Reliance Group chairperson Anil Ambani said on Tuesday that the group has repaid Rs 35,000 crore of debt over the last 14 months, Mint reported. The amount included Rs 24,800 crore as principal payment and Rs 10,600 crore as interest repayment.
Ambani, in a media conference call, said Reliance Group had paid the dues through sale of assets and was committed to meet all debt obligations, according to The Economic Times.
The Rs 35,000 crore worth of payments relates to debt of Reliance Capital, Reliance Power, Reliance Infrastructure and their respective affiliates. “During this entire period, lenders from all categories – whether banks, mutual funds, insurance companies, provident funds or NBFCs [Non-Banking Financial Companies] – have provided zero net additional liquidity or debt to any entity of the Reliance Group.”
Ambani said delay in court verdicts have kept the group from receiving dues of over Rs 30,000 crore, Bloomberg Quint. “To compound the matter, the regulatory bodies and courts have not passed any final adjudication order on claims aggregating to over Rs 30,000 crore that are due for more than five to 10 years to our various group companies especially Reliance Infrastructure, Reliance Power and their affiliates,” said Ambani.
Ambani said the financial system had shown a “total apathy and lack of any support whatsoever” which hurt the interests of lenders and other stakeholders.
Reliance Power posted its biggest ever quarterly loss in the January-March quarter, and Reliance Infrastructure deferred its quarterly results for the second time, according to The Hindu Business Line.
The Anil Ambani group has been selling assets to pay off debt. Most recently, Ambani sold Big FM to Jagran Prakashan-owned Music Broadcast Ltd, which owns the Radio City FM channel, according to The Financial Express.