Reliance Infrastructure Ltd. is one of India's largest infrastructure companies, actively involved in developing projects through Special Purpose Vehicles (SPVs) across diverse sectors including power, roads, metro rail, airports, and defence.
Initially incorporated in October 1929 as 'Bombay Suburban Electric Supply Limited (BSES),' the company underwent name changes to 'BSES Limited,' 'Reliance Energy Limited' (February 24, 2004), and finally to 'Reliance Infrastructure Limited' (April 28, 2008).
The company is a prominent utility, overseeing the entire power business value chain: generation, transmission, distribution, and trading. It operates five power stations with an aggregate capacity of 941 MW and distributes over 25 billion units of electricity to more than 6.4 million consumers in Mumbai and Delhi.
Reliance Infrastructure boasts a market capitalization of ₹14,964 crore (as of available data), reflecting a remarkable 98.2% increase over the past year. Over the last three years, the company's share price has surged by 345.90% on the BSE. Promoter holding has also increased to 19.05% as of June 2025, up from 16.50% in September 2024.
The Power segment constitutes 91% of the business, focusing on the generation, transmission, and distribution of electrical power. Key operations include:
- A 220 MW Combined Cycle Power Plant at Samalkot.
- A 48 MW Combined Cycle Power Plant at Mormugao.
- A 9.39 MW wind farm at Chitradurga.
Subsidiaries BRPL and BYPL handle power distribution in Delhi. BRPL serves approximately 19 lakh subscribers in South and West Delhi, while BYPL caters to about 30 lakh subscribers in East and Central Delhi.
- E&C Segment: Provides value-added services in construction, erection, commissioning, and contracting.
- Infrastructure Segment: Encompasses the development, operation, and maintenance of toll roads, metro rail transit systems, and airports.
The company is strategically expanding into the defence sector, implementing and maintaining several projects through its SPVs. A key initiative is the Dhirubhai Ambani Aerospace Park, spread over 400 acres at MIHAN in Nagpur. This park aims to establish a comprehensive ecosystem for indigenous aerospace manufacturing, fostering backward integration under the 'Make in India' program. It is envisioned as India's first aerospace park, creating a cluster of manufacturers for major aircraft components, spares, and avionics.
Reliance Infrastructure Ltd reported a significant net profit increase of 2088.88% year-over-year to ₹4,387.08 crore in Q4 2024-2025. On a consolidated basis, the company recorded a profit of ₹8,231.67 crore on a total income of ₹13,057.27 crore for the quarter ended 2025.
For the full financial year, the company reported revenue of ₹23,592 crore and a profit of ₹9,177 crore. In contrast, for the year ended 2024, Reliance Infrastructure Ltd had posted a loss of ₹-645.56 crore on a total income of ₹22,804.63 crore.
- May 2025: Announced a strategic partnership with Germany's Rheinmetall for ammunition supply, establishing a new greenfield manufacturing facility in Watad Industrial Area of Ratnagiri, Maharashtra, to produce explosives and propellants for medium- and heavy-calibre ammunition.
- June 2025: Signed a strategic cooperation agreement with Germany's Diehl Defence, valued at ₹10,000 crore (US$1.2 billion), for the local production of Vulcano 155 mm precision-guided artillery shells.
- June 2025 (Paris Air Show): Dassault Aviation of France announced a partnership with Reliance Aerostructure Limited (RAL), a subsidiary of Reliance Infrastructure Ltd, to manufacture the Dassault Falcon 2000LXS business jet in India.
- June 2025: Partnered with United States Department of Defense-authorized firm, Coastal Mechanics Inc. (CMI), to collaboratively engage in India's defence aircraft maintenance sector, offering MRO, upgrades, and lifecycle support services for various platforms of the Indian Armed Forces.
Reliance Infrastructure has significantly reduced its external debt. In October 2024, the board approved raising $350 million (₹2,930 crore) through ultra-low-cost 10-year maturity unsecured foreign currency convertible bonds (FCCBs).
The company's expansion into defence manufacturing and its partnership with Rheinmetall AG for ammunition supply, targeting ₹3,000 crore in exports by 2027, has positively influenced market sentiment. The stock has recently shown substantial gains, reflecting increased investor confidence.
However, in July 2025, Reliance Infrastructure shares experienced a sharp decline after SBI classified Reliance Communications' loan account as fraudulent. Despite assurances from both companies regarding their independence, this impacted market sentiment.
Reliance Infrastructure continues to diversify its business portfolio, strengthening its position in the power utility sector while increasingly emphasizing defence manufacturing and strategic international partnerships.
