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<ul><li>Reliance Marine was today admitted for insolvency proceedings. </li><li>Reliance Marine is a subsidiary of Reliance Naval which itself is on the verge of bankruptcy. </li><li>It is the second company of Anil Dhirubhai Ambani Group (ADAG) after Reliance Communications to head to bankruptcy. </li></ul> This could be the worst year of 60-year-old <keyword id="9171" type="PERSON" weightage="20" keywordseo="Anil-Ambani">Anil Ambani</keyword>’s life. Within two months of Reliance Communications heading to bankruptcy, yet another company Reliance Marine was today admitted for insolvency proceedings, as per<a href="https://economictimes.indiatimes.com/industry/transportation/shipping-/-transport/reliance-marine-to-face-insolvency-proceedings/articleshow/70782215.cms?UTM_Source=Google_Newsstand&amp;UTM_Campaign=RSS_Feed&amp;UTM_Medium=Referral"> an ET report</a>. The group’s telecom venture, Reliance Communications <a href="https://economictimes.indiatimes.com/industry/telecom/telecom-news/reliance-communications-heads-to-bankruptcy-court/articleshow/69122711.cms?from=mdr">went bankrupt </a>in May with massive unpaid dues of around ₹46,000 crore. Reliance Marine and Offshore is a subsidiary of Reliance Naval, whose shares are trading at a mere ₹1.22. The debt of Reliance Naval is a 100 times that of the company’s market value of ₹90 crore today (August 22). Ballooning debt Reliance Naval’s subsidiary Reliance Marine has debt of around ₹1,000 crore and the lenders include government firms like NBFC and IFCI, who filed the bankruptcy petition as early as 2017, which has been accepted today. A company spokesperson has not responded to Business Insider’s queries on the development. Anil Ambani had bought over Pipavav Defence, a struggling company in 2015 and renamed it Reliance Naval, hoping to bag defence engineering contracts from the government. And he did. The company had contracts worth ₹2,500 crore from the Indian Navy, but as the deadline was overshot by 4 years, it decided to encash the bank guarantees that RNaval gave. Crisis of confidence A second group company going bankrupt will add to crisis of confidence in connection with Anil Ambani. Auditors have been pointing out discrepancies in the financials of his companies, or even quitting his companies. In June, PriceWaterHouseCoopers has quit as the auditing firm of Reliance Capital and Reliance Home Finance saying that it “<a href="https://www.businessinsider.in/anil-ambani-reliance-capital-auditor-pwc-resigns/articleshow/69750766.cms">impaired its</a> independence”. Recently, Reliance Capital’s board gave a <a href="https://www.businessinsider.in/business/reliance-capital-share-price-as-its-board-clears-it-of-pwcs-charges/articleshow/70588987.cms">clean chit to </a>the management over the allegations. Added to that, yet another of its company Reliance Infrastructure’s auditors Pathak HD&amp; Associates who pointed out that there was money missing from<a href="https://www.businessinsider.in/anil-ambani-owned-rel-infra-auditor-says-money-missing/articleshow/69819256.cms"> their balance sheet</a>, and that the audit was hence incomplete. Lack of confidence has hurt <a href="https://www.business-standard.com/article/markets/adag-stocks-tumble-after-rpower-posts-loss-in-q4-rinfra-defers-result-119061000163_1.html">the share prices </a>of all the group companies, and in turn, the small investors who hold the stock. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-goes-from-yacht-to-almost-jail-to-bankruptcy/articleshow/69835915.cms">Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade</a>

