SME Times is powered by   
Search News
Just in:   • Sensex opens marginally higher, Nifty nears 11,500  • Corporates should make timely payment to MSMEs: CEA  • Ola rolls out self-drive cab rental service in Bengaluru  • Tata Motors jumps 10% after Brexit deal 'agreed'  • Netflix adds more subscribers, braces for higher competition 
Last updated: 12 Jul, 2019  

ReliancePower.THMB.jpg Reliance Power enters into Inter-Creditor Agreement with lenders

Reliance.Power.9.jpg
   Top Stories
» Corporates should make timely payment to MSMEs: CEA
» 'India, Netherlands complement each other in terms of technology'
» Karnataka tops NITI Aayog's India Innovation Index 2019
» 'India-US dialogue key to pragmatic solutions on IPR issues'
» Declining trend in exports a concern: FIEO
SME Times News Bureau | 12 Jul, 2019
Reliance Group subsidiary Reliance Power on Friday said that it has entered into an Inter-Creditor Agreement (ICA) with six lenders for resolution of the company's debt.

According to Reliance Power, the ICA was signed on July 6, 2019. The agreement has been signed under the framework of the Reserve Bank of India's (RBI) Circular of June 7, 2019.

"Reliance Power has now achieved standstill for 180 days as per the ICA. According to the RBI Circular, the Resolution Plan of Reliance Power is to be implemented within 180 days," the company said in a statement.

"All 6 lenders of Reliance Power's subsidiary Vidarbha Industries Power Limited (VIPL) 600 MW Butibori Power Project near Nagpur in Maharashtra, have also signed ICA giving VIPL a 180-day timeframe to implement a resolution plan," it said.

On Thursday, Reliance Infrastructure (RInfra) said that its 16 lenders have signed the ICA.

In a regulatory filing, the company also said that it aims to be a "zero debt" firm by the year 2020.

Reliance Infrastructure has already announced the sale of its Delhi-Agra Toll Road for an enterprise value of Rs 3,600 crore. With this single transaction, the debt of Reliance Infrastructure will reduce by over 25 per cent to just over Rs 4,000 crore.

The company also plans to monetise its 7 lakh square feet Reliance Center in Santacruz by way of long-term lease.


 
Print the Page
Add to Favorite
 
Share this on :
 

Please comment on this story:
 
Subject :
Message:
(Maximum 1500 characters)  Characters left 1500
Your name:
 

 
  Customs Exchange Rates
Currency Import Export
US Dollar
66.20
64.50
UK Pound
87.50
84.65
Euro
78.25
75.65
Japanese Yen 58.85 56.85
As on 18 Oct, 2019
  Daily Poll
Is the Union Budget 2019 MSME-friendly?
 Yes
 No
 Can't say
  Commented Stories
» Collateral free loans available for MSMEs: Minister(2)
» Credit off-take by banks slows to 8.8 pc: RBI data(1)
» Appoint distributors, expand your business(1)
» MSME growth stifled by restricted access to credit, equity: Banka CFO CEO(1)
 
 
About Us  |   Advertise with Us  
  Useful Links  |   Terms and Conditions  |   Disclaimer  |   Contact Us  
Follow Us : Facebook Twitter