Reliance Defence and Engineering Limited (RDEL) exits from CDR


Reliance

Reliance Infrastructure Limited (‘RInfra’) controlled Reliance Defence and Engineering Limited (‘RDEL’) has received approval from the CDR Empowered Group (‘CDR EG’) for exiting from the CDR scheme.

Reliance

Team DefenceAviationPost

Reliance Infrastructure Limited (‘RInfra’) controlled Reliance Defence and Engineering Limited (‘RDEL’) has received approval from the CDR Empowered Group (‘CDR EG’) for exiting from the CDR scheme.

As part of the Refinancing Scheme approved by the Lenders, the door-to-door tenure of RDEL’s term loans stands extended to 18 years.

Pursuant to the Refinancing Scheme, RDEL’s existing debt of about Rs. 650 crore will also be converted into equity shares at a price of Rs. 59.35 per Equity Share.

Shareholders of RDEL by an overwhelming majority of 100% had already approved the said issue of equity shares to Lenders by conversion of debt, at the extraordinary general meeting held on March 20, 2017.

In line with the RBI approval, RInfra through its subsidiary has also increased its shareholding in RDEL to nearly 31%.

Reliance Defence and Engineering Limited (RDEL) has a large ship building /repair infrastructure in India; it has one of the largest Dry Dock in the world. The Company is the first private sector company in India to obtain the licence and contract to build Naval Offshore Patrol Vessels (NOPVs). The shipyard has the only modular shipbuilding facility in India with a capacity to build fully fabricated and outfitted blocks. The fabrication facility spread over 2.1 million sq. ft has an annual capacity of 144,000 tons/ year. The shipyard has a pre-erection berth of 980 meters length and 40 meters width, and 2 Goliath cranes with combined lifting capacity of 1,200 tonnes, besides outfitting berth length of 780 meters.

Reliance Infrastructure Limited (RInfra) is one of the largest infrastructure companies, developing projects through various Special Purpose Vehicles (SPVs) in several high growth sectors such as Power, Roads and Metro Rail in the Infrastructure space and the Defence sector.

RInfra is also a leading utility company having presence across the value chain of power businesses i.e. Generation, Transmission, Distribution and Power Trading.

RInfra through its SPVs has executed a portfolio of infrastructure projects such as a metro rail project in Mumbai on build, own, operate and transfer (BOOT) basis and eleven road projects with total length of about 1,000 kms on build, operate and transfer (BOT) basis.

RInfra also provides Engineering, Procurement and Construction (EPC) services for developing power and road projects.

The Company has recently entered into the defence sector. The Maharashtra Government has allotted land at Mihan near Nagpur for development of India’s first smart city for the defence sector known as Dhirubhai Ambani Aerospace Park (DAAP). RInfra’s associate  Reliance Defence and Engineering Limited, houses India’s largest dry dock facility to build warships and other naval vessels.

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