New Delhi, March 20 -- Reliance Power's stocks surged by 5% on March 20, hitting a peak of Rs.23.83 on the BSE. This uptick follows reports of the Anil Ambani-led company successfully clearing debts owed to three major banks - ICICI Bank, Axis Bank, and DBS Bank - the previous week.

According to The Economic Times report, Reliance Power's parent company Reliance Infrastructure is actively engaged in resolving outstanding dues totaling Rs.2,100 crore to JC Flowers Asset Reconstruction Company.

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"Reliance Power aims to be a debt-free company by the end of this fiscal year. The only debt on its books will be the working capital l...