Anil Ambani To Sell Mumbai Headquarters For The Settlement Of Debt

3182

Anil Ambani, a businessman who is under huge debt, is now trying to sell his headquarters in Mumbai. According to the information, He is in talks with some global private equity firms including Blackstone to sell Mumbai headquarters or lease it for a long time. However, there may be some problem in this effort to raise funds. Some media sources quoted that the headquarter that Anil Ambani is involved in collecting money, there is a legal dispute.

In 2017, after the acquisition of Reliance Infra’s Retail Electricity Distribution, Adani Transmission demanded office space in this headquarter. This matter is still pending in the court tribunal. Experts say that because of this dispute, there may be trouble selling the headquarters.

Anil Ambani Bankruptcy Reliance Communications
The Reliance Center located in Santa Cruz is in seven lakh sq ft, and it can get between Rs 1,500 and Rs 2,000 crore. Sources state that he is planning to return to his Ballard Estate Office in South Mumbai. He had recently told the media that he is trying his best to pay the debts of Reliance Capital. The Group’s plan is to reduce the debt to 50 percent in this financial year.

Some Analysts say that Anil Ambani’s Reliance Group wants to raise money by selling real estate properties. To sell headquarters, the company can assign responsibility to the International Property Consultancy JLL. When reviewed in the case, a Reliance Group spokesperson confirmed this. He said that the sale of real estate assets, including the Mumbai headquarters, is being considered. Although he did not give much information in the case.

Ambani

Blackstone also refused to comment on this matter. Businessman Anil Ambani had recently told that Reliance Capital is doing its best to pay its debt taken from various lenders.
It seems like Anil Ambani is suffering from many problems other than debt. Maharashtra State Road Development Corporation (MSRDC) has stated that rigorous action can be taken against them if the contract of Vastola-Bandra Sea Link Project of 1000 crore rupees for Reliance Infrastructure is not completed on time.

Anil Ambani-led Reliance Infrastructure and other companies have faced a huge drop in their rating by evaluating agencies. Reliance Infrastructure recorded its biggest loss due to deterioration and write-off in the fourth quarter of 2018-19.