Anil Ambani’s Reliance Marine is his second company to be declared bankrupt

Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade

<ul><li>RCom says that a report which spoke of funds diversions during 2017 and 2018 are illogical, baseless, refuted and denied. </li><li>At the time, RCom’s debt was restructured, and transactions worth ₹5,500 crore came under the lens.</li><li>The lenders SBI is known to initiate a deeper probe to understand these dealings. </li></ul>The promoters of Reliance Communications (RCom) have refuted a fresh set of allegations that funds have been diverted by them between 2017 and 2018, as per an ET report citing sources. At the time, the-now bankrupt RCom’s debt was being restructured, and transactions worth ₹5,500 crore came under the lens of an investigation by State Bank of India (SBI). Some of these funds were allegedly flown via related party transactions, and preferential dealings with companies where its Group-level directors were a part of. The loans were also evergreened, which means they are rolled over for a longer period of time, according to the report that is now being dismissed by the company. ‘Lenders knew’ “During the period of June 2017 to March 2018, RCom was under the strategic debt restructuring scheme of Reserve Bank of India (RBI), and all transactions were under the full scrutiny of lenders,” RCom said in a statement released today. They said on Wednesday that the allegations of preferential treatment and fund diversion are “illogical, baseless, and are strongly refutes and denied”. The ET report also said that there were three large entries as a part of a 100,000 entries made between March 2017 and March 2018. The lenders SBI is known to initiate a deeper probe to understand these dealings. For this, they have engaged an accounting firm BDO back in 2017. “The alleged report has not been discussed with management and its input is yet to be taken on record by BDO,” said RCom in the statement. RCom has been in trouble for a long time now, as has finally reached National Company Law Tribunal (NCLT) in May for its bankruptcy proceedings. It has saddled on a debt of ₹46,000 crore over the years as its business dulled after new technologies came in, and they had shifted gears from CDMA to GSM technology, increasing capital expenditure immensely. SEE ALSO <a href="https://www.businessinsider.in/anil-ambani-goes-from-yacht-to-almost-jail-to-bankruptcy/articleshow/69835915.cms">Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade</a> <a href="https://www.businessinsider.in/sbi-overstated-profits-for-3-years-reveals-rti/articleshow/70145021.cms">India’s largest bank was caught lying about its profits for 3 years but no one got punished, according to an expose</a>

Anil Ambani is firefighting another charge that says RCom diverted funds into other group companies

The shareholders of <keyword id="6360089" type="COMPANY" weightage="20" keywordseo="reliance-power">Reliance Power</keyword> Limited (Reliance Power), through postal ballot, have approved with overwhelming majority, preferential issue of equity shares and warrants. Accordingly, Reliance Power shall allot 59.50 Crore equity shares and 73 Crore warrants convertible into equivalent number of equity shares of the <keyword id="24975" type="ORGANIZATION" weightage="20" keywordseo="company">Company</keyword> at a price of <keyword id="198065" type="COMPANY" weightage="20" keywordseo="Rs-10">Rs.10</keyword> each by conversion of debt, aggregating upto Rs 1,325 Crore, to <keyword id="6375349" type="UNKNOWN" weightage="20" keywordseo="Reliance-Infrastructure">Reliance Infrastructure</keyword> Limited (Reliance Infrastructure), a listed promoter company. Reliance Infrastructure and other promoter group holding in Reliance Power shall increase to 24.98% and shall further increase to 38.24 per cent on conversion of warrants, benefitting ~ 8 lakh shareholders of Reliance Infrastructure. The shareholders of Reliance Power have also approved with overwhelming majority, the raising of funds by issue of: (i) foreign currency convertible bonds upto 50% of the then net-worth of the Company, and (ii) securities through qualified institutions placement upto 25% of the then net-worth of the Company. Reliance Power Limited, a part of the <keyword id="54268" type="COMPANY" weightage="20" keywordseo="Reliance-Group">Reliance Group</keyword>, is India's leading private sector power generation and coal resources company. The company has one of the largest portfolios of power projects in the private sector in India, based on coal, gas and renewable energy, with an operating portfolio of 5,945 megawatts. SEE ALSO - <a href="https://www.businessinsider.in/business/startups/news/a-startup-which-helps-you-become-a-makeup-artist-vah-vah-raises-seed-funding-from-sequoias-surge/articleshow/84378187.cms">A startup which helps you become a makeup artist raises seed funding from Sequoia's Surge</a> <a href="https://www.businessinsider.in/business/ecommerce/news/chinese-e-commerce-app-shein-will-re-enter-the-indian-market-with-amazon-but-as-a-seller-this-time/articleshow/84376578.cms">Chinese e-commerce app Shein will re-enter the Indian market with Amazon, but as a seller this time</a>

Anil Ambani's Reliance Power gets approval from shareholders to raise funds of up to ₹1325 crore

