The company in a regulatory filing also said that it aims to be a ‘zero debt’ firm by the year 2020.
(Photo: Facebook @ relianceinfrastructure)
The Reliance Infrastructure Ltd (RInfra) on Thursday said that its 16 lenders have signed the Inter-Creditor Agreement (ICA) for resolution of the company’s debt.
The company in a regulatory filing also said that it aims to be a “zero debt” firm by the year 2020.
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“As per the RBI circular of June 7, 100 per cent of its lenders have signed the ICA for the resolution of Reliance Infrastructure’s debt,” the company said.
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Reliance Infrastructure has now achieved standstill for 180 days as per the agreement. According to Reserve Bank of India’s (RBI) circular, the resolution plan of Reliance Infrastructure is to be implemented within 180 days.
“Reliance Infrastructure is confident of implementing its resolution plan well before the 180-days deadline based on advanced progress of its various asset monentisation initiatives,” it said.
As per the RBI framework, resolution plan has to be agreed to by 75 per cent of the lenders by value of debt and 60 per cent by number of lenders.
Reliance Infrastructure has already announced the sale of Delhi-Agra Toll Road for enterprise value of Rs 3,600 crore. With this single transaction, 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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