RInfra set to become debt-free by next year: Anil Ambani
Mumbai, Sep 18 : Reliance Infrastructure (RInfra) Chairman Anil Ambani on Tuesday said he expects the company to become debt-free by next year with the best credit ratings to match following the sale of its Mumbai power business to Adani Transmission for Rs 18,800 crore earlier this year.
Addressing the company's annual general meeting here, Ambani said RInfra is on track to transform into a capital-light, high-growth, high-dividend company that will create more value for shareowners.
"We fully expect to be zero-debt by next year, with top-end credit ratings to match," the Chairman said.
"This year, we have successfully concluded the sale of our integrated Mumbai power business for a total consideration of Rs 18,800 crore -- the largest-ever quantum of debt reduction in the history of India's power sector."
This single transaction will help the company reduce its debt by 65 per cent, from around Rs 22,000 crore to Rs 7,500 crore.
Ambani said that defence, which has limited private sector participation in India, is a focus area for the company and would become the key business of the group in some years.
"We have entered into multiple partnerships with leading OEMs (original equipment manufacturers) from across the world, building a technology platform that is set to transform defence into one of our fastest growing verticals in the next 5 years," he said.
Speaking of the company's Delhi distribution business which distributes peak power of 5,000 MW and has a growth rate of over 5 per cent, Ambani said the debt of Delhi discoms has come down by 80 per cent, from a peak of Rs 8,000 crore to Rs 1,500 crore.
"Delhi discoms have reduced their AT and C (aggregate technical and commercial) losses from 57 per cent to just 9 per cent - the best performance across the distribution ecosystem in India," he said.
Ambani informed the AGM that the company has already won arbitration awards worth Rs 6,300 crore against various government agencies which are yet to be paid out, while arbitrations of another Rs 8,000 crore under advanced stages of approval.
"It is an unfortunate fact of doing business in India that despite amendments to the Arbitration Act by the Central government and clarity from the Supreme Court in multiple judgments, many government entities continue to drag their feet on arbitration award payouts to the detriment of shareholder interest," the Chairman said.
RInfra, the operator of the Mumbai Metro, has bagged the contract this year for the Versova-Bandra Sea Link project, which the Chairman described as "the largest urban infrastructure project in the country and represents our deep commitment to the city and people of Mumbai".
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Vartha Bharati launches Kalyana Karnataka edition, releases 23rd annual special issue in Kalaburagi
Kalaburagi: The Kalyana Karnataka edition of the Kannada daily Vartha Bharati was formally launched on Saturday at a programme held at Dr S M Pandit Rangamandir in Kalaburagi. The event also marked the release of the newspaper’s twenty-third annual special issue, a compilation of selected editorials, and the Kalyana Karnataka special supplement.
The programme was inaugurated by Karnataka Legislative Assembly Speaker U T Khader. The Kalyana Karnataka edition of Vartha Bharati was unveiled by Siddharth Varadarajan, Editor-in-Chief of The Wire.
The twenty-third annual special issue was released by multilingual actor Prakash Raj. The book compiling selected editorials of Vartha Bharati was released by B R Patil, Vice-Chairperson of the State Policy and Planning Commission and MLA from Aland. The Kalyana Karnataka special supplement was released by Rahim Khan, Minister for Municipal Administration and Haj.
ALSO READ: Kalaburagi: ‘Vartha Bharati’ Kalyana Karnataka edition launched
Chairperson of the State Waqf Board and Sajjada Nashin of the Khwaja Bande Nawaz Dargah, Hazrat Syed Mohammed Ali Al Husseini, and Kalaburagi South MLA Allamaprabhu Patil were present as chief guests.
Among the special invitees on the dais were Koraneshwara Mahaswamiji of the Tontadarya Anubhava Mantapa, Aland; Bishop Rev Fr Robert Miranda of Kalaburagi; Bhante Varajyothi of Anandur; social activist K Neela; farmers’ leader Chamarasa Mali Patil; DSS state convenor D G Sagar; and activist and singer Ambanna Arolikar.
Speaking on the occasion, Assembly Speaker U T Khader said Vartha Bharati had emerged as the voice of the weak and the voiceless in society and had earned the love, trust and confidence of people across the state. He said the newspaper had carved out a distinct identity in the media landscape and expressed happiness that it was now reaching the Kalyana Karnataka region. He added that Vartha Bharati had remained free from political pressures and inducements and expressed hope that it would continue to stand as a support system for the distressed.
B R Patil said running a newspaper in the present times was not easy, as the media sector had increasingly turned into an industry driven by profit. Amidst such challenges, he said, Vartha Bharati had maintained integrity, honesty and commitment throughout its twenty-three-year journey. He expressed confidence that the newspaper would continue on the same path. Referring to Kalaburagi, he noted that the region frequently witnessed agitations due to the large number of unresolved issues, and said Vartha Bharati should continue to bring the problems and suffering of the people to the attention of the government and contribute to finding solutions.
