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Anil Ambani's Reliance Infrastructure Ltd has slashed its standalone debt by 87 per cent to Rs 475 crore after it cleared outstanding dues of Life Insurance Corporation of India, ICICI Bank and other lenders, the firm said on Wednesday.
In stock exchange filings and press statements, Reliance Infrastructure 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."
"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.
It paid Rs 600 crore to Life Insurance Corporation of India (LIC) to settle all outstanding.
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.
Reliance Infra also settled another liability with Edelweiss for Rs 235 crore.
"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 said in a separate filing.
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.
"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," it said in a statement.