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Good news for Anil Ambani, his company's Rs 3831 crore debt reduced by 87% to just Rs...
The net worth of the company will stand at Rs 9,041 crore. The share price of Reliance company saw a 20 per cent increase on Wednesday.
Updated : Sep 18, 2024, 04:43 PM IST
 "Anil Ambani")
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Anil Ambani, chairman of Reliance Group, received some good news on Wednesday. First, Reliance Power became a debt-free company. Secondly, Reliance Infrastructure Ltd has slashed its debt by 87 per cent to Rs 475 crore. The company cleared outstanding dues of LIC, ICICI Bank and other lenders. It paid Rs 600 crore to LIC to settle all outstanding.
In stock exchange filings and press statements, Reliance Infra said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. "Consequently, the net worth of the company will stand at Rs 9,041 crore." After this news came in, the share price of Reliance Infra saw a 20 per cent increase on Wednesday. It closed at R 282.73 with a Rs 47.12 hike. The market cap of the company now climbed to Rs 11189 crore, as of September 18.
"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," it said. With Edelweiss Asset Reconstruction Company Ltd, it reached a one-time settlement "of the entire obligations with respect to the non-convertible debentures issued by the company of Rs 385 crore," Reliance Infra said, adding that the settlement shall be completed before September 30, 2024. Till the time the dues are settled in terms of this one-time settlement, all legal proceedings between the parties in this connection would be in abeyance.
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Reliance Infra also settled another liability with Edelweiss for Rs 235 crore. It also reached an agreement 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 had in 2022 filed an arbitration claim of Rs 13,400 crore in relation to a deal to sell its Mumbai power-distribution business to Adani Transmission Ltd. `It did not give details of the agreement reached with the Adani group firm.
(With inputs from PTI)
