The clouds of grief are slowly clearing for Anil Ambani as Reliance Infrastructure on Wednesday announced a major cutdown in its external standalone debt by 87 per cent from ₹3,871 crore to ₹ 475 crore. The firm stated they have cleared the outstanding debt of major institutions, including Life Insurance Corporation of India, ICICI Bank and other lenders.

According to the media release and stock filing, "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."

"Consequently, the net worth of the company will stand at Rs 9,041 crore," it added.

The Company underlined that it paid ₹ 600 crore to Life Insurance Corporation of India (LIC) to clear the outstanding debt.

Reliance Infra further confirmed that it has reached an on-time settlement with Edelweiss Asset Reconstruction Company Ltd, "of the entire obligations with respect to the non-convertible debentures issued by the company of ₹ 385 crore."

The company assured that the settlement shall be completed before September 30, 2024. Meanwhile, all the legal proceedings will remain on hold by the time the dues are cleared. Boosting the relations with Edelweiss, Reliance Infra settled another liability for ₹ 235 crore.

Reliance Infra
Image Source: www.rinfra.com

"We wish to inform that the company has received a communication dated September 17, 2024, from Invent Assets Securitisation and Reconstruction Private Limited (Invent ARC), a lender of the company, regarding the novation of certain charged security in order to recover its dues and now its fund based outstanding is zero," Reliance Infra stated in a stock exchange filing.

Settlement with Adani groups

The company also settled its stance with the Adani group. According to reports, Reliance Infra agreed with Adani Electricity Mumbai Ltd (AEML) and Adani Energy Solutions Limited (AESL), formerly known as Adani Transmission Ltd to withdraw arbitration claims against each other.

In 2022, Reliance Infra filed an arbitration claim of ₹ 13,400 crore concerning a deal to sell its Mumbai power distribution business to Adani Transmission Ltd.

"Reliance Infrastructure Ltd (Reliance Infra) announced that Invent Assets Securitisation and Reconstruction Private Ltd, 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," The company said in a statement.

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