The Reserve Bank of India has provided its approval to Reliance Defence and Engineering to exit the corporate debt restructuring package.

Reliance Infrastructure has acquired around 35 percent in Pipavav Defence and Offshore Engineering Co that has been renamed as Reliance Defence and Engineering.

According to a source the Reserve Bank of India (RBI) has cleared Reliance Defence exiting the CDR package.

The debt to the tune of Rs 6,000 crore of the company will be refinanced with the maturity of 20 years whereas interest cost on the debt would be lowered to 11 percent, source said further.

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