Reliance Infrastructure pays for arm’s loss - News Summed Up

Reliance Infrastructure pays for arm’s loss


(PTI)Reliance Infrastructure (Rel Infra) has posted a consolidated loss of Rs 3,301 crore for the March quarter of 2018-19, largely because of a one-time impairment of its arm, Reliance Naval and Engineering. Rel Infra, which has twice deferred its results, recorded exceptional items of Rs 8,481.08 crore during the quarter. Though Rel Infra did not specify the impairment amount, it said the group had written off its entire investment in Reliance Naval. Rel Infra, however, expressed hope that the amount could be written back on successful debt resolution of Reliance Naval following the new circular put out by the RBI. In a statement, Rel Infra said it aims to be a zero-debt firm in the next financial year or earlier based on “liquidity events”.


Source: The Telegraph June 15, 2019 18:33 UTC



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