<ul><li>Billionaire <keyword id="6354819" type="UNKNOWN" weightage="20" keywordseo="anil-agarwal">Anil Agarwal</keyword> announced to buyout public shares of his Vedanta Ltd on May 12.</li><li>Anil Agarwal has lost more than half his wealth in last nine years. However, his decision to delist Vedanta had the investors cheering with the stock surging 9.99% as trade opened on Wednesday. </li><li>Agarwal and his family member own 50.14% stake in Vedanta. And as the shares surged 10%, adding about $400 million to their net worth.</li></ul> Anil Agarwal has lost more than half his wealth in last nine years. However, his decision to delist Vedanta had the investors cheering with the stock surging 9.99% as trade opened on Wednesday. And the promoters, including Agarwal, hold half of all the Vedanta shares. Vedanta shareholders will get ₹87.5 per ⁠— a 9.9% premium to Monday’s closing price of ₹79, but lesser than Tuesday’s closing price of ₹89.30. <div type="image" title="555" msid="75708415" hostid="261"></div> The 66-year old commodities moghul Agarwal is the 648th richest person in the world. According to Forbes, he was worth $6.4 billion in March 2011 but now he owns $3.1 billion. However, Agarwal and his family member own 50.14% stake in Vedanta. And as the shares surged 10%, it added nearly $400 million to their networth. From a tiny scrap business to $4.4 billion Vedanta <div type="image" title="F542AB45-5030-4571-8C65-37A880C131F8" msid="75715355" hostid="261"></div> Agarwal grew up in the narrow lanes of Goria Toli in Patna. As a child, he was ambitious but didn’t want to spend time studying. He started helping his father in trading aluminium conductors in the city. However, he wanted to do something of his own. It was his history teacher Shiv Shankar who suggested he drop out of school and start his business. In 1976, Agarwal, 20, went to Mumbai and <a href="https://www.youtube.com/watch?v=eVmkrYeVEjI">started a tiny business of scrap metal</a> — Vedanta Resources. He also bought Shamsher Sterling Corporation, a cable company in the same year — which was later renamed to Sterlite Industries. The Big Break <div type="image" title="D473A48F-FAC4-4912-89C0-A53133C4A9CB" msid="75715345" hostid="261"></div> Shamsher Sterling <a href="https://www.indiatoday.in/magazine/cover-story/story/20100920-bold-baron-744045-2010-09-10">was the big break Agarwal was waiting for from years</a>. It went public in 1988 and raised a whopping ₹4.06 crore. Sterlite's IPO followed a series of acquisitions. Agarwal’s expansion plans were eerily similar to Dhirubhai Ambani’s plan. Both of them were the first to realise the high returns from cheap assets in India. His expansion plan grew bigger with each purchase. In 2011, he bought 58.5%<a href="https://www.thehindubusinessline.com/companies/vedanta-seals-the-deal-acquires-585-in-cairn-india-for-867-b/article23068291.ece"> in Cairn India — a company that produced oil and gas — for $8.67 billion. </a> The acquisition of Cairn India made him worth ₹1,67,000 crore — richer than Mukesh Ambani’s wealth at that time (₹1,45,275 crore). In 38 years, Vedanta went on to become a multibillion dollar company with $15 billion revenues. It expanded operations in Zambia as well as Australia. Today, Vedanta Resources — trades everything from metal, mining power to oil — has a market capitalization of $4.4 billion. Privatisation: The game changer <div type="image" title="D28D9D6E-C745-4545-88AB-D54CB67E900E" msid="75715334" hostid="261"></div> The game changer for Agarwal came in when, in 1991, Finance Minister Manmohan Singh liberalized its economy. The Indian government announced disinvestment of ₹3,038 in 31 selected public sector units. Agarwal placed his ₹550 crore bets on Bharat Aluminium. Agarwar told ABP news, since he didn’t have sufficient money to fund the bid hence he opted for a positive PR strategy soon after they placed their bet. “We wanted ₹550 crore and we told banks we will take loans on a first come first serve basis. And we got ₹2000 crore bids from the banks.” And there was no stopping from then. He <a href="https://economictimes.indiatimes.com/magazines/panache/the-real-reason-why-anil-agarwal-moved-to-london/articleshow/72936351.cms">moved </a>to London to get a ₹100 million market cap for Vedanta. His company was the first Indian company to get listed in the London Stock Exchange. Fifteen years into business Agarwal was betting big on privatisation. He made a firm $1-billion offer to buy<a href="https://www.thehindubusinessline.com/markets/stockmade%20a%20firm%20$1-billion%20offer%20to%20buy%2033.47%20per%20cent%20non-promoter%20shares%20of%20Vedanta%20Resources%20in%20a%20deal%20that%20values%20the%20conglomerate%20at%20$3.07%20billion.-markets/anil-agarwal-makes-1-billion-offer-to-delist-vedanta-from-london-stock-exchange/article24562415.ece#"> 33.47% non-promoter shares of Vedanta Resources</a>. In 2019, <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/vedantas-anil-agarwal-bats-for-privatisation/articleshow/72745375.cms?from=mdr">Agarwal told Times Network</a>, “I have acquired four government companies. All four have become three times (in terms of) productions and have shown tremendous capability. Still an ordinary man <div type="image" title="702520A8-5664-4D34-BA40-8D1178E0C53D" msid="75715308" hostid="261"></div> Agarwal is among India’s top self-made billionaires. but despite his growth Agarwal has faced heavy criticism from western countries because of his aggressive plans. Western corporations blamed that Agarwal grew his business internationally at the cost of the environment. Back in 2010, the Church of England and pensions of funds from Netherlands and Norway sold their shares as it violated human rights and environment. The latest instant is the <a href="https://theprint.in/economy/vedantas-epic-battle-to-restart-iron-ore-mining-in-goa-to-begin-in-supreme-court-next-week/401942/">battle with several NGOs to resume mining in Goa</a>. Unlike other billionaires who are always in Armani suits, Agarwal keeps it simple. When he was a kid, English language scared him and now even when he is in London he finds it difficult to communicate in English. “Though I live in London, I have not come out of Bihar, I eat with my hands, I sing local countryside music, and no matter how much I am trying to improve my English, the same accent comes out.” <a href="https://www.ft.com/content/b4f90c32-f178-11e3-a2da-00144feabdc0">he told Financial Times. </a>

