Reliance Infrastructure Limited (Reliance Infra) on Wednesday announced that Invent Assets Securitisation and Reconstruction Private Limited, a lender to the company, has novated certain encumbered securities to recover its dues. As a result, the total outstanding amount due on Invent ARC funds has been reduced to zero.
Furthermore, 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. The external debt liability of the company has been reduced to Rs 475 crore. Consequently, the net worth of the company will stand at around Rs 9,041 crore.
Reliance Infrastructure Limited
Reliance Infrastructure Limited (Reliance Infrastructure or the Company) is engaged in providing engineering, procurement, construction (EPC) and power distribution services in Delhi. The company is also involved in the implementation, operation and maintenance of various projects in the defence sector and infrastructure areas such as metro rail, 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 all obligations of the company as guarantor on behalf of Vidarbha Industries Power Limited (VIPL) have been fully discharged, resulting in the release and discharge of the corporate guarantee, undertakings and all obligations and claims thereunder in respect of VIPL’s outstanding debt amounting to Rs 3,872.04 crore.
Reliance Power has settled all disputes with CFM Asset Reconstruction Private Limited (CFM). 100 per cent of the shares of VIPL have been pledged in favour of CFM in exchange for the release and fulfilment of the corporate guarantee given by Reliance Power.
Limited dependency energy
Reliance Power Limited, part of the Reliance Group, is India’s leading privately-owned coal-fired power generation and resource company. The company has one of the largest portfolios of private sector power projects, based on coal, gas, hydropower and renewables, with an in-service portfolio of 5,300 megawatts.
Also Read: Finance Minister Nirmala Sitharaman to launch NPS Vatsalya scheme for pensioners today
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.