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**Anil Ambani’s Reliance Group Faces New Scrutiny Amidst Revival Efforts**
**Mumbai, India** – The Anil Ambani-led Reliance Group is once again under the spotlight, as the Enforcement Directorate (ED) conducted raids on multiple locations and firms linked to the conglomerate. This latest development casts a shadow over the group’s ongoing attempts to revive its business empire after years of financial turmoil.
Once a powerhouse across various sectors, the Reliance Group, following the split with Mukesh Ambani, saw its fortunes decline rapidly due to mounting debts, defaults, and regulatory setbacks. Companies like Reliance Communications, Reliance Capital, Reliance Power, and Reliance Infrastructure, which were once household names, crumbled under financial pressure.
Reliance Communications, which had a market capitalization of Rs 1.5 lakh crore at its peak in 2007, ceased mobile operations in 2019 after filing for bankruptcy with an unmanageable debt of Rs 46,000 crore. State Bank of India has since labeled the Reliance Communications loan account as “fraudulent,” alleging fund diversion that traces back to 2016. Reliance Capital, a leading NBFC defaulted on over Rs 40,000 crore. Anil Ambani also faced a five-year ban from the securities market by SEBI.
Since 2022, the group has been pursuing a revival strategy, focusing on clean energy, infrastructure, and defence manufacturing. These sectors are at the core of new plan. Reliance Power, for example, is investing over Rs 10,000 crore in a solar power plant and an integrated solar manufacturing facility. Reliance Infrastructure reported zero standalone net debt by FY 2025 and posted a net profit of Rs 216 crore in Q4 of FY25
The group has also ventured into defence through Reliance Defence, securing partnerships with international firms to manufacture ammunition and artillery shells domestically. Dassault Reliance Aerospace Ltd (DRAL), a joint venture with France’s Dassault Aviation, is set to manufacture Falcon 2000 jets in Nagpur, in what will be the first instance of Dassault manufacturing the popular business jet outside France.
In response to the ED raids, Reliance Infra and Reliance Power issued statements asserting that the actions “have absolutely no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders.” They also clarified they have no business or financial linkage to Reliance Communications and Reliance Home Finance, which are purportedly at the centre of the ED’s action.
While the group has shown signs of resilience and reinvention, its legacy of debt and regulatory scrutiny continues to loom large. The success of its comeback strategy remains uncertain.
First Piper 