Image Source : FILE PHOTO Anil Dhirubhai Ambani, Chairman of Reliance Group
Reliance Infrastructure Limited (Reliance Infra) on Wednesday announced that Invent Assets Securitisation and Reconstruction Private Limited, a lender to the Company, has novated certain charged securities to recover its dues. As a result, Invent ARC’s entire fund-based outstanding amount has been reduced to zero.
Additionally, Reliance Infra has cleared its funded outstanding dues to Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank, Union Bank, and other lenders. The Company’s external debt liability is down to Rs 475 crore. Consequently, the net worth of the Company will stand at ~Rs 9,041 crore.
Reliance Infrastructure Limited
Reliance Infrastructure Limited (Reliance Infrastructure or the Company) is engaged in the business of providing EPC services, power distribution in Delhi and the company is also engaged in the implementation, operation and maintenance of several projects in defence sector and infrastructural areas like the metro, toll roads and airports through its special purpose vehicles. It has executed the state-of-the-art Mumbai Metro Line One project on a build, own, operate and transfer basis.
Reliance Power settles disputes with banks and financial institutions
Reliance Power Limited (Reliance Power) today also announced that the entire obligations of the company as a guarantor on behalf of Vidarbha Industries Power Limited (VIPL) stand fully settled resulting in the release and discharge of corporate guarantee, undertakings and all obligations and claims thereunder in relation to the outstanding debt of VIPL amounting to Rs 3872.04 crore.
Reliance Power has settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100 per cent shares of VIPL have been pledged in favour of CFM against the release and discharge of the corporate guarantee given by Reliance Power.
Reliance Power Limited
Reliance Power Limited, a part of the Reliance Group, is India’s leading private-sector power generation and coal resources company. The Company has one of the largest portfolios of power projects in the private sector, based on coal, gas, hydro and renewable energy, with a commissioned portfolio of 5,300 megawatts.
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