Ambani family is famous for its richness all around the world but Anil Ambani is facing Debt these days
After the death of DhiruBhai Ambani, Ambani family was split into two Mukesh and Anil Ambani groups. Whereas Mukesh Ambani has build his business group to more strength and more power but on other side Anil Ambani faces debt.
To cut out the debt Anil Ambani has decided to lease out his company headquarter. the company, Reliance Infrastructure known as Reliance-Infra focuses on construction of metro rail, buildings, roads, bridges, power plants and operates the company fledging defense business. The headquarter is located in Mumbai and it is built in around 0.7 million square feet area which includes around 3000 employees. Brother Mukesh Ambani also gave an suspicious amount to Anil Ambani to cut out the debt of Swedish Telecom Company Ericsson.
Debt is occurring as some of the companies under Reliance Group aggregate have been hit by a spate of credit ratings downgrades and auditing issues.
The debt is of around 150 billion rupees, company says that Reliance infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai.
The company has faced great losses in the 4th quarter and the red flags have been already raised by Auditors of the company and Anil Ambani states that he will sell all his road assets so as it seeks to make the company debt free by the next coming year.
Ambani's financials business, Reliance Capital Ltd also came under scrutiny when global audit firm PwC resigned citing irregularities in the books of accounts. The company rejected the auditor's report. The company has appointed real estate consulting firm JLL as advisers for leasing out the its headquarters, the executive said.