Reliance Infrastructure 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. Additionally, Reliance Infra has cleared its funded outstanding dues to Life Insurance Corporation of India (LIC), Edelweiss Asset Reconstruction Company, ICICI Bank, Union Bank and other lenders. Its external debt liability is down to ₹475 crore. Consequently, its net worth will stand at ₹9,041 crore.
With this, Anil Ambani’s Reliance Infrastructure has slashed its standalone debt by 87 per cent to ₹475 crore, after it cleared outstanding dues of LIC and ICICI Bank. It paid ₹600 crore to LIC to settle all outstanding.
With Edelweiss Asset Reconstruction Company, it reached a one-time settlement “of the entire obligations with respect to the non-convertible debentures issued by the company of ₹385 crore,” Reliance Infra said, adding the settlement shall be completed before September 30. 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.
Reliance Infra also settled another liability with Edelweiss for ₹235 crore.
“We wish to inform that the company has received a communication dated September 17, 2024, from Invent Assets Securitisation and Reconstruction (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 said in a separate filing.
It also reached an agreement with Adani Electricity Mumbai and Adani Energy Solutions, formerly known as Adani Transmission. Following this, both companies agreed to withdraw arbitration claims against each other.