India's Axis Bank Ltd. initiated insolvency proceedings against Reliance Power Ltd. unit Vidarbha Industries Power Ltd. for a claim of 5.53 billion rupees.

Reliance Power said Jan. 21 that it is engaged with all of its lenders to arrive at a suitable resolution outside the insolvency process.

As of Jan. 21, US$1 was equivalent to 71.19 Indian rupees.