Reliance Industries Limited has received an order dated March 27, 2024 (Order) from the Assistant Commissioner, CGST & Central Excise, Division - IV, Raigad levying on the Company a penalty of INR 1,426,229 under Section 11AC of the Central Excise Act, 1944 read with Rule 15(2) of the CENVAT Credit Rules, 2004. The Order has been passed alleging incorrect availment of CENVAT credit by the company during the period from November, 2015 to June, 2017. The company intends to file an appeal against the Order.

The financial impact of the Order is to the extent of the penalty levied. There is no material impact on financials, operations or other activities of the Company due to the Order. Copy of the Order was received by the company on April 3, 2024 at 4:30 p.m.