Anil Ambani Pleads Poverty, Says His Net Worth Is Zero

3716

Anil Ambani, chairman of Reliance Group, was once among the wealthiest industrialists of India but is no longer. Anil Ambani’s lawyers said during a hearing in a UK court on 7h Feb that “Anil Ambani’s net worth is zero now.” His position is no longer the same due to ‘crisis-causing events’ in the Indian telecom market. The Anil Ambani’s reliance group has a considerable debt burden, due to which it is in trouble. According to a report, Reliance Group has a debt of $13.2 billion (about Rs 93,000 crore).

Three Chinese banks filed a case against Anil Ambani for not repaying the loan of $680 million (about Rs 4,760 crore).

anil ambani chinese banks के लिए इमेज नतीजे

These three Chinese banks are The Mumbai branch of Industrial and Commercial Bank of China, China Development Bank, and Exim Bank of China. The three banks had given a credit of $ 925.20 million (approximately Rs 6,475 crore) to Anil Ambani’s company Reliance Communications. At that time, Anil Ambani had stated that he gives a personal guarantee of this loan. However, after February 2017, the company defaulted in repaying the loan.

These banks say that Anil Ambani has allegedly not complied with the personal guarantee for a loan of about $ 925 million to repay the old debt in February 2012. Ambani (60) has denied the right to grant any such guarantee. It’s noteworthy that The Indian telecom sector has undergone a tense change with the change in the spectrum distribution policy. Due to this dramatic change, anil ambani’s company came under debt.

Last year, the Commercial Division of the High Court of London gave a verdict against Anil Ambani. Anil Ambani’s legal advisors are currently engaged in proving his net worth to be zero. Ambani’s lawyer Robert Howe told the court that his venture in 2012 was $ 700 million. It has now come down to 89 million dollars. Once Anil’s liability is considered, his total assets become zero. Meaning, he was once a wealthy businessman, but not anymore.