Reliance, Led by Anil Ambani, Resolves Debts with Three Major Banks, Progressing Towards INR 21,000 Crore...

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Anil Ambani, the younger brother of India's richest man Mukesh Ambani, has reemerged in the media spotlight after years of relative obscurity. Once ranked as the sixth richest person globally with a net worth exceeding Rs 1.83 lakh crore, Anil Ambani faced financial troubles and declared bankruptcy before a UK court in February 2020. However, there are signs of a strong comeback as shares of his company Reliance Power have surged over 120% in the past year.

Reliance Retail, another entity under Anil Ambani's umbrella, experienced a significant uptick in its stock prices following the announcement of debt settlement with ICICI Bank. Notably, Reliance Power has successfully settled debts owed to ICICI Bank, Axis Bank, and DBS Bank. Anil Ambani now sets his sights on resolving a Rs 2100 crore debt with JC Flowers Asset Reconstruction Company, as per a report by Economic Times. Earlier, Reliance Infrastructure, a company led by Anil Ambani, entered into a standstill agreement with JC Flowers ARC in January, preventing legal action until the end of March 2024 to allow for debt settlement arrangements.

It's noteworthy that Yes Bank, the original lender to Anil Ambani's companies, transferred its distressed loan book worth Rs 48,000 crore to JC Flowers ARC, which included loans extended to Reliance Infrastructure and Reliance Power.




According to a senior executive from a commercial bank quoted by Economic Times, Anil Ambani's Reliance Power aims to achieve a debt-free status by the end of the fiscal year. "The only remaining debt on its books will be the working capital loan from IDBI Bank," the executive added.

Disclaimer: The information provided in this article is for educational and informational purposes only. It does not constitute financial advice, and readers are encouraged to conduct their own research and consult with financial professionals before making any investment decisions.

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