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Reliance Infrastructure announces signing of Inter-Creditor Agreement by its 16 lenders

Capital Market 

Reliance Infrastructure announced that the company's 16 lenders have signed the Inter-Creditor Agreement (ICA). As per the RBI Circular of 07 June 2019, 100% of its lenders have signed the ICA for the resolution of Reliance Infrastructure's debt.

Reliance Infrastructure has now achieved standstill for 180 days as per the ICA. According to the 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.

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% to just over Rs 4,000 crore.

Reliance Infrastructure also plans to monetise its marquee 7 Lakh Sq. Ft. Reliance Center in Santacruz by way of long-term lease.

The Company aims to be zero debt in 2020.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, July 11 2019. 14:59 IST