Comments
Beleaguered business tycoon Anil Ambani is on an asset sale spree to raise funds to meet mounting debt obligations.
New fundraising via such sales will help Reliance Capital Ltd , the last stronghold of the former billionaires wider conglomerate, to pay Rs 1100 crore ($158 million) that is due over the next month. The company is in talks to sell its general insurance unit to Hero FinCorp Ltd, people familiar with the matter said.
Over the past two weeks, Ambani also announced the sale of a radio station and mutual fund business to repay creditors. The holding company for the groups financial services business and its units Reliance Home Finance Ltd and Reliance Commercial Finance Ltd were recently downgraded several notches by rating companies, which cited the cash crunch and delays in asset sales.
Credit market stakeholders will be watching out for following payments.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.