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Anil Ambani's asset sale expands

Aims to raise over $4.5 bn to help reduce group debt, at least 3 times that

Anil Ambani
Anil Ambani

Under pressure from lenders, the restructuring of billionaire Anil Ambani’s mobile-to-metro conglomerate is turning into a summer sale. Companies controlled by Ambani are trying to sell road assets, an undersea cable business and prime real estate in Mumbai and New Delhi. That’s on top of a deal to divest phone transmission towers and merge its wireless operations with Aircel. And if that isn’t enough, finance units announced two initial public offerings within a week. With banks cracking down on borrowers and Ambani’s once high-flying telecom ...