Anil Ambani makes BIG move as this company settles its entire debt, pays Rs 2730000000 to...

Anil Ambani has been working to get his business back on track over the past few years. His Reliance Group and its subsidiaries have secured several projects, and many firms have cleared their debts. Now, another firm of Reliance has cleared its debt of Rs 273 crore. Reliance Infrastructure Ltd has announced that it has fully settled a loan of approximately Rs 273 crore, including interest, owed by its wholly owned subsidiary JR Toll Road Pvt Ltd (JRTR) to Yes Bank. Hours after the news, shares of Reliance Infra surged by 1.99 per cent and closed at Rs 379 on NSE. The market cap of the firm stands at Rs 14996 crore, as of June 23.

In a regulatory filing, the company said JRTR, along with Reliance Infra as the corporate guarantor, signed an addendum to the earlier settlement agreement with Yes Bank and has paid the entire outstanding amount. “The above agreement has also resulted in full settlement/discharge of the Company’s obligation as a guarantor for the said loan on behalf of JRTR,” the filing stated.

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Shares of Yes Bank closed at Rs 19.95 with a 1.12 per cent gain, according to NSE. The market cap of the bank currently stands at Rs 62569 crore. Last week, Reliance Infra’s subsidiary Reliance Aerostructure Limited (RAL) entered into a strategic partnership with French company Dassault Aviation for the manufacture of Falcon 2000 business jets in India. Under the agreement, Dassault Reliance Aerospace Ltd (DRAL), which is a joint venture between Dassault and RAL, will establish a state-of-the-art final assembly line for the Falcon 2000 in Nagpur, Maharashtra.