• Thursday, October 06, 2022

Asia

Anil Ambani sews up yet another revival plan for Reliance Communications

Ambani, 60, denies providing authority for any such guarantee, resulting in the High Court action in the UK – the jurisdiction agreed to as part of the terms of the loan agreement.   

By: Eastern Eye Staff

Reliance Communications (RCom) announced yet another debt revival plan today claiming full debt resolution by March but without involving any conversion of debt into equity and exiting the SDR framework, apart from coming on-board of a strategic investor. Anil Ambani today claimed his beleaguered Reliance Communications has negotiated a new deal with the lenders under which nearly Rs 40,000 crore (million) will be raised through asset sales, averting an imminent takeover by the 35 local and foreign banks. Announcing the resolution plan, company Chairman Anil Ambani told reporters that the new plan has the support of a Chinese lender that…

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