Anil Ambani, Mukesh Ambani’s younger brother, has been finding himself in a bind ever since he declared bankruptcy, selling off his firms and companies to pay of his debt. Now, his firm RInfra road project is up for sale, set to be bought by a billion-dollar company.
There is a three-way bidding war for the acquisition of RInfra road projects between three billion dollar firms - Macquarie Group, Cube Highways, and Kotak Alternate Asset Managers. It is expected that the entire road projects of the Reliance firm will be sold by the end of this month.
According to the current bidding war and the assets of Anil Ambani’s company, RInfra road projects currently hold a valuation of Rs 6000 crore. The almost billion-dollar deal will reduce the debt of the company from Rs 14,500 crore to Rs 8,500 crore in a major help to Anil Ambani’s finances.
The complete list of RInfra road projects of sale is as follows - Dindigul road, 136.36 km road between Salem and Ulundurpet, 66.18 km Gurgaon-Faridabad road, 79.95 km Trichy-Karur, 54 km Dindigul-Samayanallur, 60 km Hosur-Krishnagiri, 140 km four-lane road project between Pune and Satara and the 33.48 km Namakkal-Karur highway project.
Anil Ambani’s company RInfra had finalized the deal for its Delhi-Agra toll road project for the whopping price of Rs 3600 crore, and now all the road projects are up for sale in a massive deal of Rs 6000 crore. The aim of the sale of these projects is to reduce the debt of the company.
The leading firm in the three-way bidding race for RInfra road projects is Kotak Alternate Asset Managers, which is currently headed by S Sriniwasan. The firm currently manages alternate assets worth USD 8.8 billion (Rs 73,165 crore).
While Anil Ambani has maintained that his assets and net worth is currently zero, Forbes lists his net worth as USD 1.7 billion as of 2019, which comes out to Rs 14,000 crore.
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