Reliance Infrastructure Limited (RInfra) has issued a clarification regarding the recent action by Bank of Baroda to classify the loan account of Reliance Communications Limited (RCom) and Anil D Ambani as fraud. The company emphatically states that this classification has no bearing on its business operations, financial performance, or stakeholders.

Key Points of Clarification

• Historical Context: The classification by Bank of Baroda pertains to matters dating back a decade.
• Separate Entity: RInfra emphasizes its status as an independent listed entity with no business or financial ties to Reliance Communications.
• Leadership Changes: Anil D Ambani has not been on Reliance Infrastructure's board for over 3.5 years.
• RCom's Current Status: Reliance Communications is currently under the management of a Committee of Creditors led by SBI and overseen by a Resolution Professional.
• Ongoing Legal Proceedings: The matter remains sub judice, pending before the NCLT and other judicial forums, including the Supreme Court, for the past six years.

RInfra's Business Focus

Reliance Infrastructure reaffirmed its commitment to its core business operations, which span several infrastructure sectors:

• Power
• Roads
• Metro Rail
• Defense

The company operates through various Special Purpose Vehicles (SPVs) and continues to focus on creating value for all stakeholders.

Project Portfolio

RInfra highlighted its significant presence in the infrastructure space:

• Executed a metro rail project in Mumbai on a build, own, operate and transfer (BOOT) basis
• Developed road projects on a build, operate and transfer (BOT) basis
• Maintains a strong presence in power distribution as a leading utility company

Engineering and Construction Services

The company also emphasized its role as a major player in providing Engineering and Construction (E&C) services for developing:

• Power projects
• Infrastructure projects
• Metro projects
• Road projects

Reliance Infrastructure's clarification serves to distance itself from the recent banking classification involving Reliance Communications and reaffirms its independent status and ongoing commitment to its infrastructure and defense sector projects.

Reliance Infrastructure Limited (RInfra) and Reliance Power have issued clarifications regarding recent Central Bureau of Investigation (CBI) action on Reliance Communications Limited (RCom) and Mr. Anil D Ambani. Both companies emphatically stated that these events have no impact on their business operations, financial performance, shareholders, employees, or stakeholders.

Key Points of Clarification

• Separate Entities: Both RInfra and Reliance Power emphasized their status as independent listed companies with no business or financial ties to Reliance Communications.

• Management Independence: Anil Ambani has not been on the Board of Reliance Power for more than three and a half years.

• Current RCom Management: RCom is presently managed under the supervision of a Committee of Creditors led by State Bank of India (SBI) and overseen by a Resolution Professional.

• Legal Status: The matter remains sub judice, pending before the National Company Law Tribunal (NCLT) and other judicial forums, including the Supreme Court, for the past six years.

Companies' Positions

Both Reliance Power and Reliance Infrastructure took the opportunity to clarify several points:

• They are separate and independent listed entities from Reliance Communications.
• The companies reaffirmed their commitment to focusing on their respective business plans and creating value for all stakeholders.

Background

Reliance Infrastructure Limited is a major player in the infrastructure sector, developing projects through Special Purpose Vehicles (SPVs) in areas such as Power, Roads, Metro Rail, and Defence. The company is known for providing Engineering and Construction (E&C) services for various infrastructure projects.

Reliance Power is an Indian power generation and coal resources company, part of the Reliance Anil Dhirubhai Ambani Group.

In conclusion, both Reliance Power and Reliance Infrastructure's statements serve to distance the companies from the ongoing investigations into Reliance Communications, asserting their operational and financial independence. The companies maintain their focus on their core business activities and commitment to stakeholder value creation, unaffected by the recent CBI actions.