New Delhi: Reliance Anil Dhirubhai Ambani Group’s chief Anil Ambani said on Tuesday that his group will bring the loan to the lowest level. The group has repaid Rs 35,400 crore loan in the last 14 months.
In the future, he is committing to complete all the liabilities in time. Ambani told reporters in a press conference that despite not receiving any financial assistance from challenging circumstances and financiers, their group has fixed deposits of Rs 24,800 crore and interest of Rs 10,600 crore on outstanding loans between April 1, 2018 and 31 May 2019 and repaid. The group owes a loan of around Rs 1 lakh crore. This led to the sale of its assets. Focusing on mobilization, few months back, Anil Ambani was going to jail due to non-payment of Ericsson's dues. In the end, his elder brother Mukesh Ambani helped and saved him from going to jail.
Recently, Anil Ambani sold his radio station and mutual fund business. Conversations are going on for the sale of ordinary insurance business. He alleged that the reason for the sharp decline in Reliance Power's and Reliance Infrastructure companies' shares is the absurd rumors and speculation spread over the past few weeks. Ambani assured investors that their group is committed to complete all the debt liabilities in time. For this, he plans to monetize assets, which he has applied at many levels..
At the time, 60-year-old Anil Ambani, one of the country's top billionaires, has come down sharply in the last five years. The reason for this is the burden of growing debt on the group companies. Since January, their group's listed companies have fallen more than 65 percent. He said, due to the absence of rumors, speculation and fall in the share of all the companies of the Reliance Group during the last few weeks, all our stakeholders have suffered a lot due to the fall in shares.
Ambani also blamed regulatory institutions and courts for some of the group's problems. He said that in some cases due to delays in the decision, the group could not get the dues of more than Rs 30,000 crore. He also said that the financial system was totally indifferent to the group and there was no support from anywhere, which resulted in loss to lenders and other stakeholders.