- Anil Dhirubhai Ambani Group filed for bankruptcy in February 2019.
- They fell from $42 billion in 2008 to bankruptcy in 2019.
Anil Ambani who is in deep trouble is ready to offload all his assets from group companies. He is also trying to sell his Mumbai headquarters in Santacruz. Anil Dhirubhai Ambani Group (ADAG) is in talks with private equity investors and other parties to either lease or sell its Mumbai headquarters, a prominent real estate property. Although, Like most of Ambani’s property this asset is also tangled in a legal issue.
Report By Brickworks
Brickwork ratings downgraded RInfra due to non-submission of the required information even after consistent follow-up.
The agency said, “ We are unable to assess the overall condition of the company and its ability to return the debt on time and maintain a valid rating.”
It also warned lenders, investors, and the public to be cautious about the company and its ratings.
The agency also stated, “Non-cooperation by entities might be due to financial stress, but information availability is a key factor in the assessment of credit risk.”
Nothing Going Anil Ambani Way
Recently, Reliance Communications filed for bankruptcy as the Company had to pay its debt worth Rs. 42,000 crores.
Reliance Capital is facing a debt of close to $ 252 million and a unit belonging to Moody Investors Service, along with a few other companies, have slashed the company’s ratings due to this.
Two weeks back, Auditors of RInfra said there is money missing from the balance sheet.
The company posted the biggest ever loss of Rs. 16.6 billion. The auditors Pathak HD and associates said,” We were not able to get sufficient audit evidence to provide an opinion about the audit on these standalone financial results.”
After Price Waterhouse Coopers (PWC) quit as the auditor of another group company Reliance Captial, Pathak and associates are the second independent agency to give up on the group.
Another bad news came for the group when Yes Bank decided to invoke its 90 million shares in the sister company, Reliance Power.
From $42 billion in 2008 to bankruptcy, it’s really sad to see such an Indian powerhouse falling from grace in just one decade. Anil Ambani’s journey is something which should be a learning for every aspiring entrepreneur. Let’s see what future beholds for ADAG.