Mumbai: Anil Ambani-led Reliance Power settled the debts owed to three banks – ICICI Bank, Axis Bank, and DBS Bank – last week while its parent Reliance Infrastructure is working towards settling dues of Rs 2,100 crore to JC Flowers Asset Reconstruction Company, said people with knowledge of the matter.
“Reliance Power aims to be a debt-free company by the end of this fiscal year. The only debt on its books will be the working capital loan from IDBI Bank,” said a senior executive from a commercial bank. The three lenders jointly had about Rs 400 crore and have recovered close to 30-35% of their principal loans, another lender said.
