Stock to watch: Reliance Infrastructure
DSIJ Intelligence / 12 May 2017
Reliance Infrastructure has invested Rs 1,050 crore in the airport metro line and this award will allow Reliance Infrastructure to recover the same amount and help repay the debt of Rs 1,900 crore.
Reliance Infrastructure Ltd. said in its filing on BSE that its subsidiary Delhi Metro Express Private Ltd. has won a Rs 2,950-crore arbitral award against the Delhi Metro Rail Corporation Ltd. (DMRC).
This will help the Anil Ambani-promoted company pare debt and is sentimentally positive for the stock.
In its media statement Reliance Infrastructure said the arbitral tribunal held the company’s decision to terminate its concession agreement for the Delhi Airport Metro project four years ago as valid.
According to the statement a three-member tribunal bench, chosen from a DMRC-nominated panel, unanimously ruled in favour of Reliance Infrastructure.
Reliance Infrastructure has invested Rs 1,050 crore in the airport metro line and this award will allow Reliance Infrastructure to recover the same amount and help repay the debt of Rs 1,900 crore.
The statement further added that at least eight PSU (public sector unit) banks are expected to benefit from the decision as their outstanding debt is expected to be paid.
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