Once at the peak in the corporate world, Anil Ambani’s company is grappling with bankruptcy now.
Anil and Mukesh, the sons of business tycoon Dhirubhai Amabani, got the the business of Reliance in succession.
Mukesh Amabani received the old Petrochemical business, whereas his younger brother Anil Ambani got new age business such as Telecom, Financial services, and Energy sector.
Anil Ambani couldn’t do much with new age business whereas his brother Mukesh Ambani moved upward.
Anil had ambitious aspirations regarding the telecom business. He wanted to become the biggest player in the telecom, power and infrastructure sector.
Media reports, quoting Amit Tandan, the MD of Instituted Investors Advertisers Services, said the large amount of Anil’s wealth stuck in big projects due to jumping from one business to another and lack of actions.
His liabilities increased because of investing money into new projects. By September 2018, the total amount of loans reached to 1.72 Lakh Crore on Anil Ambani group.
Once the market value of Anil Ambani’s Reliance group reached to around 4 lakh crore in 2008.
But it weaned off to 2,361 crore in 2019. There’s huge loan burden over Anil Ambani’s companies to banks.