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Reliance Power on Friday said lenders to the company and to a subsidiary have signed an Inter-Creditor Agreement (ICA).
“Reliance Power’s six lenders igned the Inter-Creditor Agreement (ICA) on July 6, 2019,”it said in a regulatory filing. The company added that it has now achieved standstill for 180 days as per the ICA.
According to a June 7 circular from the Reserve Bank of India, the resolution plan of Reliance Power is to be implemented within 180 days.
“All six lenders of Reliance Power’s subsidiary Vidarbha Industries Power Ltd (VIPL), the 600 MW Butibori Power Project near Nagpur in Maharashtra, have also signed the ICA, giving VIPL a 180-day timeframe to implement a resolution plan,” the company further said.
On Thursday, lenders to the Anil Ambani-promoted Reliance Infra had also signed the ICA to implement a debt resolution plan in the next 180 days.
Reliance Power posted a net loss of ₹2,951.82 crore for FY19, while its net loss for the fourth quarter was at ₹3,575.38 crore.
The power generation and coal resources company had on Thursday informed the bourses that the ₹2,430-crore loan for its Samalkot project has been restructured, and its maturity has been extended to June 2022.
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