Mumbai: Putting an end to conjectures, Reliance Power Limited has made declaration that that its plan to bring on initial public offer (IPO) is firm but was waiting for commendations at the moment.

The Anil Dhirubhai Ambani Group (ADAG), which controls the company has decided to sell 10.1 percent of the company.

According to estimations, India’s largest IPO will be valued at $2.8 billion.

Referring to the rumors that the IPO may be delayed, the ADAG in a declaration said the rumors were part of a misinformation campaign.

“There is a vicious campaign of disinformation underway by vested industrial interests to stall Reliance Power’s IPO,” the group said.

It said, “The campaign was motivated by frustration at continuing success and rising valuations of ADA Group.”

The ADAG statement added up that Reliance Power is looking for SEBI’s authorization for the offering.

The ADAG has interests in telecommunications, financial sector and infrastructure. Reliance ADAG controls Reliance Power through group companies including Reliance Energy, which holds a 50% stake in the company.