The troubles of Anil Ambani caught in the debt trap are not taking the name of lessening. Recently, despite millions of efforts, Anil Ambani could not save his bankrupt company Reliance Naval and Engineering, so now he has got new tension from Piramal Group.
What’s the matter: In fact, Piramal Group’s company Piramal Capital and Housing Finance (PCHFL) has approached the NCLT against Anil Ambani-controlled Reliance Power and its subsidiary Reliance Natural Resources (RNRL). According to the news of Business Standard, an application has been made for insolvency proceedings in the Mumbai bench of NCLT. Piramal Capital has taken this decision after defaulting on loans of Rs 526 crore.
Let us tell you that Reliance Natural Resources was merged with Reliance Power in 2010. This company had taken a loan from Dewan Housing Finance Corporation (DHFL). The Piramal Group, controlled by billionaire Ajay Piramal, had acquired DHFL in 2021 for a total of Rs 34,250 crore and then merged it with PCHFL. Now PCHFL is doing the loan recovery work.
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According to Reliance Power’s website, the company has operational power generation assets of around 6,000 MW, which includes the 3,960 MW Sasan Ultra Mega Power Project in Madhya Pradesh.
Many companies in the sales process: Let us tell you that many companies of Anil Ambani Group are in bankruptcy process. These include Reliance Infratel (the tower arm of Reliance Communications), Reliance Telecom, Reliance Naval and Reliance Capital.
Piramal’s connection with the Ambani family: It is also interesting that Ajay Piramal and Mukesh Ambani, the head of Piramal Group, are related. Actually, Mukesh Ambani’s daughter Isha is married to Ajay Piramal’s son Anand. In this sense, Ajay Piramal became the father-in-law of Isha Ambani.