There’s a saying that goes, “Fortune favours the brave”. But there are times when the Braves also face hardships to steer through rough times. That is what happened with Anil Ambani, brother of one of the wealthiest men in the world- Mukesh Ambani.
Finally, Anil Ambani looks at the hope of light and seems to be coming out of his dark phase.
Following news that the Anil Ambani-led company has settled its dues with three banks, ICICI Bank, Axis Bank, and DBS Bank, Reliance Power shares increased 5% on Wednesday to reach the day’s high of Rs 23.83 on the BSE.
In addition, according to the sources, its parent company Reliance Infrastructure, plans to pay JC Flowers Asset Reconstruction Company Rs 2,100 crore.
Reliance Power wants to be debt-free by the end of the current fiscal year, according to a senior official from a commercial bank reported by The Economic Times. The working capital loan from IDBI Bank will be the only debt recorded on company records. According to an outlet, three lenders collectively possessed over Rs 400 crore and had collected nearly 30–35% of their principal loans, according to another lender.
Reliance Infrastructure and JC Flowers ARC agreed to a standstill agreement until March 20, 2024, which was later extended to March 31, 2024, according to a notice sent to the exchanges on January 7. Under this agreement, JC Flowers ARC will not file a lawsuit against Reliance Infrastructure until March 31.
In 2002, after the great Dhirubhai Ambani’s expiry, the brothers were together. In 2004, the feud between Mukesh and Ambani was open to the public. Finally, in June 2005, the family agreed to divide the Reliance group after negotiations mediated by their mother Kokilaben.
After a formal split, Mukesh got flagship Reliance Industries, which has a stake in textiles, oil and gas exploration, petrochemicals, and refining. Since then, he has entered into many diverse fields, examples of which are Reliance Jio, Ajio etc. and owns the IPL cricket team Mumbai Indians.
Financial, entertainment, power, and telecommunications services came to the Anil Dhirubhai Ambani Group. Reliance Capital Ltd., Reliance Communications Ltd., Reliance Infrastructure Ltd., Reliance Natural Resources Ltd. (RNRL), and Reliance Power Ltd. are the members of the Group.
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