Following is the text of Reliance Energy chairman and managing director Anil Ambani's e-mail to company employees.

Dear Members of the Reliance Energy family.

Last Thursday, six directors of Reliance Energy tendered their resignations to the Board. This development, widely commented upon in the media, has left all of you with a sense of anguish and uncertainty.

I fully understand and appreciate these concerns. The Board of Directors of Reliance Energy is meeting, in the next few days, to consider these resignations.

In the meanwhile, I have requested each of the six Directors to continue to serve the company, and to carry out their assigned roles and responsibilities, as before.

In January 2003, when BSES became a part of the Reliance group, it inherited the legacy of our great and visionary founder - my father, Dhirubhai Ambani - a legacy of aspirations, values and beliefs that helped him to create, in his lifetime, India's largest private sector enterprise.

It was Dhirubhai Ambani's foresight that visualized the potential of the power sector in India, as early as the 1980s. It was in furtherance of that vision that Reliance acquired a stake in BSES in the late 80s, and gradually increased its shareholding over the next decade.

BSES became a part of the Reliance group on 18th January 2003, about 6 months after Dhirubhai Ambani left for his heavenly abode. It will be a lasting regret for all of us that he did not live to see that day.

With Reliance Industries Ltd. (RIL) acquiring the controlling stake in BSES, it was my honor to be nominated by the RIL Board as a Director on the Board of BSES.

Following this, the BSES Board elected me as Chairman and Managing Director. This decision was unanimously approved by the shareholders of the company at their general body meeting on 15th February 2003.

In February 2004, BSES was renamed Reliance Energy, and achieved the proud distinction of being "A Dhirubhai Ambani Enterprise."

In the brief period of about 22 months that I have had the privilege of working with all of you, we have strived ceaselessly to embrace Dhirubhai Ambani's dream of transforming BSES, now Reliance Energy, into a beacon of excellence.

I have always had the highest respect for you, the more than 25,000 professionals in the Reliance Energy team across various companies; and I consider it a privilege to count each one of you amongst my colleagues.

Like most of you, I too have no personal shareholding in Reliance Energy. I am here as a professional to serve the interests of all our stakeholders. For me, professionalism is a value system, a state of mind, and above all, a culture of respect for all.

Reliance, Dhirubhai Ambani would often say, has been built on the foundation of relationship and trust. We have always endeavored, as an organization, to exemplify that principle in all our actions.

In our short journey of under 2 years, we have achieved growth, with profitability.

The market capitalization of Reliance Energy has multiplied 3 times from Rs. 3,000 crore (Rs.30 billion) to over Rs. 10,000 crore (Rs.100 billion); the profits have more than doubled from Rs. 162 crore (Rs.1.62 billion) to Rs. 367 crore (Rs.3.67 billion); and the net worth has gone up nearly 3 times from less than Rs. 2,500 crore (Rs.250 billion) to Rs. 6,200 crore (Rs.620 billion).

Today, Reliance Energy is India's most valuable power sector company. For the last 2 years, it has ranked amongst the top 3 best performing Sensex scrips.

Reliance Energy is owned approx. 50% by Reliance Industries (directly and indirectly), 21% by domestic institutional investors, 21% by foreign institutional investors, and the balance 8% by nearly 1,00,000 retail investors. We have created tremendous value for each of them.

Our greatest strength is our ability to work together as a team.

In all our endeavors, we must always keep uppermost in our minds the best interests of our millions of customers, and deliver the highest standards of quality, reliability, competitiveness, and customer care to them.

The opportunities, and the challenges, in the power sector are enormous.

I am confident that, together, we - each one of us - will work with commitment, dedication and devotion, to realize the vision and dreams of our beloved founder, Dhirubhai Ambani.

It will be of great support to me to receive your valued inputs and comments, at ada@rel.co.in.

Anil D. Ambani

--Indo-Asian News Service