Anil Ambani’s company Reliance Naval and Engineering Limited went bankrupt
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Anil Ambani trapped in debt trap
Anil Ambani is trapped in the debt trap. Once upon a time, he used to speak in many businesses like infrastructure, power production and supply, home finance, ship building, communication. But today the condition is that many of his companies have been sold at throwaway prices. Reliance Infrastructure is the parent company of RNEL. Anil Ambani’s group had bought Pipavav Defense and Offshore Engineering Limited in the year 2015. Its name was later changed to Reliance Defense and Engineering Limited. The first big deal of this group is Rafale deal. French company Dassault started a joint venture with Reliance.
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Ambani has declared himself bankrupt
In the year 2020, during a hearing in the High Court of England in a dispute related to the loan of Chinese banks, Anil Ambani admitted that he was bankrupt and unable to repay the loan. Anil Ambani’s lawyer told his net worth zero. The condition of Anil Ambani’s RNEL is pathetic. According to the company’s shareholding on the Bombay Stock Exchange, the promoters ie Anil Ambani had no stake in RNEL till March 2023, while state-run insurance company LIC held 7.93 per cent stake in it.
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