India's top clean energy agency weighs criminal proceedings against Reliance Power
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Nov 14 2024
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Source: Reuters
Reliance Power's Legal Troubles: India's renewable energy agency has issued a notice to Reliance Power, questioning the submission of fake documents for a bid, which could lead to criminal proceedings against the company. The Solar Energy Corporation of India (SECI) has already barred Reliance from participating in clean energy tenders for three years due to this incident.
Company's Defense and Future Plans: Reliance Power claims it is a victim of fraud and plans to legally challenge SECI's ban while also pursuing action against the third party involved in the bank guarantee issue. The company aims to expand into renewable energy as part of India's goal to achieve 500 GW of renewable capacity by 2030.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
