Reliance Infra continues to default on repayment to J&K Bank, SREI Equipment
New Delhi: Anil Ambani-led Reliance Infra (RInfra) has gain defaulted in repayment to Jammu and Kashmir Bank and SREI Equipment Finance Ltd for loans taken by it. RInfra defaulted in repayment of principal amount of Rs 1.04 crore to SREI Equipment Finance and interest amount of Rs 1 crore to J&K Bank and of Rs 0.26 crore to SREI Equipment Finance in October 2020, according to a regulatory filing by RInfra recently.
The infra firm also defaulted in repayment of Rs 7.5 crore and Rs 1.04 crore as principal amount to J&K Bank and SREI Equipment Finance respectively in September 2020. It also defaulted in repayment of interest amount of Rs 0.22 crore and Rs 0.21crore to J&K Bank and SREI Equipment Finance respectively in the same month. The disclosures were made by RInfra more recently.
The infra player defaulted in respect to a loan of Rs 75 crore taken from J&K Bank and of Rs 27 crore from SREI Equipment Finance. While the tenure for the J&K bank loan is 5.25 years and bears an interest rate of 11.5 percent, the tenure for SREI loan is 3 years and carries an interest rate of Rs 15 percent.
The total amount as outstanding borrowings from banks and financial institutions of RInfra stood at Rs 4900 crore on 31 October, 2020. The total financial indebtedness of the Rinfra, including short-term and long-term debt, stood at Rs 6,628 crore on the same date.