Anil Ambani scripting massive comeback, Rs 8000000000 debt repaid by Reliance firm, it is now…

Anil Ambani, younger brother of Mukesh Ambani, is making a strong comeback with Reliance Power. As the company continues to perform on the share market, it has now become debt-free on a standalone basis. As per a report by the Business Standard, Anil Ambani Reliance Power had a debt of around Rs 800 crore and it has paid all the outstanding dues to the lending banks. Over the past few months, the company signed numerous debt settlement agreements with a range of banks including ICICI Bank, Axis Bank, DBS and IDBI Bank. According to the report, the company has repaid the entire debt to these banks, as a result, Reliance Power is now a debt free company on a standalone basis.

Anil Ambani’s Reliance Power currently has an equity base of Rs 4016 crore with participation of more than 38 lakh retail investors. It has an operating capacity of 5900 MW including 3960 MW Sasan UMPP and 1200 MW Rosa Thermal power plant in Uttar Pradesh.

To recall, Reliance Power share in 2008 was trading for around Rs 260.78 and after a massive downfall, the share price was around Rs 1.13 on 27 March 2020. After making a slow recovery over the years, Anil Ambani’s Reliance Power once again has the attention of traders. Reliance Power share is now trading over Rs 26.15.

Anil Ambani was once one of the richest in the country and the sixth richest man in the world and had a net worth of more than Rs 1.83 lakh crore. However, Anil Ambani declared bankruptcy before a UK court in February 2020.