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BIG blow to Anil Ambani, Reliance Infrastructure receives notice from Axis, IDFC First Bank for...
The case involves the six-laning project of the Pune-Satara section of NH-44 in Maharashtra
Updated : Dec 28, 2024, 12:25 PM IST
 "Anil Ambani")
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Anil Ambani-led Reliance Infrastructure is under scrutiny after receiving notices from Axis Bank and IDFC First Bank over alleged defaults related to its subsidiary PS Toll Road Private Limited (PSTR). The case involves the six-laning project of the Pune-Satara section of NH-44 in Maharashtra.
As per the company's disclosure to stock exchanges, the notices, dated December 26, 2024, invoke the right of substitution under the Concession Agreement. The issue centers on a Debt Service Reserve Account (DSRA) default, which is designed to prevent cash flow shortages from leading to debt defaults.
In response, Reliance Infrastructure stated that PSTR would seek legal advice and take necessary steps to protect its interests. "The financial impact cannot be determined at this stage and will depend on the final outcome," the company noted.
Meanwhile, Reliance Infrastructure recently lost an arbitration case against Aravali Power Company Private Ltd (APCPL) over an EPC contract. An arbitral tribunal, in a 2:1 majority decision, ordered the company to pay Rs 494 crore plus interest. The verdict, dated December 18, 2024, marks a significant financial setback.
Meanwhile, Reliance Infrastructure’s shares declined 1% on Friday, closing at Rs 299.90 on the BSE. Despite the challenges, the company's stock performance remains notable, with a 51.77% rise in the last six months and a staggering 1023% gain over five years.
