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Anil Ambani Says Reliance Infra To Be Debt-Free By FY21

By Staff
|

On Tuesday, Reliance Infrastructure (RInfra) chairman Anil Ambani said that the company will be completely debt-free by the end of this financial year.

RInfra has a debt of over Rs 6,000 crore, has been working towards monetising its assets to reduce it.

Anil Ambani Says Reliance Infra To Be Debt-Free By FY21
 

In his address at the company's 91st annual shareholders meeting online, Ambani said, "RInfra will be a debt-free company this year."

In 2018, the company sold its Mumbai energy business to Adani Transmission for close to Rs 18,800 crore, which reduced its debt to nearly Rs 7,500 crore.

In January this year, the company said it had received in-principle approval from the National Highways Authority of India (NHAI) for sale of its Delhi-Agra toll road to Singapore-based Cube Highways and Infrastructure for Rs 3,600 crore. According to the company, the deal is on track.

Ambani further said RInfra has around Rs 60,000 crore of receivables stuck in regulatory and arbitration matters which are pending for 5-10 years.

He also said the company has assets of over Rs 65,000 crore and a net worth of over Rs 11,000 crore.

Providing an update on the effect of COVID-19, Ambani said, "the engineering and construction projects are fully operational with 5,000 people working on sites. All the road toll collection is already at 75 percent of the pre-COVID-19 period and will achieve 100 percent in the next few weeks."

Ambani further said the defence joint ventures with Dassault and Thales are fully operational at Mihan. He also noted that the BSES distribution companies in Delhi operated through the pandemic.

Story first published: Wednesday, June 24, 2020, 8:37 [IST]
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