Power project on the Dhauliganga River in Pithorgarh district of Uttaranchal State. Also, the company entered into an Agreement with the Government of Arunachal Pradesh for development of two hydro projects at Tato (700 MW) and Middle Siang (1,000 MW). These projects will be developed by Reliance Energy on BOOT basis in association with the Government of Arunachal Pradesh. During the year 2006-07, Reliance Energy Ventures Limited (REVL) became a part of the Reliance Anil Dhirubhai Ambani Group consequent upon the scheme of arrangement between Reliance Industries Ltd and REVL becoming effective. Pursuant to a scheme of amalgamation, REVL merged with the company with effect from July 17, 2006. During the year 2007-08, the company entered into various contracts in the areas of energy and infrastructure business. Western Region Transmission (Maharashtra) Pvt Ltd and Western Region Transmission (Gujarat) Pvt Ltd became wholly owned subsidiaries of Reliance Power Transmission Ltd, a subsidiary of the company, with effect fromNovember 14, 2007 and thus, these two companies became subsidiaries of the company. In April 2008, the name of the company was changed from Reliance Energy Ltd to Reliance Infrastructure Ltd with effect from April 28, 2008. The new name appropriately reflects various infrastructure businesses being carried on by the company and redefines the company's vision and focus to emerge as a premier infrastructure company. During the year 2008-09, as per scheme of arrangement, Reliance Projects Finance Pvt Ltd, the wholly owned subsidiary of the company, was amalgamated with the company with effect from the appointed date, April 1, 2007. During the year 2009-10, Reliance Cementation Pvt Ltd, Reliance Cement and Infra Pvt Ltd, Reliance Cement Corporation Pvt Ltd, Reliance Cement Works Pvt Ltd, Reliance Airport Developers Pvt Ltd, Latur Airport Pvt Ltd, Baramati Airport Pvt Ltd, Nanded Airport Pvt Ltd, Yavatmal Airport Pvt Ltd, Osmanabad Airport Pvt Ltd, PS Toll Road Pvt Ltd and KM Toll Road Pvt Ltd, became the subsidiaries of the company. During the year 2010-11, Utility Infrastructure and Works Pvt Ltd, Reliance Cement Pvt Ltd and Reliance Infrastructure Engineers Pvt Ltd became subsidiaries of the company. As per the scheme of Amalgamation, Reliance Infraprojects Ltd, a wholly owned subsidiary of the company was amalgamated with the company with effect from May 21, 2011. The appointed date of the scheme was April 1, 2010. The Board of Directors of Reliance Infrastructure at its meeting held on 14 February 2011 approved a buy-back of its outstanding equity shares for an aggregate amount of up to Rs 1000 crore (US$ 222 million) at a price not exceeding Rs 725 per equity share. The buy-back will be made from the open market through the Stock Exchanges. On 17 March 2011, Reliance Infrastructure Limited (RInfra) announced securing EPC contract of 2400 MW Gas based Combined Cycle Power Project (CCPP) at Samalkot. The contact value for the project is Rs 7200 crore and shall execute the contract on lumpsum, turnkey EPC Contract basis. On 12 August 2011, Reliance Infrastructure Limited announced that it has been granted licenses by the Maharshtra Electricity Regulatory Commission (MERC) for Transmission and for Distribution of electricity in and around suburbs of Mumbai. The Licenses shall be valid for a period of 25 years effective from 16 August 2011 up to 15 August 2036. In the new Distribution License, MERC has also expanded the existing area of distribution to include Chene and Varsova areas falling under the Mira Bhayandar Municipal Corporation. Rinfra has been distributing electricity to consumers in and around suburbs of Mumbai since 1929. MERC, the regulator, issued the distribution license to Rinfra under the Electricity Act 2003. The Board of Directors of Reliance Infrastructure at its meeting held on 17 January 2012 approved a Scheme of Arrangement for merger of Reliance Energy Ltd, Reliance Energy Generation Ltd, Reliance Goa and Samalkot Power Ltd, Reliance Infraventures Ltd and Reliance Property Developers Ltd as also demerger of the container business undertaking of Reliance Infrastructure Engineers Pvt Ltd with the company (the Scheme). As per the Scheme, no shares are proposed to be issued as the Transferor Companies and the Demerged Company are wholly owned subsidiaries of the company. On 17 January 2012, Reliance