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Anil Ambani to Pare ₹15,000 Crore Debt by March 2020
October 04, 2019
Anil Ambani’s financial unit, Reliance Capital Ltd. tightens its belt as it prepares to pare off a $2.1 billion debt by selling assets. As stocks fell by 89 percent, the ex-billionaire works with lenders for a ‘resolution plan’ expected by December this year. Presently, the group has departed from the lending business while confirming its reliance on the insurance business; something it sees as a “long-term value creator.”
Previous attempts at Asset Disposals have helped the Reliance Group pare off ₹35,000 crore in debt. It is left to see if this can help Ambani repay creditors the remaining ₹15,000 crores by March 2020.
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