Reliance Infratel ‘fraud’ tag to go after sale: Lenders

Mumbai: In a bid to get the resolution of Anil Ambani’s Reliance Infratel back on track, lenders led by SBI NSE 1.25 % have said that the ‘fraud’ tag on the company would go once it is acquired by Mukesh Ambani’s Reliance Jio. However, the criminal investigations would continue in respect of the erstwhile promoters.

Last month, Mukesh Ambani-led Reliance Jio Infocomm had moved the National Company Law Tribunal (NCLT), seeking disclosures of a forensic audit report of Reliance Infratel after some lenders classified the loan as ‘fraud’. This classification happened after the NCLT had approved Jio’s resolution plan to pick up the tower and fibre assets of the Anil Ambani group company for around Rs 4,400 crore on December 3, 2020.