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Reliance Power settles Rs.3,872-Cr guarantor obligations for Vidarbha Ind Power

CNBC TV 18  

Reliance Power Ltd has resolved its financial obligations as a guarantor for power generation company Vidarbha Industries Power Ltd (VIPL), amounting to INR 3,872.04 crore. Reliance Power, along with Rosa Power Supply Company, VIPL, and CFM Asset Reconstruction Pvt Ltd, has formalised an agreement to settle the outstanding debt.All legal actions initiated by and against Reliance Power, including those under the Insolvency and Bankruptcy Code (IBC), have been withdrawn. A pledge of 92.60% of VIPL’s shares has been arranged as security for the lenders.