Reliance Power Announces Settling Rs.3,872 Crore Vidarbha Industries Debt

Reliance Power Announces Settling Rs.3,872 Crore Vidarbha Industries Debt

Also resolves dispute with CFM Asset Reconstruction

Reliance Power Limited has announced that the company’s entire obligations as a guarantor on behalf of Vidarbha Industries Power Limited (VIPL) are fully settled.

This means releasing and discharging corporate guarantees, undertakings and all obligations and claims on the outstanding debt of Rs.3872.04 crore.

Reliance Power also settled all disputes with CFM Asset Reconstruction Pvt Ltd (CFM). Thus, against the release and discharge of corporate guarantee given by Reliance Power, 100 percent shares of VIPL were pledged in favor of CFM.