Rel Infra Debt: Anil Ambani’s Reliance Infrastructure Ltd has reduced its standalone debt by 87 per cent to Rs 475 crore after clearing outstanding debts of Life Insurance Corporation of India. ICICI Bank and other lenders, the firm said Wednesday.
In stock exchange filings and press releases, Reliance Infrastructure said its standalone external debt has been reduced from Rs 3,831 crore to Rs 4,750 crore. “Accordingly, the net worth of the company will stand at Rs 9,041 crore.”
“Reliance Infra has settled its outstanding debts funded by Life Insurance Corporation of India, Edelweiss Asset Reconstruction Company Limited, ICICI Bank Union Bank and other lenders,” he said.
It paid Rs 600 crore to Life Insurance Corporation of India (LIC) to settle all outstanding payments.
Reliance Infra said a one-time settlement has been reached with Edelweiss Asset Reconstruction Company Ltd “of all obligations in respect of non-convertible debentures issued by the company amounting to Rs 385 crore,” adding that the settlement will be completed by September 30, 2024. Pending settlement of the debts in terms of this one-time settlement, all legal proceedings between the parties in this regard will remain in abeyance.
Reliance Infra also settled another liability with Edelweiss for Rs 235 crore.
“We wish to inform that the company has received a communication dated 17th September 2024 from Invent Assets Securitisation and Reconstruction Private Limited (Invent ARC), a lender to the company, regarding novation of certain collateral for recovery of its dues and now its outstanding fund-based balance is zero,” Reliance Infra said in a separate filing.
It also reached a settlement with Adani Electricity Mumbai Ltd (AEML) and Adani Energy Solutions Limited (AESL), formerly known as Adani Transmission Ltd. Following this, both companies agreed to withdraw arbitration claims against each other.
Reliance Infra filed a Rs 13,400 crore arbitration claim in 2022 in connection with a deal to sell its Mumbai power distribution business to Adani Transmission Ltd.
He did not give details of the agreement reached with the Adani group firm.
“Reliance Infrastructure Ltd (Reliance Infra) announced that Invent Assets Securitisation and Reconstruction Private Ltd, a lender to the company, has rolled over certain debt securities to recover its dues. As a result, the total outstanding amount based on Invent ARC funds has been reduced to zero,” it said in a statement. PTI ANZ
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