Reliance Power Settles Rs 38.72 bn Guarantor Dues for Vidarbha Industries

19 Sep 2024 CW Team

Reliance Power announced that it has settled guarantor obligations amounting to Rs 38.72 billion for its subsidiary Vidarbha Industries Power, according to a stock exchange filing. The company disclosed that the entire obligation as a guarantor on behalf of Vidarbha Industries Power (VIPL) had been fully settled. This settlement resulted in the release and discharge of the corporate guarantee, along with any related understandings, obligations, and claims concerning the outstanding debt of VIPL, which totalled Rs 38.72 billion.

Additionally, Reliance Power confirmed that it had resolved all disputes with CFM Asset Reconstruction (CFM). The company stated that 100 per cent of VIPL's shares had been pledged in favour of CFM, in exchange for the release and discharge of the corporate guarantee provided by Reliance Power.

In accordance with the settlement agreement, Reliance Power, along with its subsidiaries Rosa Power Supply Company and VIPL, and CFM Asset Reconstruction, formalised an agreement to address the outstanding debt. Following this, a release deed was executed, and Reliance Power, Rosa, and VIPL agreed to withdraw all legal proceedings they had initiated against CFM. Similarly, CFM agreed to withdraw all proceedings, including an insolvency application, that it had initiated against Reliance Power and Rosa.

Furthermore, a pledge of the remaining 92.60 per cent shareholding of VIPL in favour of Axis Trustee Services was established.

Following the settlement, Reliance Power reported that its net worth stood at Rs 111.55 billion as of June 30, 2024, on a consolidated basis.

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