Reliance Debt: Reliance Power and its parent company are busy settling the dues, know details
Reliance Debt: Reliance Infrastructure and JC Flower ARC had agreed on January 7 to keep the loans in status quo. According to the information given to the stock exchange, this agreement was valid for the period till today i.e. March 20, 2024.
Reliance Power, led by Anil Ambani, resolved its outstanding debt with ICICI Bank, Axis Bank, and DBS Bank last week. Reliance Infrastructure, the company's parent, is attempting to pay JC Flowers Asset Reconstruction Company the sum of Rs 2,100 crore. I have been told this by someone knowledgeable about the subject. Reliance Power wants to be debt-free by the end of this fiscal year, according to a senior executive of a commercial bank. A working capital loan from IDBI Bank will be the only debt recorded on its books.
On January 7, Reliance Infrastructure and JC Flower ARC decided to maintain the status quo for the loans. According to the information given to the stock exchange, this agreement was valid for the period till today i.e. March 20, 2024. According to the spokesperson of Reliance Infrastructure, now its period has been extended till March 31, 2024.
According to this agreement, JC Flower ARC will not take any legal action against Reliance till March 31 and will give the company time to arrange the money. According to information sent to the stock exchange, on March 13, Reliance Power has received Rs 240 crore in exchange for equity from VFSI Holdings.
