According to a group release, Anil Ambani's Reliance Group has outlined a new growth plan that includes the two primary businesses in the group, Reliance Infrastructure and Reliance Power, raising Rs 17,600 crore and establishing the Reliance Group Corporate Centre (RGCC), which will offer strategic direction to the organisation. 'The RGCC will serve as a strategic hub, providing guidance to the Group’s companies as they pursue new opportunities and technological advancements,' the conglomerate said in a statement.
The core team of RGCC will include experienced leaders of the Group -- Sateesh Seth, Punit Garg, and K Raja Gopal.
Garg currently leads as CEO of Reliance Infrastructure, while K Raja Gopal has been at the helm of Reliance Power for six years.
He has over 27 years experience in the power sector. Other leaders from the Group companies will also be invited to the RGCC.
"The establishment of RGCC aims to harness the in-house expertise of these seasoned leaders to support the Group's forward-looking growth initiatives and cultivate a new generation of leadership for future project," the statement said.
The RGCC will play a pivotal role in mentoring and developing emerging leaders, blending experience with fresh talent to propel the Group towards sustained growth.
A Reliance Group spokesperson highlighted, "We are thrilled to introduce RGCC, a team of seasoned professionals with a broad spectrum expertise. This strategic move aims to steer the Group's future growth by tapping into the vast experience of these leaders, will help navigate industry challenges and capitalise on new opportunities, drive innovation, and deliver exceptional value to our customers and stakeholders. We believe RGCC will be instrumental in shaping the next phase of our Group's success."
In recent developments, Reliance Infrastructure Ltd and Reliance Power Ltd, key entities under the Reliance Group, have achieved zero bank debt status and outlined plans for expansion into new growth areas.
Reliance Power has secured 1,270 MW of renewable power projects in Bhutan, while Reliance Infrastructure, through its subsidiary Reliance Defence Ltd, is setting up a manufacturing facility for small arms, ammunition, and explosives in Ratnagiri, Maharashtra, spanning 1,000 acres.
"To support these ambitious expansion plans, the companies have announced a combined fundraising effort of Rs 17,600 crore. This includes Rs 4,500 crore via preferential equity issues, Rs 7,100 crore from Varde Partners through equity-linked long-term FCCBs, and Rs 6,000 crore via Qualified Institutional Placement (QIP), with Reliance Power and Reliance Infrastructure each targeting Rs 3,000 crore," it added.
(With inputs from PTI)
