The Reliance group of industries owned by Anil Ambani is known to be one of the most well-established business in the whole world. However, this year in the company’s annual general meeting, Anil Ambani has announced that Reliance Capital will no longer be in any Leading Business. This is because of the heavy collateral damages endured by the company previous year.
Reliance Capital no longer will support any leading business
On the annual general meeting the chairman, Anil Ambani said;
“As a part of transformation process, Reliance Capital has decided it will not be in any of the lending businesses,” Ambani told shareholders at the company’s annual general meeting (AGM) in Mumbai.
In case if you want to know about the adversity of the loss endured by the Reliance Group, then our readers are informed that Reliance Capital shares have fallen to Rs 24.20 crores and this low budget was noted in the month of April 1999.
Anil Ambani further added;
“Reliance Commercial Finance and Reliance Home Finance are working closely with all our lenders and other stakeholders to finalize the resolution plans which are expected to be completed in the next few months by December 2019.”
“NBFC suffered collateral damage due to a combination of factors, including reckless selling and rumour mongering over the past six months.
Reliance Capital had repaid over Rs 35,000 crore in debt over last 15 months. It is close to repaying another Rs 15,000 crore by March 2020, despite nil funding from any bank, NBFC or financial institution.
The Talepost believes that the Reliance Group will be able to combat this Reliance Capital issues and again rule the market. Recently the Jio scheme has been working wonders and has invited crores of profit from people across India. It has started with a Jio sim and further shifted to selling mobile phones as well with unlimited data usages.