RInfra awaits regulatory nods to start work on stalled projects
New Delhi: Amid reports of Reliance Infrastructure exiting big projects due to delay in regulatory clearances, the company said it is awaiting nod from government agencies to commence work on some stalled projects worth Rs 20,000 crore.
"We are awaiting government clearance for some of our projects," Reliance Infrastructure Chief Economic Officer Lalit Jalan said, adding that once the company gets the clearances it will resume the work.
The company's projects worth Rs 20,000 crore have been stuck for a long for want of necessary clearances.
Sources said the company's Mumbai Sea Link extension project has been held since 2009. It bagged two private transmission projects, which are yet to start.
Rinfra was among the companies that had submitted to the Finance Ministry a list of projects that were stuck due to want of various clearances.
The company, last year, also exited the Rs 5,000 crore Worli Sea Link project.
The company reported 76 percent jump in its net profit at Rs 726.12 crore for the fourth quarter ended March 31, 2013. The company recorded an annual net profit of Rs Rs 2,247 crore compared to Rs 1,587 crore in the previous year.
Reliance Infrastructure has presence across the value chain of power business i.E. Generation, transmission, distribution, EPC and trading.
It is also developing projects in infrastructure sector like roads, highways, metro rails, airports and speciality real estate.
Shares of the company were trading at Rs 417.50, down 1.65 percent on BSE.