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Reliance Infrastructure signs inter-creditor pact

Reliance Group Chairman Anil Ambani.

Reliance Infrastructure of the Anil Ambani group, has said 16 lenders have signed the Inter-Creditor Agreement (ICA) for the resolution of debt as per the Reserve Bank s circular of June 7.

RInfra said it has now achieved standstill for 180 days as per the ICA. According to the RBI circular, the resolution plan of Reliance Infrastructure is to be implemented within 180 days. Reliance Infrastructure is confident of implementing its resolution plan well before the 180-days deadline based on advanced progress of its various asset monentisation initiatives, it said.

As per RBI framework, resolution plan has to be agreed to by 75 per cent of lenders by value of debt and 60 per cent by number of lenders. RInfra has already announced sale of Delhi-Agra Toll Road for Enterprise Value of Rs 3,600 crore.