Anil Ambani-promoted Reliance Infrastructure has, at the consolidated level, defaulted to the tune of Rs 3,315 crore. The company’s annual report for FY20 stated that it has defaulted on payments of both interest and principal to various lenders.
In notes to its consolidated results for FY20, the list of debt on which it has defaulted, or has delayed payments, includes 33 different lenders and non-convertible debenture (NCD) series. The duration of default ranged from 1 day to 640 days. The duration of delay, meanwhile, ranged from 89 days to 304 days.
In a statement to the BSE on Sunday, RInfra pegged the total financial indebtedness, including short-term and long-term debt, at Rs 6,267 crore.
Commenting on Covid-19 in its annual report, the company said that it had availed of protection available to it according to various contractual provisions, to reduce the impact of Covid-19.
“Businesses worldwide have been hugely impacted by the outbreak that has resulted in significant reduction in economic activity across sectors. The company’s business has also been affected due to interruption in construction activity, supply chain disruption, and unavailability,” the annual report stated.
Operations for RInfra’s Mumbai metro also remain closed on account of the lockdown. The firm said the metro line carried 131.53 million passengers, compared to 134.04 million in the previous year.
RInfra attributed the ‘mild dip’ in utilisation to the onset of Covid-related disruptions from February, and closure of its metro operations from March 22.
For its interest in the group’s power business, through a stake in Reliance Power, the annual report stated: “During the year, the company’s holding in Reliance Power has reduced due to the invocation of pledged shares by lenders of the company and, consequently, Reliance Power has ceased to be an associate of the company.”
News Source: Business Standard