Reliance Power Units Sign Pact With Authum Arm To Settle $123 Mln Debt

Kalai Power and Reliance Cleangen sign a debt settlement and discharge agreement with Reliance Commercial Finance on 26 March
Reliance Power Units Sign Pact With Authum Arm To Settle $123 Mln Debt

Reliance Power Ltd. said its two units signed an agreement with Authum Investment and Infrastructure Ltd.’s subsidiary to settle their total outstanding debt of 1,023 crore rupees ($123 million).

The units Kalai Power Private Ltd. and Reliance Cleangen Ltd. signed a debt settlement and discharge agreement with Reliance Commercial Finance Ltd. (RCFL) on 26 March, the Indian power producer said in a stock exchange announcement. It didn’t disclose the debt settlement amount.

The development comes after JSW Energy Ltd.’s step-down subsidiary last week agreed to acquire a 45-megawatt wind power project from Reliance Power for 132 crore rupees in cash.

Reliance Power said RCFL, a former subsidiary of Reliance Capital Ltd., holds around 7.60 crore shares in the company and it is neither a related party nor part of the promoter group.

Authum acquired Reliance Capital’s wholly owned unit RCFL in October 2022 under a debt resolution framework.

Note: $1= 83.3410 Indian rupees

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