Anil Ambani in Huge Losses
Posted [relativedate] at [relativetime time_format=”H:i”]
Anil Ambani’s Reliance Communications (or simply RCom) is currently in a deep financial crunch. The company is forced to sell its possessions and holdings to stay afloat. This has been continuing for the past couple of years.
The latest news is that Anil Ambani had finally come out with a plan to clear its long-standing debts to national and international investors. The company loans stood out at Rs. 45,000 crores. RCom has borrowed Rs. 25,000 crores from Indian financiers and 20,000 crores from foreign financiers. RCom has borrowed Rs. 11,500 crores alone from a Chinese firm.
Anil Ambani stated that he is planning to sell the spectrum rights, cell towers and even Dhirubhai Knowledge city along with other realty properties to accumulate close to Rs. 40,000 crores. It is understood that Anil Ambani moves comes after 35 National and International banks wanted to takeover RCom assets.
Anil Ambani believes that post the ‘Debt Recovery plan’ the company would only be having Rs. 6,000 crores debt. ‘We are planning to change the company to B2B – Business to Business format. This not only allows us to concentrate on providing services,’ said Anil Ambani.
The Debt Recovery Plan will be implemented in an 8-stage process and will be completed in 40 days. After the news, Reliance Communications share price improved by 31.90% and closed at Rs. 21.50 at the NSE.
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