DMRC to Reliance Infra Arm DAMEPL Rs 7,100 Cr: Anil Ambani

 Anil Ambani is Chairman of Reliance Infrastructure. He announced during Tuesday's annual general meetings that Reliance Infrastructure won against Delhi Metro Rail Corporation. On Tuesday, the Supreme Court upheld Reliance Infrastructure's arbitral award in favour Delhi Airport Metro Express Private Limited. DAMEPL was a Reliance Infra subsidiary that operated the Delhi Airport Metro line.

Ambani claimed that Reliance Infra’s DAMEPL arm will be awarded a sum Rs 7,100 crore by DMRC as a result. This amount will be used to repay Reliance Infra’s debt. After which, the company will be debt-free.

He stated that the regulatory assets amounting to Rs 50,000 crore are being approved/disputed before different fora for the power distribution business - BSES Delhi (previously GTD) in Mumbai. Additional arbitration claims against various fora total Rs 15,000 crore

Anil Ambani announced at the AGM that the promoters would increase their shareholding. The preferential issue of more than Rs.550 crore which comprises 8.88 crore warrants worth Rs 62 each and convertible into equity will raise the promoter holdings to 22.06%.

Reliance Power and Reliance Infra have increased their stakes by converting Rs 1.325 crore ICD. The current holding is 24.98%, and will increase to 38.9% with the conversion of warrants.

Ambani explained that Reliance Infra had completed a 100 percent stake sale for Delhi Agra Toll Road and Cube Highways and Infrastructure III Pte Ltd at Rs 3,600 crore. Also, the entire 74% stake in Parbati Koldam Transmission Co Limited to India Grid Trust was sold for Rs 900 crore. Additionally, the Santacruz commercial property was sold under a combination transaction to sell, buyback and lease the property. This resulted in a reduction of 35% in the debt.

Ambani explained that Reliance Infra's next growth engine will be power distribution. The new Electricity Act is opening up many new opportunities.