Anil Ambani led Reliance Communications (RCom) reported a financial indebtedness of Rs 40,413 crore on Saturday, according to ET Now. However, this figure does not include Rs 27,867 crore in accrued interest on loans from banks and financial institutions, or Rs 3,151 crore in interest on Non-Convertible Debentures (NCDs), according to the company's filing on Saturday, October 4.
RCom is currently undergoing a corporate insolvency resolution process under the Insolvency and Bankruptcy Code (IBC) 2016. The company stated that its debts would be resolved in line with the provisions of the Code.
Once a leading telecom operator, RCom is controlled by Anil Ambani, who was once the 6th richest person globally, with a net worth of $42 billion in 2008. However, the company faced financial trouble due.
Anil Ambani's journey from billionaire status to financial distress began after the brothers split Reliance's business in 2005. While Mukesh took over oil and petrochemicals, Anil handled telecommunications, power, and financial services.
Despite diversification efforts, Anil’s companies struggled with rising debts.
On Friday, October 4, RCom’s shares closed at Rs 2.25 on the NSE, rising 4.65% from the previous close. The company’s market capitalization stood at Rs 622.24 crore.
