We’re servicing our debt, trimming arrears: Anil Ambani
Reliance Group Chairman Anil Ambani on Tuesday emphatically said the group is servicing its debt payments and will continue to reduce its arrears.
In a hurriedly organised conference call, Ambani said “unwarranted” rumours and “bear hammering” have damaged the value of the group’s stocks.
These observations come in the backdrop of ratings agencies such as CARE and Brickwork Ratings downgrading almost all the companies of the group.
Industry watchers estimate that the overall debt position of Reliance Group companies — including Reliance Communicaitons — is around Rs. 1 lakh-crore.
Reassuring investors, Ambani said the group has serviced debt payments of over Rs. 35,000 crore in the last 14 months. This included principal payments of Rs. 25,000 crore and interest payments of Rs. 11,000 crore.
