Anil Ambani’s Reliance Power signs multiple deals and settles debts.
In a boost to its financial standing, Anil Ambani-led Reliance Power has been undertaking various deals and settlements. As per the filings shared with stock exchanges, two subsidiaries, Kalai Power and Reliance Cleangen, recently settled debts of Rs. 1023 crore with Reliance Commercial Finance.
Autumn Investment and Infrastructure Limited had acquired Reliance Commercial Finance for Rs. 1 crore. Debts owed to major banks ICICI, Axis and DBS have also been cleared.
Reliance Power wants to resolve another Rs. 2100 crore liability with JC Flowers Asset Reconstruction Company. Meanwhile, the company divested a 45 MW wind power project in Maharashtra to JSW Renewable Energy for Rs. 132 crore.
Once the sixth richest individual globally with a net worth of over Rs. 1.83 lakh crore, Anil Ambani declared bankruptcy before a UK court in 2020. However, Reliance Power stock has surged more than 120% in a year, signalling his return.
The younger Anant Ambani is aggressively raising funds and paring liabilities through multiple deal-making to strengthen Reliance Power’s balance sheet after the economic downturn. Observers say the moves aim to stage a comeback for the business tycoon.
