Anil Ambani's company's share hikes by over 13% in 5 days, now reach...

Anil Ambani, brother of billionaire Mukesh Ambani, has been in debt for a while. However, reports suggest one of his companies recently settled the debts owed to three banks - ICICI Bank, Axis Bank, and DBS Bank. After the news, shares of Reliance Power jumped by 13.36 per cent in last five days. On Friday, share price of the company closed at Rs 26.30 with five per cent high on National Stock Exchange (NSE). In another news, Reliance Infrastructure, also owned by Anil Ambani, is working towards settling dues of Rs 2,100 crore to JC Flowers Asset Reconstruction Company, Economic Times reported.

Reliance Power Limited is a part of the Reliance Anil Dhirubhai Ambani Group. The company was established to develop, construct, operate and maintain power projects in the Indian and international markets. Anil Ambani was once the sixth richest person in the world. However, he declared before a UK court in 2020 that his net worth is zero and he is bankrupt. According to ET, Anil Ambani-led Reliance Power aims to be a debt-free by current fiscal year. 

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