You are here: Home » Companies » News
Business Standard

Entire debt from YES Bank is secured, committed to repay: Reliance Group

As many as 44 companies belonging to 10 large business groups reportedly accounted for bad loans of Rs 34,000 crore of YES Bank

Press Trust of India  |  New Delhi 

Anil Ambani's company, Reliance Telecon, slipped into insolvency in 2019. (Photo: Bloomberg)
Anil Ambani's company, Reliance Telecon, slipped into insolvency in 2019. (Photo: Bloomberg)

Anil Ambani-led Reliance Group on Wednesday said its entire debt from troubled is fully secured and was availed in the ordinary course of business.

In a statement, the group said it is committed to honouring repayments of all its borrowing from through its asset monetisation programme.

The Group, it said, has "nil direct or indirect exposure to Rana Kapoor, former CEO of Yes Bank, or his wife or daughters, or any entities controlled by Rana Kapoor or his family."

Reliance Group along side Subhash Chandra's Essel Group were among the large borrowers that Finance Minister Nirmala Sitharaman had named after YES Bank's board was superseded by the Reserve Bank of India (RBI) and withdrawal restrictions placed.

As many as 44 belonging to 10 large business groups reportedly accounted for bad loans of Rs 34,000 crore of Nine firms of Group reportedly owed Rs 12,800 crore while Essel Group had unpaid loans of Rs 8,400 crore.

Other on the list include DHFL Group, Dewan Housing Finance Corporation, Jet Airways, Cox & Kings, and Bharat Infra.

Without giving the loan it has from Yes Bank, Reliance said: "Its entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business."


"Reliance Group is committed to honouring repayments of all its borrowings from Yes Bank Ltd through its various asset monetisation programmes which are all at advanced stages," the statement said.

First Published: Wed, March 11 2020. 18:30 IST
RECOMMENDED FOR YOU