Latest news with #RInfra
Time of India
2 days ago
- Business
- Time of India
Delhi HC seeks response from Reliance Infra, Shanghai Sinofinn New Energy Investment on Aravali Power's petition
The Delhi High Court on Tuesday sought a response from Reliance Infrastructure and Shanghai Sinofinn New Energy Investment on a petition by Aravali Power Company , seeking enforcement of the Rs 600-crore arbitral award that it had won against the Anil Ambani firm in December last year. Aravali Power, a joint venture between NTPC , Haryana Power Generation Company Ltd and Indraprastha Power Generation Company, said that Rs 572.62 crore plus interest at the rate of 10% have fallen due as on May 26 and the same may be 'realized by the court' from RInfra and its Chinese associate and released to it. Aravali Power, which operates the Indira Gandhi Super Thermal Power Project in Jhajjar district, Haryana, argued that since no interim stay was granted by the HC and the requisite period for RInfra to make an application to set aside the arbitral award under Section 34 of the Arbitration and Conciliation Act has also 'elapsed', there is no impediment in the enforcement now. 'In spite of this crystal-clear position, the judgment debtor (RInfra) has not honoured the said arbitral award,' the Aravali Power counsel Adarsh Tripathi and Vikram Singh Baid told the HC. The HC posted Aravali Power's enforcement petition along with the RInfra and the Chinese firm's petition for further hearing on July 28. In March, RInfra had also challenged the December 18 majority arbitral award and sought its quashing on multiple grounds, including denial of natural justice, violation of basic fundamental policy of Indian Law and fundamental principles of justice and denial of proper opportunity to present the case. It alleged that the tribunal had wrongly upheld the termination of the contracts as justified and lawful while awarding various claims in favour of Aravali Power. 'The arbitral tribunal infracted the most fundamental notions or principles of justice by unilaterally altering the contract granted in violation of the contract and without any evidence,' the joint petition by RInfra and its Chinese collaborator had stated. The dispute arises due to the alleged damages suffered by Aravali Power as a direct result of RInfra's and Shanghai Sinofinn's breach of contract relating to the installation of a flue-gas desulfurization system package for the coal-based Jhajjar power plant having a capacity of 3X500 megawatt. In 2016, a memorandum of understanding was entered into between RInfra and Shanghai Sinofinn to provide a framework to develop, undertake and deliver world class environmental protection retrofit projects for control of environmental pollution. Thereafter, licences were granted by Shanghai Sinofinn to RInfra for the non-exclusive right to design, construct, manufacture, use and sell the process and plant for limestone-based flue gas desulfurization systems in India. Aravali Power had issued notification of awards to the Ambani firm and its associate for supply of limestone-based flue gas desulfurization systems package for the Jhajjar project and inland transportation, insurance, installation, testing and commissioning, and conducting guarantee tests for the limestone-based flue gas desulfurization systems package. However, Aravali Power in 2018 served a show cause Notice to RInfra and the Chinese company for alleged incomplete drawings, incomplete bought-out-items ordering, and non-submission of bank guarantee. Alleging breach of contract against RInfra and Chinese company, Aravali Power then issued notice of termination and invoked arbitration in 2018. The Supreme Court appointed three-member arbitral tribunal in a majority award granted a principal amount of Rs 419 crore with Rs 5 crore cost and an interest of Rs 149 crore on the principal amount and future interest on the principal amount till actual date of payment.
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Business Standard
23-06-2025
- Business
- Business Standard
Reliance Infra settles ₹273-crore loan of JR Toll Road with Yes Bank
Reliance Infrastructure Ltd (RInfra) on Monday said it has fully settled a ₹273-crore loan, including interest, owed by its wholly owned subsidiary JR Toll Road Pvt Ltd (JRTR) to Yes Bank Ltd. In a regulatory filing, the company said JRTR, together with RInfra acting as the corporate guarantor, signed an addendum to the earlier settlement agreement with Yes Bank. The entire debt obligation has been paid in full, discharging RInfra's liability as guarantor. JR Toll Road Pvt Ltd is a special purpose vehicle, incorporated by Reliance Infrastructure, to develop, operate and maintain a 52-km stretch of National Highway 11 between Jaipur and Reengus in Rajasthan. The project had been executed under the Design-Build-Finance-Operate-Transfer (DBFOT) model and involved a four- to six-lane highway. It became operational in 2013, with toll collection beginning the same year. The highway played a strategic role in improving connectivity between Jaipur and surrounding regions, easing congestion, and supporting economic activity in the corridor. It also formed part of Reliance Infrastructure's portfolio of road assets built under public–private partnership frameworks. Why did Yes Bank classify RInfra's loan as an NPA? The ₹273-crore loan from Yes Bank had previously been classified as a non-performing asset (NPA). According to banking regulations, a loan is treated as an NPA if interest or principal payments remain overdue for more than 90 days. In JRTR's case, prolonged financial stress and recurring losses had impaired its ability to meet debt obligations on time. Auditors had noted that the company's current liabilities exceeded its current assets and that it had initiated arbitration proceedings against the National Highways Authority of India in 2023. This dispute had created further uncertainty around revenue flows from the toll project. Although the Reserve Bank of India's pandemic-related moratorium briefly delayed NPA classification, a Delhi High Court ruling in 2020 noted that while the loan account was still standard as of February that year, the company's financial position remained weak. Over time, the account met multiple criteria for NPA classification under the central bank's prudential norms. Following the update, Yes Bank was trading at ₹19.77, up 0.10 per cent on Monday morning at 10:10 am, according to BSE.
Time of India
26-05-2025
- Business
- Time of India
Reliance Infra turns profitable; posts Rs 4,387 crore PAT in Q4
Reliance Infrastructure Ltd (RInfra) on Monday reported a net profit of Rs 4,387 crore for the March quarter, primarily driven by a reduction in expenses. In comparison, the company had posted a net loss of Rs 220.58 crore in the January-March period of 2023-24, according to an exchange filing. The company's total income for the quarter stood at Rs 4,268.05 crore, down from Rs 4,783.30 crore in the same period last year, PTI reported. Reliance Infrastructure successfully reduced its expenses to Rs 4,827.97 crore from Rs 5,286.81 crore in the fourth quarter of the previous financial year. As per the filing, the company earned an income of Rs 8,274.87 crore in the quarter, compared to Rs 298.73 crore in Q4 FY24. For the full financial year FY25, Reliance Infrastructure posted a net profit of Rs 4,937.52 crore, a significant turnaround from a loss of Rs 1,608.66 crore in FY24. In a separate statement, the company also revealed that its consolidated net worth increased by Rs 4,388 crore, reaching Rs 14,287 crore as of March 31, compared to Rs 9,899 crore on December 31, 2024. The company confirmed that its standalone net debt from banks and financial institutions (FIs) was zero as of March 31. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like What's my car worth? Take a look here (you might be surprised) Cars | Value Learn More Undo In terms of operational performance, RInfra's power distribution subsidiary, BSES, added over 44,549 new households in Q4 FY25, bringing the total number to 52.26 lakh. Additionally, the transmission and distribution (T&D) loss of BSES fell below 7% on a rolling basis in Delhi, reflecting improved operational efficiencies. Reliance Infrastructure remains one of the largest infrastructure companies, with a strong presence in high-growth sectors like Power, Roads, Metro Rail, and Defence. It is also a major player in the Engineering and Construction (E&C) services space, focusing on developing power, infrastructure, metro, and road projects. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
