Maroc - POPDIARIES.COM - A La Une - 26/Sep 11:05

Anil Ambani makes a comeback after years of debt

Implementing long-term fundraising plans as the Anil Ambani owned companies recently announced debt to nearly zero. After insolvency and major setbacks, recent developments have boosted investor confidence. A boost was received by Reliance Power, while Reliance Infrastructure is moving ahead to become debt-free. Reliance Communications received positive news from National Company Law Appellate Tribunal (NCLAT). Group announces zero debt and implements long-term fund raising plans.  The statement to invest Rs 1,100 crore by the promoters group in Anil Ambani’s flagship company, Reliance Infrastructure, has further increased the confidence of investors in the group’s renewal plans and its long-term growth story. From Rs 8,500 crore to Rs 12,500 crore, as Reliance Infrastructure’s market capitalisation rises by the end of this week. Similarly, Reliance Power’s market capitalisation rockets from over 25 per cent, moving from Rs 11,500 crore to Rs 14,600 crore.  ALSO READ: Mukesh Ambani Makes Special Visit to Congratulate Deepika Padukone on Birth of Her Baby Lowering from Rs 3,831 crore to just Rs 475 crore, as Reliance Infra announces a significant reduction in standalone external debt. Clearing outstanding dues to prominent lenders such as Life Insurance Corporation of India (LIC), Edelweiss ARC, ICICI Bank, and Union Bank, were achieved according to company fillings. The move flags a vigorous financial recovery and strengthens Reliance Infra’s financial flexibility. Reliance Power board is meeting on September 23 to study and approve the fundraise via multiple routes, while board approves fund  raising of up to Rs 6,000 crore via preferential issue and QIP. With additions like these, Reliance Infra’s net worth is engaged to rise from over Rs 9,000 crore to more than Rs 12,000 crore, according to the loads  Anil Ambani’s assets were claimed to be around ₹20,000 crore by Times of India’s report as of February 2023.