CBI Action on RCom Has No Impact on Reliance Power, Infra Shareholders: Significant Relief for Investors

An investigation by the Central Bureau of Investigation (CBI) into industrialist Anil Ambani and his company Reliance Communications has no impact on Reliance Power and Reliance Infrastructure, the two companies said in separate releases 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 Ambani is not on the Board of Reliance Power Ltd. for more than three and a half 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. Reliance Power and Reliance Infrastructure said they will continue to focus on business plans and remain committed to creating value for all stakeholders.