In a significant development for India’s corporate landscape, Reliance Industries has complied with a federal demand for documentation following a high-profile bribery investigation. The case, spearheaded by the Central Bureau of Investigation (CBI), involves allegations of corruption linked to the import of drones and has now seen a senior executive secure bail.
A New Delhi court confirmed on Monday night that Reliance Industries, the nation’s largest listed entity, has handed over various documents requested by federal investigators. While the court order did not specify the exact nature of these records, they are central to an ongoing probe into a drone import bribery scheme. The investigation centers on Bharat Mathur, a 64-year-old Senior Vice President at Reliance, who was arrested last month alongside an official from India’s aviation regulator.
The CBI alleges that the two individuals agreed upon a $16,000 bribe to expedite and clear drone import applications for Asteria Aerospace. Asteria, a drone technology firm acquired by Reliance in 2019 for $2.45 million, provides aerial intelligence for sectors ranging from agriculture to oil and gas. Both Mathur and the government official—who remains in custody—have denied any wrongdoing.
Reliance Industries, led by billionaire Mukesh Ambani, has sought to distance itself from the controversy. In previous statements, the conglomerate clarified that Mathur was engaged as a consultant and asserted that the company neither authorized nor had any knowledge of the alleged transaction. Despite these denials, the court noted that CBI investigators have expanded their inquiry, questioning the co-founders of Asteria Aerospace as part of the broader probe.
The timing of this legal battle is particularly sensitive for the Ambani empire. Reliance’s digital arm, Jio Platforms—which owns Asteria—is currently preparing for a massive Mumbai listing. This upcoming Initial Public Offering (IPO) is projected to be India’s largest-ever stock offering, making the transparency and outcome of the CBI investigation a focal point for potential investors and market analysts.
