Reliance Infrastructure Limited on Friday clarified that the recent move by Bank of Baroda to classify the loan account of Reliance Communications Limited and Anil D Ambani as fraud has no bearing on its business operations or financial performance.
Company clarification
The company stated that the classification pertains to matters dating back around 10 years and is linked only to Reliance Communications. Anil D Ambani, it further noted, has not been on the board of Reliance Infrastructure for more than three and a half years.
Reliance Infrastructure emphasised that it is a separate and independent listed entity with no financial or business linkages to Reliance Communications. The company added that its operations, employees, shareholders and stakeholders remain unaffected.
Background of the case
Reliance Communications is currently managed by a Committee of Creditors led by State Bank of India, under the supervision of a Resolution Professional. The matter remains sub judice and has been pending before the NCLT, other judicial forums and the Supreme Court for the past six years.
Focus on business plans
Reliance Infrastructure said it continues to focus on its business plans and remains committed to creating value for all stakeholders. The company operates in multiple high-growth infrastructure sectors, including power, metro rail, roads and defence, and has executed projects such as the Mumbai Metro and multiple road projects through special purpose vehicles.
