1. At a Glance
When the Central Bureau of Investigation (CBI) raids start echoing in Dhirubhai Ambani Knowledge City, Reliance Power’s PR team works harder than its turbines. In the last week, Bank of India declared Reliance Communications and its subsidiary Reliance Telecom “fraud accounts”, dragging Anil Ambani and some ex-directors into the “Fraud Club.” Reliance Power instantly issued a press release: “Bhai, not us. No connection. Wrong Ambani number dialed.” Welcome to India’s strangest family drama – one cousin going bankrupt, another cousin shouting, “I’m adopted.”
2. Introduction
Once upon a time in Dalal Street fairytales, Anil Ambani was “the younger, smarter” Ambani. Reliance Communications was supposed to be India’s telecom pride, and Reliance Power was launched with the biggest IPO hype of its time. Investors lapped it up – only to discover later that the “Power” was mostly in the PowerPoint slides.
Fast forward to 2025, the story is less about megawatts and more about megacrimes. Bank of India’s forensic audit of RCom revealed classic Bollywood villain moves – loans meant for spectrum fees got parked in fixed deposits, money was shuffled through related parties, and preference shares issued in circles like a never-ending game of “antakshari.” Result? RCom and Reliance Telecom accounts officially tagged as fraud, with names like Anil Ambani, Grace Thomas, Satheesh Seth, Gautam Doshi, Dagdulal Jain, and Prakash Shenoy marked guilty by association.
Meanwhile, Reliance Power – a listed cousin, still operational, still producing power – has spent more time explaining why it has “no linkage to RCom” than explaining why its hydro projects are delayed. Its statement last night was clear: Anil Ambani quit its board 3.5 years ago, and the CBI action has zero impact on Reliance Power’s books. Translation: “Please stop short-selling us just because our surname is Ambani.”
Question to you, dear reader: would you trust a company more if it keeps saying “we’re not guilty” even before you asked?
3. Business Model (WTF Do They Even Do?)
Reliance Power’s actual business is electricity generation. On paper, it has a total 5,945 MW capacity – 5,760 MW thermal (coal/gas) and 185 MW renewable (solar + wind). Big boys in the portfolio include:
- Sasan UMPP, Madhya Pradesh (3,960 MW) – World’s largest integrated coal-based plant, Reliance’s crown jewel.
- Rosa Project, UP (1,200 MW) – Coal plant feeding Uttar Pradesh’s power-hungry grid.
- Dhursar Solar, Rajasthan (40 MW) – Token solar panel for ESG brochures.
- Pokhran CSP, Rajasthan (100 MW) – Concentrated solar project, exotic but small.
- Vashpet Wind, Maharashtra (45 MW) – Barely enough to run Mumbai’s ACs in summer.
And then comes the long list of “projects under development” – Samalkot gas plant for Bangladesh (3,000 MW planned), hydro projects in Arunachal/Himachal/Uttarakhand (3,438 MW), and multiple
