Reliance Group Firms Say CBI Action Against RCom Does Not Affect Power Or Infra Operations, Governance

New Delhi: Recent action by CBI on Reliance Communications has had no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders, Reliance Power and Reliance Infrastructure said on Sunday.

In two separate exchange filings, the Reliance Group companies said they are separate and independent listed entities with no business or financial linkage to Reliance Communications.

Further, Anil D. Ambani is not on the Board of Reliance Power Ltd for more than 3.5 years. Accordingly, any action in relation to Reliance Communications has no bearing or impact on their governance, management, or operations, the companies said.

The companies said they "wish to clarify on the media reports that the recent action by Central Bureau of Investigation on Reliance Communications Ltd and on Anil D Ambani has no impact on the business operations, financial performance, shareholders, employees, or any other stakeholders." At present, Reliance Communications is being managed under the supervision of a committee of creditors, led by SBI and overseen by a resolution professional.

The matter remains sub judice, pending before the NCLT and other judicial forums, including the Hon'ble Supreme Court, for the past six years, it said.

Reliance Power and Reliance Infrastructure said they will continue to focus on business plans and remain committed to creating value for all stakeholders.

Reliance Infrastructure Ltd (Reliance Infrastructure) is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in several high growth sectors such as power, roads and metro rail in the infrastructure space and the defence sector.

Reliance Power Ltd, part of the Reliance Group, is one of India's leading private sector power generation companies. The company has an operating portfolio of 5,305 megawatts, including 3,960 megawatts Sasan Power Ltd -- the world's largest integrated coal-based power plant.

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