In order to sort the huge debt, Indian tycoon Anil Ambani plans to raise about Rs 217 Bn by selling assets from roads to radio stations. According to the group spokesperson, Reliance Infrastructure Ltd. is seeking 90 billion rupees from the sale of nine road projects and aims to raise 12 billion rupees by selling its radio unit, and 115 billion rupees from monetizing its holdings in the financial business.
Earlier on June 11, Ambani said that the Reliance Group repaid 350 Bn rupees in the past 14 months through asset disposals.
However, a large pile remains. The four biggest companies of the group still have a total of 939 Bn rupees of debt. Also Ambani’s former flagship firm, Reliance Communications Ltd recently slipped into insolvency.