Piramal Capital initiates bankruptcy proceedings against Reliance Power
Piramal Capital and Housing Finance (PCHFL) has initiated bankruptcy proceedings against Anil Ambani-controlled Reliance Power and its subsidiary Reliance Natural Resources (RNRL), following a default of Rs 526-crore loan.
RNRL, which was merged with Reliance Power in 2010, had obtained the loan from Dewan Housing Finance Corporation (DHFL). The Piramal Group, controlled by billionaire Ajay Piramal, had acquired DHFL for a total consideration of Rs 34,250 crore in 2021 and then merged it with PCHFL.
