Reliance Defence and Engineering has received an approval from a consortium of lenders to exit its corporate debt restructuring (CDR) package. The consortium of lenders, led by IDBI, has agreed to the exit plan of the company, a subsidiary of Reliance Infrastructure, with a longer maturity period for loans worth about Rs 6,800 crore. The lenders have also given their go-ahead to implementation of refinancing scheme of the company.
Both the proposals were presented to the CDR Empowered Group's (EG) meeting on March 29 and approved by the requisite majority of CDR lenders.
Reliance Defence and Engineering is engaged in defence, offshore, marine and engineering sectors. The company has two units, one special economic zone (SEZ) unit and another export oriented unit (EOU).