No impact on biz, say RInfra, RPower after SBI's 'fraud' tag on RCom account

Reliance Infrastructure (RInfra) and its subsidiary Reliance Power (RPower) have said that the recent move by the State Bank of India (SBI) to classify the loan account of Reliance Communications (RCom) as "fraud" will not affect their business operations, financial performance, shareholders, employees, or any other stakeholders.

- PRACHI PISAL

RInfra and RPower are separate and independent listed entities with no business or financial linkage to RCom, both companies said in separate stock exchange filings on Thursday. Further, Anil Ambani is not on the board of RInfra and RPower.

Accordingly, any action taken against RCom has no bearing or impact on the governance, management, or operations of RInfra and RPower, the two companies claimed. On Wednesday, RCom disclosed to the exchanges that the SBI has decided to classify the company's loan account as "fraud" due to irregularities in the conduct of the account.