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“…we wish to inform that Samalkot Power Limited (Samalkot), a subsidiary of the company has paid in full, its outstanding interest in default on its Term Loan with Export-Import Bank of the United States,” Reliance Power said in a regulatory filing
The repayment resolves the subsidiary’s default, effectively curing Reliance Power’s contingent liability as the loan guarantor. “Consequent to the aforesaid payment by Samalkot, the default of the company as a Guarantor to the aforesaid loan stands cured,” it said.
Also Read: Reliance Power and Infrastructure restructure boards, elevate four senior executives to leadership roles
This week, the Solar Energy Corporation of India Ltd announced the withdrawal of its debarment notice against Reliance Power Ltd and its subsidiary, Reliance NU BESS Ltd, effective immediately.
The initial notice, issued on November 6, 2024, barred the entities from participating in SECI’s future tenders for three years. SECI’s decision follows legal proceedings concerning the matter.
In a public notice dated December 3, 2024, SECI clarified that the withdrawal is made without prejudice to its right to pursue further actions in accordance with applicable laws.
Also Read: Reliance Power considering stake sale to raise funds
This modification rescinds the restrictions outlined in the earlier notice, allowing Reliance Power and its subsidiary to participate in SECI’s future bidding processes. SECI reiterated that while the debarment has been lifted, it retains the authority to take legal actions if deemed necessary.
Shares of Reliance Power Ltd ended at ₹44.48, up by ₹1.36, or 3.15% on the BSE.
