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Reliance Infra arm DAMEPL will receive Rs 7,100 cr from DMRC: Anil Ambani
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SME Times News Bureau | 14 Sep, 2021
Anil Ambani, Chairman, Reliance Infrastructure, sai during the company's
annual general meeting on Tuesday that Reliance Infrastructure has won
against Delhi Metro Rail Corporation (DMRC) as the Supreme Court upheld
the arbitral award in favour of Delhi Airport Metro Express Private
Limited (DAMEPL), a Reliance Infra arm that used to operate the Delhi
Airport Metro line.
Ambani said as a result of the SC judgement,
Reliance Infra arm DAMEPL will receive a sum of Rs 7,100 crore from
DMRC, which will be utilised to repay the debt of Reliance Infra
following which the company will become debt-free.
He added that
there are regulatory assets worth Rs 50,000 crore under approval/dispute
before various fora for its power distribution business - BSES Delhi
and erstwhile GTD in Mumbai. Further arbitration claims pending before
various fora amount to Rs 15,000 crore.
In the last AGM, Anil
Ambani had announced that the promoters will be increasing their
shareholding in the company. The preferential issue of over Rs 550 crore
comprising 8.88 crore warrants of Rs 62 each, convertible into equity,
will increase the promoter holding to 22.06 per cent.
Reliance
Power, Reliance Infra and other promoters have increased stake by
converting Rs 1,325 crore ICD. The current holding is 24.98 per cent,
which will to go up to 38 per cent on conversion of warrants.
Ambani
said during the last year, Reliance Infra successfully completed a 100
per cent stake sale of Delhi Agra Toll Road to Cube Highways and
Infrastructure III Pte Ltd for Rs 3,600 crore, entire 74 per cent stake
sale in Parbati Koldam Transmission Company Limited to India Grid Trust
for enterprise value of Rs 900 crore, sale of the commercial property at
Santacruz under a composite transaction for sale, buyback and lease of
the said property resulting in debt reduction by 35 per cent.
Ambani
said Reliance Infra's new growth engine will be the power distribution
business as the new Electricity Act will be opening up a plethora of
opportunities; new contracts in EPC business and defence manufacturing
business.
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