Anil Ambani, brother of Mukesh Ambani, has been facing difficult times for the past few years. His Reliance Capital filed for bankruptcy in 2021, after defaulting on bonds worth Rs 24,000 crore. Back then, many believed his days as a big businessman were over. In 2008, he was the sixth richest person in the world with a net worth of USD 42 billion. But later, he experienced a dramatic fall and rise in the business world.
However, in 2024, it seems that his difficult days will go soon. Recently, Reliance Group led by Anil Ambani, made significant announcements. Reliance Power cleared a liability of Rs 3,872.04 crore. The company successfully settled its entire financial obligation as a guarantor for Vidarbha Industries Power Ltd (VIPL). After this, shares of R Power have been increasing and closed at Rs 44.15 on Thursday. The market cap of the company reached Rs 17735 crore.
Moreover, Reliance Infrastructure Ltd slashed its Rs 3831 crore debt by 87 per cent to Rs 475 crore. The company cleared outstanding dues of LIC, ICICI Bank and other lenders. It paid Rs 600 crore to LIC to settle all outstanding. Now, its market cap has climbed to Rs 13012 crore as of September 26. It is now on the verge of becoming a debt-free firm.
The company's board approved a Rs 3,000-crore preferential issue. It said on Thursday said its board will meet next week to consider and approve the raising of long-term resources from domestic and/or global markets. Besides, Reliance Power's subsidiary Rosa Power has prepaid Rs 850 crore of its debt to Singapore-based lender Varde Partners, PTI reported quoting sources. The company is on track to become debt-free and aims to settle its remaining debt in the next quarter. If all goes well, Anil Ambani's companies will soon get debt-free status. According to a TOI report, as of February 2023, Anil Ambani’s total assets were estimated to be around Rs 20,000 crore.
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