Billionaire Anil Agarwal’s Vedanta shares just added about $400 million to the family kitty after the decision to delist the company

<ul><li><keyword id="6418655" type="General" weightage="20" keywordseo="minority-shareholders" source="Orion">Minority shareholders</keyword> can do little to protect their investments in case of boardroom and family battles of promoters, say experts.</li><li>Shareholders should take a call to sell or stay invested based on how the company is performing.</li><li>Any legal recourse by minority shareholders can lead to further dilution of stock value, warn lawyers. </li></ul>The Raymond family drama has taken its toll on minority shareholders of the company because this category of investors is the most vulnerable. The stock has fallen by over 17% ever since <keyword id="6405378" type="General" weightage="20" keywordseo="gautam-singhania" source="Orion">Gautam Singhania</keyword>’s wife <keyword id="305817" type="General" weightage="20" keywordseo="nawaz-modi" source="Orion">Nawaz Modi</keyword> publicly accused him of assault. His letter to the board assuring smooth functioning of Raymond, has done little to calm the storm. This is not the only case where minority shareholders, who hold less than 50% of the stock, are affected by feuds between board and family members. There are two other ongoing cases of family members sparring over control of companies — pharma company Hikal and Finolex Cables. In these cases, there is very little that shareholders can do, say experts. They’re left between the choice of offloading stock as it’s falling or holding it for an indefinite period. In these cases, should shareholders sell or stay? “There is no easy way to answer this,” says Deepak Jasani, head of retail research at HDFC Securities. “It all depends on if the company is continuing to do well. They have to decide based on if the dispute can have a quick resolution or will be prolonged,” he adds. Delhi-based corporate lawyer Anuroop Omkar, founding partner of law firm AK &amp; Partners says that minority shareholders are very low in the pecking order when it comes to their ability to act. “Even in an insolvency, they’re below secured creditors,” he says. There is a provision in the Company Act 2013 called ‘Oppression and mismanagement in a company’ which protects minority rights. Mismanagement can be defined as conducting company affairs in a prejudicial, dishonest or inept manner. “But this can’t be invoked in the Raymond case, as it’s a personal battle,” he adds. Top corporate battles that affected shareholder value <table style="border-width: initial; border-style: none;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Feud </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Effect </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Family dispute between Mukesh Ambani &amp; Anil Ambani </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2004 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Culminated into a split of the company &amp; a court battle over natural gas sales later </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Dispute between promoter Narayana Murthy &amp; Vishal Sikka, the CEO over functioning of the company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2017 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sikka quit the company </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Family members Sungandha Hiremath and Baba Kalyani battle over Hikal </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2023 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The case over family arrangement made in 1994 is being heard in Bombay High Court </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cousins Prakash and Deepak Chhabria battle over control of Finolex </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">2016 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">The case is with courts and National Company Law Appellate Tribunal (NCLAT) </td></tr></tbody></table> Between stock &amp; a hard place There is no third option for shareholders, even if they lose faith in the promoters’ ability to conduct business. They can only wait and watch, experts say. “Minority shareholders will have to rely on the Board and independent directors to act on their behalf,” Shriram Subramanian, founder &amp; MD of proxy advisory firm InGovern tells Business Insider India. In Raymond’s case, the board of directors can investigate based on allegations made by Modi that company funds have been misused. “The Board has to ringfence the company from utilization of funds by Gautam Singhania for any personal legal matters,” adds Subramanian. Institutional advisory firm IiAS also wrote an open letter seeking independent investigation by the board, asking them to send promoters on leave till investigation is complete. “Independent directors have a fiduciary responsibility towards minority investors, employees and a larger set of the company’s stakeholders. Therefore, you will need to dispassionately separate ownership from management,” IiAS’ letter says. Legal recourse: A double-edged sword There is, however, a way for minority shareholders to edge into the board, with the help of courts. “If there is a case of harassment or erratic behaviour, many entities related to the company like vendors, employees can file a class-action lawsuit wherein shareholders can join in too. But it doesn’t happen too often in India,” says Omakar. Only Foreign Institutional Investors (FII) who have over 1% stake in the company or a high-networth individual (HNI) who can afford to take up such long-standing fights. Subramanian believes that fighting for rights comes at a cost for minority shareholders. Also, the rights need to be exercised with responsibility. Minority shareholders, depending on their shareholding, can exert their rights to bring about change in the company, including change of directors, appointment of new directors, etc. Legal recourse can also work against the long-term interests of shareholders too. “There can be a major share price drop if a legal battle is taken up,” says Omkar. That can go against the interests of shareholders who want to protect the value of their investments. Until then, stock experts advise shareholders to read up on the corporate governance track record of companies and take a call on whether they want to hold on or sell out from a company engaged in a battle of its own. SEE ALSO <a href="https://www.businessinsider.in/finance/news/rbi-governor-asks-realty-companies-to-stress-test-their-books/articleshow/105411235.cms">RBI governor asks realty companies to stress test their books</a> <a href="https://www.businessinsider.in/policy/economy/news/rupee-hits-a-new-low-in-november-despite-fall-in-dollar-index/articleshow/105551439.cms">Rupee hits a new low in November despite fall in dollar index</a>

