While his brother Mukesh Ambani continued to achieve milestones, Anil Ambani took home the title of black sheep of the family. For years, the younger Ambani has dealt with extremities but looks like his resurgence is in the offing!
Reliance Power, under the leadership of Anil Ambani, recently resolved its debts with three banks - ICICI Bank, Axis Bank, and DBS Bank. Additionally, sources familiar with the situation indicated that Reliance Infrastructure, the parent company, is actively addressing outstanding payments amounting to Rs 2,100 crore owed to JC Flowers Asset Reconstruction Company.
Anil Ambani, brother of India¡¯s richest Mukesh Ambani, has returned to headlines after a prolonged absence from the media glare. Once ranked as the sixth wealthiest person globally, boasting a net worth surpassing Rs 1.83 lakh crore, Anil Ambani filed for bankruptcy in a UK court back in February 2020.
Anil Ambani is experiencing a remarkable resurgence, with Reliance Power shares surging by over 120% in the last year. The positive momentum extended to Reliance Retail, as the company announced the settlement of debts with ICICI Bank. Notably, Reliance Power, under Ambani's leadership, has successfully cleared debts owed to ICICI Bank, Axis Bank, and DBS Bank. Moving forward, Ambani aims to settle a debt of Rs 2100 crore with JC Flowers Asset Reconstruction Company, according to a report by Economic Times.
Yes Bank, the initial lender to Anil Ambani¡¯s enterprises, transferred its Rs 48,000-crore distressed loan portfolio to JC Flowers ARC, encompassing loans extended to Reliance Infrastructure and Reliance Power.
According to a senior executive from a commercial bank, Reliance Power, led by Anil Ambani, intends to achieve a debt-free status by the conclusion of this fiscal year. The executive stated, "The only outstanding debt will be the working capital loan from IDBI Bank."
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