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Reliance Power enters into Inter-Creditor Agreement with lenders
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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.
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