Minority shareholders must grin and bear it when promoters wash dirty laundry in public

New Delhi, Jan 9 () Reliance Infrastructure (RInfra) has got in-principle nod from the National Highways Authority of India (NHAI) for sale of Delhi-Agra toll road to Cube Highways and Infrastructure for Rs 3,600 crore, an RInfra official said on Thursday.
 RInfra will utilise the proceeds to reduce debt.
 "Reliance Infrastructure has received the in-principle approval for Harmonious Substitution in the Delhi-Agra (DA) toll road project on January 7 from the National Highways Authority of India (NHAI)... Reliance Infrastructure will receive an enterprise value of Rs 3,600 crore including equity of up to Rs 1,700 crore," the RInfra official said.
 This approval paves the way to close the sale of the 180-km 6-lane Delhi-Agra toll road to Cube Highways and Infrastructure III Pte Ltd, which is owned by a Singapore-based Global Infrastructure Fund, I Squared Capital, and a wholly-owned subsidiary of the Abu Dhabi Investment Authority, the official said.
 The entire proceeds will be used by Reliance Infrastructure to pay lenders and reduce the debt of the company, the official said.
 This is in line with the commitment made by Reliance Infrastructure to its 16 lenders on July 6, 2019, when lenders signed an inter-creditor agreement for resolution of debt and granted moratorium to the company on the interest and principal payments.
 Reliance Infrastructure, which has a total debt of Rs 6,000 crore, is on track to reduce leverage even further as it focuses to be an asset- and capital-light entity, the company had said in September last year.
 Addressing the shareholders at the company's annual general meeting, its Chairman Anil Ambani had said, "Our intent is to reduce the debt further. At present, we have around Rs 6,000 crore of debt but with a large networth," adding that the company will focus on the domestic market and take up more complex infrastructure and transportation projects. NAM HRS

You Searched For "anil ambani networth" and got 7 results

Anil Ambani’s Reliance Marine is his second company to be declared bankrupt

Katya Naidu

Anil Ambani may not be a billionaire anymore — here's how he lost it all in just a decade

Anil Ambani is firefighting another charge that says RCom diverted funds into other group companies

Katya Naidu

Anil Ambani's Reliance Power gets approval from shareholders to raise funds of up to ₹1325 crore

IANS

Billionaire Anil Agarwal’s Vedanta shares just added about $400 million to the family kitty after the decision to delist the company

Sriram

Preeti

Minority shareholders must grin and bear it when promoters wash dirty laundry in public

Katya Naidu

RInfra gets in-principle nod from NHAI for sale of Delhi-Agra road to Cube Highways for Rs 3,600 cr

PTI

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