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| ADAG achieves financial closure of Rs 32,000 cr |
| Press Trust of India / Mumbai Jul 21, 2009, 21:50 IST |
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Anil Dhirubhai Ambani group (ADAG) today said it has arranged funds for projects worth nearly Rs 32,000 crore.
"It gives me great pride to inform you that at the group level we achieved financial closure for projects worth nearly Rs 32,000 crore," ADAG Chairman Anil Ambani told shareholders at 80th annual general meeting of group company Reliance Infrastructure.
He said last year was the most difficult for fund raising, particularly in the long gestation power and infrastructure space.
Reliance Infrastructure on its own completed financial closure of metro projects in Mumbai and New Delhi and its maiden transmission project, Western Region Strengthening Scheme, which all put together are estimated to cost Rs 6,600 crore, he said.
Ambani informed that besides raising substantial money, the company has considerably strengthened its balance sheet and its ability to borrow for future growth.
He said Reliance Infrastructure promoters subscribed to 42.9 million share warrants convertible into equity, resulting in capital infusion of Rs 4,300 crore into the company. Promoter's holding in the company would increase from 38 per cent to 48 per cent on conversion.
There are Rs 15,000 crore worth of projects where the company is a preferred bidder and waiting for a letter of award, he said.
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