In a big relief to Reliance Infrastructure, appellate tribunal NCLAT on Wednesday stayed the insolvency proceedings against the company. Reliance Infrastructure in a regulatory filing said that the National Company Law Appellate Tribunal (NCLAT) suspended the order passed by the NCLT over an appeal filed by it.
RInfra's plan to lease out headquarters property may face legal hurdle. Moreover, PE players with balance sheets that can take on Reliance Centre Office in Santacruz would be limited and include a handful of players such as Blackstone group, GIC, Brookfield Asset Management and Maplewood Investments.
The company will now focus on value creation for shareholders in the defence and construction businesses.
According to insiders, the induction of Jai Anshul would coincide with the birthday of the late patriarch of Reliance group, Dhirubhai Ambani, in the last week of December.
Reliance Group chairman Anil Ambani on Friday resigned as director of Reliance Power and Reliance Infrastructure, following markets regulator Sebi order restraining him from associating with any listed company. "Anil D Ambani, non-executive director, steps down from the board of Reliance Power in compliance of SEBI (Securities and Exchange Board of India) interim order," Reliance Power said in a BSE filing. In a separate filing to the stock exchange, Reliance Infrastructure said that Anil Ambani has stepped down from its board "in compliance of SEBI interim order".
The deal includes Reliance Infrastructure's integrated business of Generation, Transmission and Retail Electricity Distribution
The Adani group said Reliance Infrastructure, part of the Reliance Anil Dhirubhai Ambani Group, had initiated arbitration on one specific dispute under the Share Purchase Agreement (SPA) in December 2021 with a claim for just Rs 500 crore. Adani said it has filed counterclaims against the Ambani company. The Adani group firm, Adani Electricity was reacting to a Reliance Infrastructure statement of last week, which said it has filed an arbitration claim of Rs 13,400 crore against Adani Group in the Mumbai Centre for International Arbitration (MCIA). Reliance had cited a breach of a December 2017 share purchase agreement relating to the transfer of its Mumbai power distribution business to Adani Transmission.
The entire proceeds from the sale of Reliance Centre will be utilised only to service YES Bank debt.
Reliance Infrastructure Ltd on Wednesday said its shareholders have approved raising funds up to Rs 550.56 crore through issuance of shares on a preferential basis. The funds raised would be utilised for long-term resources, for general corporate purposes and to fund future growth, the company said in a regulatory filing.
RInfra, which is sitting on a debt of over Rs 6,000 crore, has been working towards monetising its assets to reduce debt.
He, however, seemed to indicate that he did give a personal guarantee to India's largest lender SBI, which has moved the NCLT to recover Rs 1,200 crore.
The company wants to amend it's application against the part to make the case stronger.
About 240,000 commuters travelled on the first day (Sunday) of the Mumbai Metro's operations, Reliance Infrastructure Ltd (RInfra) said on Monday.
In a bid to protect the consumer's interest, the Maharashtra government is planning to issue a directive, by invoking section 11 of the Electricity Act, 2003, to Tata Power to continue supplying power in Mumbai.
Anil said the company is in the process of signing a contract with the Indian Coast Guard for the first defence order for 14 fast patrol vessels
Anil Ambani-led Reliance Group on Thursday signed an agreement with China's retail player Wanda Group to set up a joint venture for building integrated township projects in India.
The two troubled subsidiaries of Reliance Capital have over Rs 20,000 crore debt of both the companies. Reliance Home Finance has a debt of Rs 11,500 crore and Reliance Commercial Finance owes Rs 9,000 crore to lenders.
The junior Ambanis - Anmol and Anshul - were inducted on the board to respect the wishes of the shareholders who during the recent AGM asked the management to get fresh blood into the company by bringing them on board.
More asset sales may be only way out, though most of the group companies' ratings have been downgraded and their combined market value is now a fraction of their combined debt.
Pressure is mounting on Reliance Infrastructure to change the name of metro rail project, with a senior minister in the Congress-NCP led Maharashtra government joining the chorus of Opposition leaders making similar demand.
According to sources, RInfra has sought a steep revision in the fares with minimum Rs 22 and maximum Rs 33, citing a near-doubling of its cost.
RCom's employee cost declined by 20.7 per cent.
Reliance Sea Link One Pvt Ltd (RSOPL), an arm of Reliance Infrastructure (RInfra) which has bagged the Worli-Haji Ali sea link project in Mumbai, will have to pay a daily penalty of Rs 10 lakh for not complying with the provisions of a concession agreement with Maharashtra State Road Development Corporation (MSRDC).
A consortium of six banks led by IDBI will finance the project to the tune of Rs 1,194 crore (Rs 11.94 billion), Rs 512 crore (Rs 5.12 billion) will be raised through equity while Rs 650 crore (Rs 6.5 billion) will come from the MMRDA as capital subsidy. The closure is unique in many ways as nearly Rs 200 crore (Rs 2 billion) have been spent on the project before the financial closure.
The Seventh Fleet's area of responsibility includes the Western Pacific and Indian Ocean and at any given time there are roughly 5070 ships and submarines, 140 aircraft and approximately 20,000 sailors under its command.
At present, Mumbai Metro One Private Ltd (MMOPL) is offering a promotional fare of Rs 10 for all the destinations till July 9.
Metro projects usually require additional funding by promoters, which RInfra refuses to in this case.
BSE Midcap index outperformed the benchmark indices to end with 0.4% gains.
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