Reliance Infrastructure lenders sign pact for debt resolution

Anil Ambani-led Reliance Group firm Reliance Infrastructure said Thursday its lenders have signed an inter-creditor agreement (ICA) for the resolution of debt. Reliance Infrastructure (RInfra), which is sitting on a debt of over Rs 6,000 crore and aims to be debt free in 2020 has, to implement its resolution plan before 180 days. “Reliance Infrastructure Ltd’s 16 lenders have signed the ICA. As per the RBI Circular of June 7, 2019, 100 per cent of its lenders have signed the ICA for the resolution of Reliance Infrastructure’s debt,” the company said in a statement. It said the company has now achieved standstill for 180 days as per the ICA.

“Reliance Infrastructure is confident of implementing its Resolution Plan well before the 180-days deadline based on advanced progress of its various asset monetisation initiatives,” the company said. Shares of the company were trading sharply higher by 10.87 per cent at Rs 51 in pre-close session at BSE. According to the RBI Circular, the Resolution Plan is to be implemented within 180 days. As per the RBI framework, the Resolution Plan has to be agreed to by 75 per cent of the lenders by value of debt and 60 per cent by number of lenders.