Anil Ambani’s Reliance Power has cleared its loans with ICICI Bank, Axis Bank, and DBS Bank. Anil Ambani is currently planning a Rs 2100 crore debt settlement with JC Flowers Asset Reconstruction Company.
Anil Ambani, the younger brother of Mukesh Ambani, India’s richest man, has returned to the media spotlight after a long absence. Anil Ambani, once the world’s sixth richest man with a net worth of more than Rs 1.83 lakh crore, filed for bankruptcy in a UK court in February 2020. However, Mukesh Ambani’s brother is making a tremendous recovery, with shares of his company Reliance Power up more than 120% in the last year.
Reliance Retail’s stock prices rose significantly after the business declared that it had cleared its debt with ICICI Bank. For those who are unaware, Anil Ambani’s Reliance Power has cleared its debts to ICICI Bank, Axis Bank, and DBS Bank. According to sources, Anil Ambani is now intending to settle his debts with JC Flowers Asset Reconstruction Company for Rs 2100 crore.
To recall, Anil Ambani’s Reliance Infrastructure reached a standstill deal with JC Flowers ARC in January. According to the agreement, JC Flowers ARC would not initiate legal action against Anil Ambani’s company until the end of March 2024, allowing adequate time to arrange cash for debt repayment.
Yes Bank, the original lender to Anil Ambani’s enterprises, shifted their troubled loan book worth Rs 48,000 crore to JC Flowers ARC. This also included loans provided to Reliance Infrastructure and Reliance Power.
A top official from a commercial bank said that Anil Ambani’s Reliance Power plans to be debt-free by the end of this fiscal year. “The only debt on its books will be a working capital loan from IDBI Bank,” the CEO explained.
