Mukesh Ambani’s younger brother Anil Ambani, who was once one of India’s richest men, has had mounting financial troubles in the past and is expected to sell his company Reliance Capital to a billionaire family – the Hinduja group.
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According to the latest reports about the sale of Anil Ambani’s Reliance Capital, the lenders of the multibillion-dollar firm are currently leaning towards the Hinduja brothers buying the company, which once made the younger Ambani brothers ultra-wealthy.
Reliance Capital, currently owned by Anil Ambani and undergoing massive loss, was worth Rs 93,851 crore in 2018, according to Times Now. After the younger Ambani’s downfall, the net worth of the company plummeted, with the lenders now getting impatient to sell.
The resolution plan to buy out and revive Reliance Capital has been submitted by Hinduja Group firm IndusInd International Holdings Ltd (IIHL), which was the lone bidder in the second round of the action, and made a record bid of Rs 9661 crore.
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As much as 99 percent of the Reliance Capital lenders have voted in favour of the Hinduja Group-led IIHL group for the buyout. Apart from acquiring Anil Ambani’s company, Hinduja Group will also acquire the Rs 500 crore cash balance of the company.
While Reliance Capital was worth nearly Rs 1 lakh crore just a few years ago, the combined net worth of the Hinduja brothers is Rs 1,24,250 crores. However, the final formalities of the deal are yet to be finalized by the IIHL group and Reliance Capital lenders.
This deal could prove to be beneficial for Mukesh Ambani’s younger brother Anil Ambani, who had declared bankruptcy years ago and had gone on record to say that his net worth is currently zero, despite being India’s leading businessman once.
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After the sale of the company, lenders are expected to receive Rs 10,200 crore for distribution, leading to around 65 percent of their investment recovered.
