Reliance Infrastructure arm DAMEPL will receive Rs 7,100 crore from DMRC: Anil Ambani
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Anil Ambani, Chairman, Reliance Infrastructure, sai during the company's annual general meeting on Tuesday that Reliance Infrastructure has won against Delhi Metro Rail Corporation (DMRC) as the Supreme Court upheld the arbitral award in favour of Delhi Airport Metro Express Private Limited (DAMEPL), a Reliance Infra arm that used to operate the Delhi Airport Metro line.
Ambani said as a result of the SC judgement, Reliance Infra arm DAMEPL will receive a sum of Rs 7,100 crore from DMRC, which will be utilised to repay the debt of Reliance Infra following which the company will become debt-free.
He added that there are regulatory assets worth Rs 50,000 crore under approval/dispute before various fora for its power distribution business - BSES Delhi and erstwhile GTD in Mumbai. Further arbitration claims pending before various fora amount to Rs 15,000 crore.
In the last AGM, Anil Ambani had announced that the promoters will be increasing their shareholding in the company. The preferential issue of over Rs 550 crore comprising 8.88 crore warrants of Rs 62 each, convertible into equity, will increase the promoter holding to 22.06 per cent.
Reliance Power, Reliance Infra and other promoters have increased stake by converting Rs 1,325 crore ICD. The current holding is 24.98 per cent, which will to go up to 38 per cent on conversion of warrants.
Ambani said during the last year, Reliance Infra successfully completed a 100 per cent stake sale of Delhi Agra Toll Road to Cube Highways and Infrastructure III Pte Ltd for Rs 3,600 crore, entire 74 per cent stake sale in Parbati Koldam Transmission Company Limited to India Grid Trust for enterprise value of Rs 900 crore, sale of the commercial property at Santacruz under a composite transaction for sale, buyback and lease of the said property resulting in debt reduction by 35 per cent.
Ambani said Reliance Infra's new growth engine will be the power distribution business as the new Electricity Act will be opening up a plethora of opportunities; new contracts in EPC business and defence manufacturing business.