Infrastructure informed the stock exchanges that the company has on 16 January 2012 contributed Rs 267.05 crore and Rs 232.75 crore to the extent of its shareholding in its two joint venture companies in New Delhi, viz, BSES Rajdhani Power Ltd and BSES Yamuna Power Ltd respectively, as advance against share application money pending allotment of equity shares. On 13 February 2012, Reliance Infrastructure announced closure of share buy-back programme. The company bought-back 44.30 lakh equity shares of Rs 234.32 crore representing 1.66% of the pre buy-back paid up equity shares at an average price of Rs 528.91 per equity share. On 3 September 2012, Reliance Infrastructure announced that its subsidiary Reliance Cement Company Private Limited (RCC), has commenced production from its first manufacturing unit at Butibori, Nagpur (Maharashtra). This unit will mainly service the Vidarbha market in Maharashtra. On 17 September 2012, Reliance Infrastructure Limited (Rlnfra), through its subsidiary Reliance Cement Company Private Limited (RCC), announced the launch of its first cement under the brand name 'Reliance Cement'. On 23 August 2013, Reliance Infrastructure announced that as per the Maharashtra Electricity Regulatory Commission (MERC) order dated 22 August 2013, the company has been allowed to recover past arrears, along with 14.5% per annum carrying cost, at Rs 925 crore per year, aggregating to Rs 5550 crore over the next 6 years. The MERC has also allowed RInfra to recover revised cross subsidy surcharge of Rs 819 crore for FY 2013-14, Rs 896 crore for FY 2014-15 and Rs 590 crore for FY 2015-16. On 19 December 2012, Reliance Infrastructure informed the stock exchanges that Reliance Infrastructure Ltd. and other promoter group Companies (the Sellers) have successfully conducted an Offer for Sale of 5.42% of the share capital of Reliance Power Ltd. (RPL) to facilitate compliance of RPL with applicable SEBI Guidelines on minimum 25% public shareholding for listed entities. On 1 July 2013, Delhi Airport Metro Express Private Limited (DAMEPL), a Special Purpose Vehicle of Reliance Infrastructure Ltd. (RInfra), announced that it has exited Delhi Airport Metro operation. DAMEPL has claimed termination payment from Delhi Metro Railway Corporation (DMRC) for 130% of equity and 100% of debt due. The matter has been referred to arbitration, in accordance with the dispute resolution mechanism specified in the agreement. The Board of Directors of Reliance Infrastructure at its meeting held on 11 November 2013 approved a scheme of merger of Western Region Transmission (Gujarat) Private Limited (WRTGL) and Western Region Transmission (Maharashtra) Private Limited (WRTML), wholly owned subsidiaries of Reliance Infrastructure Limited (Rlnfra) with RInfra, subject to requisite approvals. Reliance Infrastructure through its Special Purpose Vehicle (SPV), Mumbai Metro One Pvt Ltd. successfully commenced operations of Mumbai Metro on the Versova-Andheri-Ghatkopar corridor on 8 June 2014. On 13 November 2014, Mumbai Metro Transport Private Limited (MMTPL) and Government of Maharashtra announced the termination of Concession Agreement for the Mumbai Metro Line 2 Project (Charkop-Bandra-Mankhurd corridor) at no cost or claim to either party with Government of Maharashtra to return the Bank Guarantee of Rs 160 crore to MMTPL. The project cost was estimated to be about Rs 12000 crore. Government of Maharashtra through an international competitive bidding had awarded the project to the consortium led by Reliance Infrastructure. Due to non-fulfillment o various critical obligations by Government of Maharashtra/Mumbai Metropolitan Region Development Authority (MMRDA), the project could not take off. On 12 February 2015, Reliance Infrastructure Ltd informed the stock exchanges that the company has set up three wholly owned subsidiaries viz. Reliance Defence Systems Private Limited, Reliance Defence Technologies Private Limited and Reliance Defence and Aerospace Private Limited to pursue growth opportunities in the defence sector. On 4 March 2015, Reliance Infrastructure announced the acquisition of Pipavav Defence and Offshore Engineering Company Limited, together with sole management control. Reliance Infrastructure, together with its wholly owned subsidiary Reliance Defence Systems Private Limited, has agreed to acquire from the promoters of Pipavav Defence 