Tycoon’s company is racing to close a planned $2bn of asset sales to bolster its finances after cash dwindles to 110-million rupees
Anil Ambani reacts at a meeting in Mumbai, India. Picture: REUTERS/DANISH SIDDIQUI
The downgrades came against the backdrop of soaring finance costs for an industry shaken by 2018’s meltdown at one of the nation’s biggest shadow lenders that is unrelated to Reliance Capital. Of the 140-billion rupees of planned divestment, almost all the transactions are behind schedule, Care Ratings said in an April 18 statement while slashing Reliance Capital’s long-term rating to A from A+ and putting it on a “credit watch”.
The younger tycoon’s woes came to the fore in March when Mukesh stepped up just in time to settle an overdue payment and save Anil the embarrassment of a stint in jail. The value of Anil’s holdings in companies has plunged to about $120m from a net worth of at least $31bn in 2008, according to data compiled by Bloomberg.
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