RInfra pays Rs 2,640 cr outstanding electricity dues to Maharashtra govt
3 Sept 2018 4:56 PM IST
This was the largest ever debt reduction for any company in the Indian power sector.
Within weeks of facing multiple downgrades, Reliance Infra has begun to see positive rating actions by agencies, with one of them having already withdrawn its 'default' rating following interest payments and final redemption of certain debentures.
New Delhi: Reliance Infrastructure on Monday said it has paid all outstanding electricity duty and other taxes amounting to Rs 2,640 crore to the Maharashtra government last week on closure of deal to sell its integrated Mumbai power distribution business to Adani Transmission Ltd.
"Reliance Infrastructure has reduced debt liabilities by Rs 13,800 crore from the deal proceeds. Regulatory Assets under approval of Rs 5,000 crore will flow entirely to Reliance Infrastructure making the company debt-free in 2019,' the company said in a BSE filing.
This was the largest ever debt reduction for any company in the Indian power sector, the company said, adding that with this deal, it is set to achieve top-end ratings.
( Source : PTI )
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