13 crore equity shares representing about 18% shareholding in the company at a price of Rs 63 per share, aggregating Rs 819 crore. Reliance will also acquire from the promoters of Pipavav Defence such number of additional equity shares of the company, at the same price of Rs 63 per share, as is required to ensure that Reliance's shareholding is not less than 25.10% of Pipavav Defence, after taking into account the acquisitions made under the mandatory Open Offer to acquire 26% shares from public shareholders of Pipavav Defence. Pipavav Defence is India's first world-class integrated defence production, ship building and offshore infrastructure company. Pipavav Defence is India's first private sector company to get the license and contracts to build frontline warships for the Indian Navy. On 16 November 2015, Reliance Infrastructure announced the signing of a nonbinding Term Sheet with the Public Sector Pension Investment Board (PSP Investments), one of the largest pension fund managers in Canada with C$112.0 billion of net assets under management as of 31 March 2015, in relation to the acquisition by PSP Investments of a 49% equity stake in the company's integrated power generation, transmission and distribution business in the city of Mumbai and adjoining areas. The specified business is to be carved out on a going concern basis into a separate SPV, in which RInfra will own the controlling 51% stake, and PSP Investments will own 49%. On 18 January 2016, Reliance Infrastructure Ltd (RInfra) acquired management and control of Pipavav Defence & Offshore Engineering Co Ltd (PDOC). RInfra along with defence SPVs are the new Promoters of PDOC and the company will be renamed as Reliance Defence and Engineering Ltd. PDOC has the largest engineering infrastructure in India and is one of the largest in the world. The company is the first private sector company in India to obtain the licence and contract to build warships. On 29 March 2016, Reliance Defence Ltd, a 100% subsidiary of Reliance Infrastructure Ltd, and Rafael Advanced Defence Systems Ltd announced that they have decided to set up a joint venture company in India in highly specialized areas of Air-to-Air Missiles, Air Defence Systems and Large Aerostats. The Joint Venture will provide big thrust into field of indigenous production and development of High Precision and state of the art Weapon Systems in India. Reliance Rafael joint venture will have 51% holding from Reliance Defence and 49% by Rafael as per the current guidelines of the Government of India. On 5 May 2016, Reliance Infrastructure announced that its wholly owned subsidiary, Reliance Defence Ltd, has received 16 Industrial Licenses for manufacture of a wide array of high technology equipment ranging from Small Arms, Heavy Weapons, Armoured Vehicles, Ammunition, Explosives, Electronic Warfare Systems, Missiles, UAVs and Directed Energy Weapon Systems, Laser Systems for target destruction and C4I Systems for all Defence Platforms. Of the 16 new licenses given to Reliance Defence Ltd, 11 pertain to Land Systems, 3 for the Naval Systems and remaining 2 covering niche technologies across the Defence spectrum. On 22 August 2016, Reliance Infrastructure Limited (RInfra) announced the successful completion of sale of its 100% shareholding in Reliance Cement Company Private Limited (RCCPL) to Birla Corporation Limited, the flagship Company of the MP Birla Group. The deal was announced in February 2016. RCCPL has an integrated cement capacity of 5.08 Mtpa at Maihar, Madhya Pradesh and Kundanganj Uttar Pradesh and a grinding unit of 0.5 Mtpa at Butibori, Maharashtra. The entire proceeds shall be utilized for debt reduction. On 3 October 2016, Dassault Aviation and Reliance Infrastructure promoted Reliance Aerospace announced the creation of a Joint Venture in India. This new joint venture called 'Dassault Reliance Aerospace' will support Government of India's 'Make in India' and 'Skill India' policies and develop major Indian programs with high levels of technology transfer to benefit the entire aerospace sector. The 'Dassault Reliance Aerospace' Joint Venture will be a key player in the execution of offset obligations, as a part of the 36 Rafale fighter Jets purchase agreement at a value of ?7.87 billion, or about Rs 59000 crore signed between France and India on 23 September 2016. On 5 October 2016, Reliance Infrastructure