Anil Ambani's Reliance Infrastructure Ltd has slashed its standalone debt by 87 per cent to Rs 475 crore after it cleared outstanding dues of Life Insurance Corporation of India, ICICI Bank and other lenders, the firm said on Wednesday. In stock exchange filings and press statements, Reliance Infrastructure said its standalone external debt has reduced from Rs 3,831 crore to Rs 475 crore. "Consequently, the net worth of the company will stand at Rs 9,041 crore."
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.
In a sharp retort to a notice of gas supply suspension to one of its power plant, Anil Ambani group firm Reliance Infra on Wednesday questioned the legality of Mukesh Ambani-led RIL's warning for not paying an "illegal" marketing margin.
Commission says that though Reliance Infra is a private company, it provides 'essential service' and hence comes within the ambit of the RTI Act.
The Reserve Bank of India's action against Reliance Capital comes at a time when the Anil Ambani group was planning to make a comeback with the group company, Reliance Infrastructure, raising funds from the promoter family. As part of the comeback plan, Reliance Infrastructure received Rs 550 crore fund infusion from the Anil Ambani family. A month earlier, Reliance Power, a listed subsidiary of Reliance Infrastructure, also raised funds from its parent by issuing preferential allotment of shares thus increasing the stake of Reliance Infrastructure in the company.
The letters were meant to assess if there had been any professional misconduct by any auditors of Reliance Infra and Reliance National Resources Ltd that led to the alleged misrepresentation of investments by these companies.
According to market experts, the proposed buy-back may have a positive impact on the company's stock price.
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 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.
Exit from Delhi Metro's airport express line
As Mumbai's real estate and electric vehicle penetration grows, two of the city's private power distribution companies, Adani Electricity and Tata Power, are eyeing a bigger business pie, particularly betting on high-value customers. Adani Electricity Mumbai (AEML), the subsidiary which houses Adani Energy Solutions' Mumbai distribution business, recorded a six per cent growth in total units sold in the financial year 2023-24 (FY24), the company's presentation shows. This gain came at over 13 per cent growth in the year-ago period.
Sources, however, said that the company has entered into a deal with some American and European investors for the pre-IPO placement. The latest deal values the company at around Rs 50,000 crore (Rs 500 billion) while the earlier 5 per cent stake dilution that Reliance Infratel had made, valued the company at about Rs 28,000 crore (Rs 280 billion).
RInfra, which is sitting on a debt of over Rs 6,000 crore, has been working towards monetising its assets to reduce debt.
Buy-back worth Rs. 1,000 crore will be funded from investments made by the company in liquid and marketable securities.
Reliance Infrastructure on Thursday announced the cancellation of Rs 12,000 crore (Rs 120 billion) Mumbai's Metro Line 2 project citing non-fulfillment of certain obligations by Maharashtra government.
The entire proceeds from the sale of Reliance Centre will be utilised only to service YES Bank debt.
Aiming to become one of the top five cement companies in the country, Anil Ambani group company Reliance Infrastructure has chalked big plans to set up plants which entail an investment of Rs 10,000 crore.
Reliance Infrastructure is fully geared to deliver the project in 60 months from the appointed date of June 24, 2019, as per the contract, Reliance Infrastructure said in a BSE filing.
The project is for a concession period of 35 years with an extension clause of another 10 years, the company said in a statement.
The company has taken up significant projects but they are either delayed or the company plans to give them up.
Anil Ambani will take over as the chairman of Pipavav Defence
The index touched a day's low of 15,709 in morning trades, it recovered partially and touched a day's high of 15,985 due to buying in oil & gas sector. The market breadth was negative - out of 2,722 stocks traded, 1,817 declined, 847 advanced and 58 were unchanged on Tuesday. The NSE Nifty settled with a loss of 24 points at 4,716.
The company wants to amend it's application against the part to make the case stronger.
Total operating income of the company stood at Rs 5,296 crore (Rs 52.96 billion) against Rs 6,160 crore (Rs 61.6 billion) in the year-ago period, Reliance Infrastructure said in a statement.Reliance Infrastructure is present in engineering, procurement and construction, energy and infrastructure segments.
Reliance Infra claims the run by the market operator has caused a loss of Rs. 300,000 crore to infrastructure stocks.
Reliance Infra has sent a letter to Reliance Industries on September 24 informing the of the shutdown of the 220MW power plant in Andhra Pradesh for maintenance to September 28 instead of a day earlier.
Maytas Infrastructure, majority-owned by the family of scam-hit IT firm Satyam's disgraced founder B Ramalinga Raju, is believed to have proposed bringing in Reliance Infra as a partner in the prestigious Rs 12,200-crore (Rs 122 billion) metro rail project in Hyderabad.
Terming as "illegal" marketing margins charged by RIL on gas supplied to it, Anil Ambani group firm Reliance Infra has asked the Mukesh Ambani-led company to withdraw these charges and refund the payments it had made till now.
The Railway's research arm RDSO is likely to issue 'speed certificate' to the much-awaited Mumbai Metro this week.
The private discoms that join the scheme would only benefit in terms of operational efficiency and there will not be any financial bailout
A report of a joint inspection committee (JIC) - comprising experts from DMRC, Indian Railways and Reliance Infra - has revealed that the Airport Metro Express line had been rolling on a track that had 91 per cent of its bearings dislocated.
Last month, then Delhi Chief Minister Arvind Kejriwal had ordered a CAG scrutiny of private power distribution companies.
DMRC, Reliance Infra go for arbitration.
MSRDC wants to complete this process before exploring options of arbitration and termination of concession agreement signed with the RSOPL for the project.
Anil Ambani, chairman of the Reliance ADA Group, on Monday denied that the Securities and Exchange Board of India (Sebi) had banned his two group companies, Reliance Infra and Reliance Natural Resources, or their directors from participation in the capital market for any period.
Market regulator Sebi on Friday barred Anil Ambani-led Reliance Infra and RNRL from investing in secondary market till 2012, besides imposing a charge of Rs 50 crore (Rs 500 million) for settling a probe into alleged unfair market dealings by the two firms.
The top officials of the two companies, including chairman Anil Ambani, have also been barred from investing in secondary market till December 2011.
The group's telecom arm, RCom, saw its shares plunge by 8.11 per cent to a low of Rs 71.35 in morning trade, while Reliance Capital tumbled by 9.91 per cent to a 52-week low of Rs 323.55 on the Bombay Stock Exchange.
The Anil Ambani group, fighting a legal battle for securing 28 mmscmd gas for Reliance Natural Resources from RIL at a price of $2.34 per mmBtu under a family settlement, had last week questioned the marketing margin and had informed RIL that it would not pay the same.
As the Centre pushes reforms in the power sector, especially for the beleaguered electricity distribution segment, several states, especially those ruled by Opposition parties, are clamouring against it. Maharashtra, West Bengal, Tamil Nadu, and Kerela have voiced their reservations against the proposed amendments to the Electricity Act, 2003. The irony is the states opposing the amendments on the ground of threat of privatisation already have private partnerships in power supply. The proposed Bill was slated to be placed on the floor of Parliament in the Monsoon session. But it still awaits Cabinet approval amid several states complaining that they have been not consulted on the issue.
© 2026 Rediff.com - Investor Information - Advertise with us - Disclaimer - Privacy Policy - Sitemap - Feedback - About us - Terms of use - Grievances