Written By: Yashika Sabharwal
Anil Ambani falls off billionaire club; wealth crashes from $42 billion to $0.5 billion.
Anil Ambani, who was the 6th richest man in the world from India, with a wealth of $42 billion in 2008, has now badly crashed out of the billionaire club. In the past 11 years, the equity value of Anil Ambani’s entire business empire has now crashed to Rs 3,651 crore around $523 million. That value, though, also includes substantial pledged shares.
- Reliance Group has serviced Rs 35,000 crore debt obligations in the past 14 months: Anil Ambani Blaming regulatory institutions and courts for some of the group problems, he said the delay in passing verdicts has kept the group from receiving dues of over Rs 30,000 crore.
- Soon after the development, Reliance Infrastructure reported its biggest quarterly loss ever of INR 3,301 crore, on making impairment and write-offs worth over INR 8,500 crore. Things were settling only when Bloomberg reported said that Chinese lenders, including China Development Bank, Industrial and Commercial Bank of China and Exim Bank of China have demanded at least $2.1 billion from RCom.
- According to its filing, the state-owned China Development Bank is the biggest lender to Reliance Communication with loans worth INR 9,860 crore, followed by the State Bank of India at loans worth INR 4,910 crore. Exim Bank of China has sought payment of INR 3,360 billion whereas Industrial and Commercial Bank of China has claimed INR 1,554 crore of debts.
In March 2018, the Reliance Group of companies had a total payable debt of over Rs 1.7 lakh crore. It has drastically reduced after the sale of major assets and businesses part. During this process, Anil Ambani has lost a lot of his business empire. As per reports last week, he claimed that over Rs 35,000 crore of loans out of- principal of Rs 24,800 crore and interest payments of total Rs 10,600 crore – has paid back in the last 14 months and all future payment obligations will be met in a timely manner.
His group has been trying to sell telecom spectrum and tower business but has faced regulatory hurdles.
Anil Ambani may be out of billionaire club
