Reliance Power Says ED Action Over; No Business Link To Probe Entities

Reliance Power Ltd. on Sunday said the Enforcement Directorate has concluded its actions at all company locations. It added that the company and its officials fully cooperated and will continue to support the authorities.

In a press release, the company said the ED’s actions have no impact on its business operations, financial performance, shareholders, employees, or any other stakeholders.

It clarified that the matter appears related to allegations involving transactions of Reliance Communications Ltd. and Reliance Home Finance Ltd., which are over 10 years old. Reliance Power said it has no business or financial ties to either company.

The Enforcement Directorate had on Thursday searched over 35 locations linked to Anil Ambani and his companies over allegations of loan diversion totalling around ₹30,000.0 million from YES Bank during 2017–2019, according to reports.