After missing out imprisonment by the Supreme Court, the young Ambani has now lost the tag of billionaire. As of today’s date, the total value of Anil Ambani’s business is Rs 3,651 crore which is equal to $523 million. In the year 2008, Anil was the sixth richest man in the world and after 11 years, things went haywire for the young Ambani.
Over the years, Anil Ambani established Reliance Communication (RCom), RInfra, Reliance Power and few other firms have incurred huge losses which led to the drastic fall of Anil Ambani value. Last year in March, the debts pertaining to Anil led Reliance Group is Rs 1.7 Lakh crore and in the last 14 months or so, he is said to have paid about Rs 35,000 of loans with interest.
Anil efforts to revive RCom by selling it off to his brother Mukesh Ambani’s Jio faced hurdles due to regulations of TRAI. Subsequently RCom filed bankruptcy and it is the first telecom provider to have done it. In March, Mukesh bailed out Anil by paying of Rs 550 crore to Ericsson and this has led the young Ambani to escape jail for three months.
An American banker has reportedly said that the total value of Anil Ambani’s business is less than Mukesh Ambani’s residence in Mumbai. Antilla is said to be constructed with an estimation of $2 billion.
All in all Anil Ambani needs a ‘Sanjeevini’ to come out of deep financial crisis within his Reliance groups.
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