With the acquisition of its electricity business by the Adani Group, Reliance Infrastructure’s total debt has reduced by ₹13,800 crore, the company announced.
In Mumbai, Reliance Group Chairman Anil Ambani told media that this was one of the largest debt-reduction exercises in the infrastructure space.
R-Infras’s debt has reduced from ₹22,000 crore to ₹7,000 crore. The annual interest cost will drop by 70 per cent from ₹2,600 crore to ₹800 crore.
Ambani said that he expects the company to be zero-debt next year.
According to a media release, the “regulatory assets under approval of ₹5,000 crore will flow entirely to R-Infra, making the company debt-free in 2019. This is the largest ever debt-reduction for any company in power sector in India.”
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