Anil Ambani-led Reliance Group firm Reliance Infrastructure said on Thursday its lenders had signed an  inter-creditor agreement (ICA) for the resolution of debt.

Reliance Infrastructure (RInfra), which is sitting on a debt of over Rs 6,000 crore and aims to be debt free in 2020, has to implement its resolution plan before 180 days.

“Reliance Infrastructure Ltd’s 16 lenders have signed the ICA. As per the RBI Circular of June 7, 2019, 100 per cent of its lenders have signed the ICA for the resolution of Reliance Infrastructure’s debt,” the company said in a statement.

It said the company has now achieved standstill for 180 days as per the ICA.

“Reliance Infrastructure is confident of implementing its Resolution Plan well before the 180-day deadline based on advanced progress of its various asset monetisation initiatives,” the company said.

Shares of the company were trading sharply higher by 10.87 per cent at Rs 51 in pre-close session at BSE.

According to the RBI Circular, the Resolution Plan is to be implemented within 180 days.

As per the RBI framework, the Resolution Plan has to be agreed to by 75 per cent of the lenders by value of debt and 60 per cent by number of lenders.

The company said it has already announced the sale of Delhi-Agra Toll Road for an enterprise value of Rs 3,600 crore.

“With this single transaction, debt of Reliance Infrastructure will reduce by over 25 per cent to just over Rs 4,000 crore,” the company said.

High debt pile has forced Reliance Group to offer its headquarters in suburban Santacruz on a long-term lease and move back operations to a South Mumbai building.

“Reliance Infrastructure also plans to monetise its marquee 7 lakh square feet Reliance Center in Santacruz by way of long-term lease. The Company aims to be zero debt in 2020,” the company said.

RInfra is one of the largest infrastructure companies, developing projects through various special purpose vehicles (SPVs) in sectors such as power, roads and metro Rail in infrastructure and defence spaces.  Apart from RInfra, group’s bankrupt telecom arm RCom has so far received claims of over Rs 57,500 crore at the NCLT of which over Rs 7,000 crore are from its own group entities. Last year, RInfra had sold its Mumbai energy business to Adani Transmission for Rs 18,800 crore which helped it lower its debt from Rs 22,000 crore.