Anil Ambani plans $3.2 billion asset sales
Indian tycoon Anil Ambani plans to raise about ₹21,700 crore ($3.2 billion) by selling assets from roads to radio stations in a bid to cut debt.
According to the spokesperson, the breakdown of asset sales would be – Reliance Infrastructure is seeking ₹9,000 crore from the sale of nine road projects, Reliance Capital aims to raise ₹1,200 crore by selling its radio unit, and ₹11,500 crore from monetizing its holdings in the financial business.
Anil Ambani, on June 11, said that his Reliance Group repaid ₹35,000 crore in the past 14 months through asset disposals. But a large pile remains. The four biggest group companies still have about ₹93,900 crore of debt. And that excludes Reliance Communications, Ambani’s former flagship firm, that recently slipped into insolvency.