Limited (RInfra) announced the signing of a binding Term Sheet with Adani Transmission Limited (ATL) for 100% stake sale of its Transmission Assets. The transaction is in line with the strategic plan of monetizing non-core business and focus on major growth areas like Defence and EPC business. On 25 November2016, Reliance Infrastructure Limited announced that the Securities and Exchange Board of India (SEBI) has granted the certificate of registration in terms of Regulation 6 of SEBI (Infrastructure Investment Trusts) Regulations, 2014 (Regulations) to Reliance Infrastructure InvIT Fund. Reliance Infrastructure Limited is the Sponsor to the said InvIT Fund which will carry out the activities as an InvIT, subject to the conditions specified in the SEBI Act, 1992 and the Regulations made there under. On 7 December 2016, Reliance Infrastructure Limited (RInfra) announced the signing of Share Purchase Agreement (SPA) with Adani Transmission Limited (ATL) for 100% stake sale of its Western Region System Strengthening Scheme (WRSSS) Transmission Assets. SPA for Parbati Koldam Transmission Company Limited (PKTCL) shall be executed upon receipt of approval from Power Grid Corporation of India Limited (PGCIL) and other statutory approvals. Under this transaction, ATL will acquire 100% ownership in WRSSS B & C and 74% ownership in PKTCL. The transactions are subject to applicable regulatory approvals. The deal excludes the expected upside from regulatory proceeds of various appeals of the assets. On 5 April 2017, Reliance Infrastructure announced that it has received approval from National Highway Authority of India (NHAI) to transfer road projects to Reliance Infrastructure InvIT Fund. This is the first approval granted by NHAI for any InvIT fund. The RInfra InvIT Fund, with a proposed issue size of Rs. 3,000 crore and an option to retain oversubscription up to 25%, will own 10 Toll Road Assets connecting major urban centres, with an option to acquire further assets in future. The road assets extend ~ 770 kms across 5 states with long concession periods. On 21 June 2017, Thales and Reliance Defence Limited announced their intent to form an Indian Joint Venture (JV) with the proposed shareholding of 49% and 51% respectively. Leveraging Thales offset commitment as part of Rafale Contract, the JV is to develop Indian capabilities to integrate and maintain the Radar and Electronic Warfare sensors. The JV will develop skills and activity in the Special Economic Zone of Mihan-Nagpur together with an Indian supply chain for manufacturing of microwave technologies and high performance airborne electronics. On 22 June 2017, Reliance Infrastructure's fully owned subsidiary Reliance Defence Limited announced signing of a Memorandum of Understanding (MOU) at Paris Air Show with Daher Aerospace, France, a leading supplier of integrated systems for Aerospace and Advanced Technologies. On 27 October 2017, the foundation Stone was laid for the Dassault Reliance Aerospace Limited (DRAL) manufacturing facility in Mihan, Nagpur in Maharashtra. Under Joint Venture company, DRAL (51% Reliance Aerostructure and 49% Dassault Aviation) the facility will manufacture several components of the offset obligation connected to the purchase of 36 Rafale Fighters from France, signed between the two Governments in September 2016. On 1 November 2017, Reliance Infrastructure Limited (RInfra) announced the successful completion of 100% stake sale in its two SPVs (Western Region System Strengthening Scheme (WRSSS) Transmission Undertakings) to Adani Transmission Limited with the deal valued at ~Rs. 1000 crore. The entire proceeds from the stake sale shall be utilized for debt reduction. On 6 December 2017, Reliance Infrastructure Limited (RInfra) announced that it has won two prestigious EPC contracts in Bangladesh together valued at Rs 5000 crore. The projects were won on International Competitive Bidding (ICB). The first EPC contract includes setting up the entire infrastructure of a 750 MW LNG-based combined cycle power plant at Meghnaghat (Dhaka) while the second project is for building a 500 MMSCFD floating storage regasification unit (FSRU) based integrated LNG terminal project at Kutubdia Island, both in Bangladesh. Both the contracts are to be executed in a project schedule of 24 months, and are to be completed by 2019. On 21 December 2017, Reliance Infrastructure