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Reliance Group cleared Rs 35,000 cr debt in 14 last months: Anil Ambani

ANI 

Group on Tuesday said that has cleared debt amounting to a staggering Rs 35,000 crore in the last 14 months.

"The Group has made aggregate debt servicing payments of over Rs. 35,000 crore in the 14 month period from April 1, 2018 till May 31, 2019. These comprise principal repayments of Rs. 24,800 crore and interest payments of Rs. 10,600 crore," a release quoting said.

He said this amount included inter alia debt servicing payments by Capital Group, Reliance Power group and Reliance Infra Group, and their respective affiliates.

said these payments have been made in the face of "insurmountable odds and the most challenging financial environment witnessed in the country in decades".

He pointed out that during this entire period, lenders from all categories - whether banks, mutual funds, companies, provident funds or NBFCs (companies) - have provided "ZERO net additional liquidity or debt to any entity of the Reliance Group".

"To compound matters, the regulatory bodies and courts have not passed any final adjudication orders on claims aggregating to over Rs. 30,000 crore that are due for more than 5-10 years to various Group companies, especially and Reliance Power Ltd., and their affiliates," he said.

The final decisions have "only been inordinately and repeatedly delayed for one reason or the other", said.

Ambani disclosed that the debt servicing payments of the staggering amount of over Rs. 35,000 crore have necessarily had to be made almost entirely from asset monetisation (despite a liquidity-starved environment), and operational cash flows (in an operating environment beset by procedural and regulatory hurdles).

He reaffirmed that was fully committed to meeting all future debt servicing obligations in a timely manner, through further asset monetisation plans that are already at various stages of implementation.

He also said that "unwarranted rumour mongering, speculation, and bear hammering" of all shares over the last few weeks, "has caused grave damage to all our stakeholders".

Ambani said that he was personally anguished and deeply concerned for the Group's over 7 million-strong retail shareholders base, perhaps the largest in the world. "Their unstinted support is the bedrock of the young and dynamic group," he said.

The Group said, "It was heartening for him personally, that over the past 12 months, across all remained uneroded and consistent, cementing his belief of the strong support and good wishes of all shareholders for the Reliance Group."

He expressed confidence that "the journey undertaken to transforming the Group to be capital light, with bare minimal debt, and a higher return on equity, will enhance the value of all Reliance Group shareholders".

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, June 11 2019. 14:41 IST
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