After the recent decision of the Supreme Court, Reliance Infrastructure will get Rs 7100 crore from Delhi Metro Rail Corporation (DMRC). The Delhi government and the Center have 50-50 per cent stake in DMRC. The company’s chairman Anil Ambani gave this information to the shareholders on Tuesday. Ambani said that the payment received from DMRC will be used to repay the company’s debt. The company has a debt of Rs 3,808 crore on a standalone basis. After this the company will become debt free.
Last week, the Supreme Court had upheld the decision of the arbitration court while ruling in favor of Delhi Airport Metro Express Private Limited (DAMEPL), which has operated the Delhi Airport Metro line. Addressing the shareholders at the company’s annual general meeting, Ambani said, “After the Supreme Court’s decision, DAMEPL, a unit of Reliance Infra, will get Rs 7,100 crore from DMRC. This amount will be used to pay off the company’s debt. After this the company will become debt free.
15 thousand crore outstanding
Ambani said that the company’s additional claims worth Rs 15,000 crore are pending at various forums. He said the regulatory assets of the company for power distribution business worth Rs 50,000 crore are either cleared or disputed in various forums. He said that in the last financial year 2020-21, the company sold 100 percent stake in Delhi Agra Toll Road to Cube Highways and Infrastructure Teen Pte Ltd. 3,600 crore to be completed. Apart from this, the company has also acquired Parvati Koldam Transmission Company Ltd. Completed the sale of its entire 74 per cent stake in India Grid Trust for an undertaking value of Rs 900 crore.
Anil Ambani told the plan of the future
Ambani said new contracts in power distribution, engineering, procurement and construction business and defense manufacturing are the new growth engines of the company. The last few years have been tough for the Anil Ambani-led Reliance Group. The group has had to exit the telecom business and has also faced other financial difficulties.
Reliance Infrastructure’s stock performance
After the decision regarding DMRC, the shares of Reliance Infrastructure have continued to rise for the last four trading sessions. For the last three trading sessions, it seems to be upper circuit. On Tuesday, the stock closed at Rs 81.75. The stock has gained 20 per cent in the last one week. This year this company has given a great return of 205 percent.
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