Lenders approve Reliance Defence's CDR exit and refinancing plans

A consortium of lenders led by IDBI has given its approval to the corporate debt restructuring exit plan of Reliance Defence and Engineering Ltd. (RDEL), a subsidiary of Reliance Infrastructure. The lenders have also given their go-ahead for the implementation of refinancing scheme of RDEL.

Both the proposals were presented to the CDR empowered group’s (EG) meeting on March 29, 2017 and were approved by the requisite majority of CDR lenders. The Reserve Bank of India (RBI) had also given it nod for RDEL to exit the CDR package.

The lead lender of the consortium IDBI has also