Reliance Group chief Anil Ambani is trying to get out of the debt trap. In the last few years, Anil Ambani has reduced debt by selling many assets. Reliance Commercial Finance will also be sold now.
Expected to acquire Rs 1,600 crore: In fact, the creditors of Reliance Commercial Finance (RCF) have approved the company’s resolution plan and have selected Atom Investment and Infrastructure Limited as a successful bidder. Atham is expected to acquire RCF for about Rs 1,600 crore. Reliance Group is a wholly owned subsidiary of RCF Reliance Capital Limited and is promoted by Anil Ambani, who is in debt.
According to information provided by Reliance Capital, Athm Investments has been selected as a successful bidder to acquire the company through a competitive process. The process was completed after several rounds of negotiations between lenders and bidders. Let us tell you that this is the second time Athm Investment and Infrastructure Limited is betting on any company of Anil Ambani. The company had previously paid Rs 2,887 crore for Reliance Home Finance.
One news raised the Adani Group’s woes, leaving investors with stocks
Under the deal, the Bank of Baroda-led credit union has raised Rs 2,887 crore. Of this, 2,587 crore, or 90 percent, will be paid first. But the remaining Rs 300 crore of the company. Let us tell you, the listed investment banking and infrastructure company, which has been active for almost 15 years, is a listed domestic non-bank finance company.
