8APRIL 2024TOP STORIESTATA MOTORS INAUGURATES ITS FIFTH VEHICLE SCRAPPING FACILITYTata Motors has reached another milestone in its commitment to sustainable mobility with the inauguration of its fifth Registered Vehicle Scrapping Facility (RVSF) near Delhi, named 'Re.Wi.Re ­ Recycle with Respect.' This cutting-edge facility, inaugurated by Girish Wagh, Executive Director of Tata Motors, underscores the company's dedication to advancing sustainable initiatives.The facility, developed in partnership with Johar Motors, can safely disassemble 18,000 end-of-life vehicles annually, employing environmentally friendly processes. It is capable of responsibly scrapping passenger and commercial vehicles of all brands. This achievement builds upon the success of Tata Motors' four preceding RVSFs located in Jaipur, Bhubaneshwar, Surat, and Chandigarh.Girish Wagh emphasized Tata Motors' commitment to innovation and sustainability, stating that the launch of the fifth scrapping facility signifies a significant step forward in promoting sustainable practices and responsible vehicle disposal. He highlighted the importance of creating value from scrap, aligning with the vision of building a circular economy and contributing to the government's efforts to promote sustainable automotive practices.Re.Wi.Re. is a state-of-the-art facility designed for dismantling end-of-life passenger and commercial vehicles across all brands, employing environmentally friendly practices. The facility is fully digitalized and equipped with dedicated cell-type and line-type dismantling for commercial and passenger vehicles, respectively. Operations are seamless and paperless, with dedicated stations for the safe dismantling of various components such as tires, batteries, fuel, oils, liquids, and gases. The meticulous documentation and dismantling process ensures maximum attention to detail, guaranteeing the safe disposal of all components in compliance with vehicle scrappage policies. RELIANCE POWER SETTLES DEBTS WITH ALL MAJOR BANKSReliance Power, led by Anil Ambani, has made significant strides in settling its debts to several banks, including ICICI Bank, Axis Bank, and DBS Bank, according to sources familiar with the matter. Last week, Reliance Power successfully settled its debts with these three banks, marking a significant step towards its goal of becoming a debt-free company by the end of the fiscal year.The settlement with ICICI Bank, Axis Bank, and DBS Bank saw Reliance Power repaying a portion of its debts, with the lenders recovering approximately 30-35 percent of their principal loans. The total debt owed to these three banks amounted to about Rs 400 crore.Additionally, Reliance Infrastructure, the parent company of Reliance Power, is actively working towards settling its dues of Rs 2,100 crore to JC Flowers Asset Reconstruction Company. A standstill agreement was initially reached between Reliance Infrastructure and JC Flowers ARC, extending until March 20, 2024. However, this agreement has been recently extended to March 31, 2024, providing Reliance Infrastructure with additional time to arrange funds.In a separate development, Reliance Power raised Rs 240 crore in equity from VFSI Holdings on March 13. It is speculated that the proceeds from this equity raise were utilized to settle the dues with the aforementioned banks. VFSI Holdings is a subsidiary of Varde Partners, a global asset manager.Reliance Power and Reliance Infrastructure have been actively addressing their financial indebtedness. Reliance Power's total financial indebtedness stood at Rs 765 crore as of December 31, 2023, while Reliance Infrastructure's total financial indebtedness was reported to be Rs 4,233 crore for the same period.
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