Reliance Infrastructure and Reliance Power have issued statements on the ongoing dispute between Reliance Communications and the State Bank of India. In their statements, both companies have distanced themselves from Reliance Communications as SBI accuses the latter of committing fraud.
In separate statements, Reliance Infrastructure and Reliance Power said that both companies are separate and independent listed companies and have no business or financial linkage to Reliance Communications.
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Further, Reliance Infrastructure and Reliance Power also clarified the involvement of Anil Ambani in the companies. Both companies said that Anil Ambani is not on their Board of Directors.
The companies added that any action taken in relation to Reliance Communications has no bearing or impact on their governance, management, or operations.
Please put out the statement here
How are the three companies related?
All three companies, Reliance Power, Reliance Infrastructure and Reliance Communications, are part of the Reliance Group of Anil Ambani, who is currently the Chairman of the group.
Besides the three companies, Reliance Group also has other companies like Reliance Capital, Reliance Defence, Reliance Entertainment and Reliance Roads. While Reliance Communications is going through bankruptcy, the other companies of the group are doing rather well.
According to the company’s website, the Reliance Group has assets worth about $47 billion.
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