Ltd. (RInfra) announced signing of Definitive Binding Agreement with Adani Transmission Limited (ATL) for 100% stake sale of its Mumbai Power Business which includes integrated business of generation, transmission and distribution of power for Mumbai. On 13 April 2018, Reliance Infrastructure Limited EPC announced the receipt of the Letter of Award (LOA) from the Mumbai Metropolitan Region Development Authority (MMRDA) for three packages worth Rs.1,584 crore for construction of Mumbai Metro for North-South Metro-4 corridor which will run between Kasarwadavali in Thane and Wadala. Reliance Infrastructure Limited participated in tender for engineering, procurement and construction (EPC) contracts for five packages in a joint venture with ASTALDI S.P.A, Italy. On 19 April 2018, Reliance Infrastructure Limited EPC announced the receipt of the Letter of Award (LOA) from Rail Vikas Nigam Limited (RVNL) for its maiden railway project worth Rs.774 crore for the construction of third rail line between Jimidipeta and Gotlam on East Coast Railway on Engineering, Procurement and Construction (EPC) basis. The 105 km-long line will run in Andhra Pradesh and Odisha. The scope of work includes Civil, Track, Electrification, Signalling and Telecom works of the rail line. The scope of work also includes construction of 13 railway stations and staff quarters. It is the first EPC contract of RVNL for Railway project. On 7 May 2018, Reliance Infrastructure Limited announced that the company's joint venture with Astaldi S.p.A (Italy) has bagged the engineering, procurement and construction (EPC) contract for the prestigious Versova-Bandra Sea Link Project in Mumbai. The letter of award (LoA) for the project has been issued by Maharashtra State Road Development Corporation (MSRDC). Reliance Infrastructure Limited-Astaldi S.p.A JV had emerged the most competitive bidder with their bid of Rs. 6993.99 crore. The other bidders in fray were L&T-Samsung JV and Hyundai Development Company-ITD JV. On 29 August 2018, Reliance Infrastructure Limited announced the successful completion of the sale of its 100% shareholding in Integrated Mumbai Power Distribution Business to Adani Transmission Ltd. The deal was first announced in December 2017. The total transaction value is Rs. 18,800 crore. Reliance Infrastructure has reduced debt liabilities by Rs. 13,800 crore from the deal proceeds. Regulatory Assets under Approval of Rs. 5,000 crore will flow entirely to Reliance Infrastructure making the Company debt-free in 2019. During the year under review, a Scheme of Arrangement between Company and Reliance Electric Generation and Supply Limited (REGSL) and their respective shareholders already sanctioned by the Hon'ble High Court of Bombay vide its orders dated January 19, 2017, January 31, 2017, November 20, 2017 and November 28, 2017, were approved by Maharashtra Electricity Regulatory Commission (MERC) and lenders. The Scheme was given effect to on August 29, 2018 effective from April 1, 2018. As per the Share Purchase Agreement executed with the Adani Transmission Limited (ATL) in December 2017, the Company successfully completed the sale of its 100% shareholding in REGSL to ATL. The Company's Integrated Mumbai Power Distribution Business was transferred to ATL for a total transaction value of Rs. 18,800 crore, which includes Regulatory Assets Under Approval of about Rs. 5,000 crore which will flow directly to the Company. The entire proceeds from transaction were used for reduction of debt. During the year 2019, Reliance Global Limited became a subsidiary of the Company and Reliance Electric Generation and Supply Limited ceased to be a subsidiary of the Company. Read More
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What is the Share price of Reliance Infrastructure (RELINFRA)?
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Is Reliance Infrastructure a Debt free Company?
No, Reliance Infrastructure is not a debt-free company.
What is the main business of Reliance Infrastructure ?
Reliance Infrastructure is an infrastructure company that engages in project development in power, roads, metro rail, and airports segments.
Who are the promoters of Reliance Infrastructure ?
Reliance Project Ventures and Management Pvt. Ltd., Risee Pvt. Ltd., Reliance Big Pvt. Ltd. Kokila D Ambani, Anil Ambai, Tina Ambani etc. are the promoters of Reliance Infrastructure along with