Reliance Infrastructure Limited announced that its 51:49 joint venture with the Government of Delhi, BSES, is set to recover recognised regulatory assets worth Rs 28,483 crore by March 31, 2028, following a recent Supreme Court judgment. The recovery will be completed over a four-year period starting April 1, 2024.
The apex court, in its order dated August 6, 2025, disposed of writ petitions and civil appeals filed by BSES Yamuna Power Limited and BSES Rajdhani Power Limited, subsidiaries of Reliance Infrastructure, originally lodged in 2014. These petitions had challenged non–cost reflective tariffs, unlawful creation of regulatory assets, and delays in liquidation.
In its judgment, the Supreme Court issued ten guiding principles and nine specific directives to Electricity Regulatory Commissions (ERCs) and the Appellate Tribunal for Electricity (APTEL). These include ensuring tariffs remain cost-reflective, limiting regulatory assets to a reasonable percentage (guided by Rule 23 of the Electricity Rules, 2005), and mandating their liquidation within stipulated timelines. The court further directed APTEL to actively monitor implementation until the recovery is complete.
The Delhi Electricity Regulatory Commission (DERC)–approved recovery plan will see full liquidation of the regulatory assets by March 31, 2028. Reliance Infrastructure remains a major player in power distribution and infrastructure development, with projects spanning metro rail, roads, and defence sectors.