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Reliance clarifies ONGC investments
By Our Special Correspondent
NEW DELHI,
DEC. 13.
Reliance Industries Limited (RIL) today clarified that two private companies — Smart Entrepreneur Solutions Limited (SES) and Smart Infosolutions Private Limited — which had picked up substantial stake in the ONGC public issue, are in fact owned by Reliance Communications Infrastructure Limited (RCIL) and that RIL would benefit from any gains that would come through these investments.
Reacting to reports in a section of the press that these two were "private unknown companies" belonging to RIL Chairman, Mukesh Ambani, the company said SES employed over a thousand people and Smart Infosolutions around 3,000 and by no stretch of imagination could they be described as little or unknown. Moreover, these companies do not belong to Mr. Mukesh Ambani, RIL said.
These companies are owned by RCIL, which provided funds from its own resources to them to subscribe to the ONGC public issue, Reliance Industries said.
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