Anil Ambani hits bull’s eye once again, one more company becomes debt-fee, Reliance to pay Rs 271 crore debt by…

Under the agreement, approximately Rs 271.18 crore of debt will be repaid. This settlement will also make Reliance Infrastructure debt-free.

Anil Ambani News: The shares of Anil Ambani-led Reliance Infrastructure Limited were in focus during trading on Wednesday. According to reports, the company’s shares rose 2.5 percent intraday, touching a high of Rs 275. Reliance Infrastructure announced on Wednesday that its wholly owned subsidiary, JR Toll Road Private Limited (JRTR), has entered into an agreement with Yes Bank Limited (YBL) to settle a loan of Rs 271 crore.

Under the agreement, approximately Rs 271.18 crore of debt will be repaid. This settlement will also make Reliance Infrastructure debt-free. Notably, Reliance Infrastructure has been acting as a corporate guarantor for JRTR. Relieving the subsidiary of its financial burden, the agreement ensures full repayment of JRTR’s outstanding debt to YBL.

According to a stock exchange filing, after the resolution of the debt under this agreement, Reliance Infrastructure will no longer be liable as a guarantor for the loan. It is also clarified that Yes Bank Limited does not hold any shares in the company and is neither a related party nor associated with the company’s promoter group.

On October 22, Reliance Infrastructure Limited announced its plan to establish India’s largest integrated facility for the manufacturing of explosives, ammunition, and small arms in Ratnagiri, Maharashtra. Led by its subsidiary Reliance Defence Limited, this project will be part of the Dhirubhai Ambani Defence City (DADC) in the Watad Industrial Area, spanning a vast 1,000-acre site.