NEW DELHI: Seeking to allay investor considerations after stocks of his crew firms took a beating on the bourses, Reliance Group chairman Anil Ambani on Tuesday stated his crew is committed to fulfill all cost duties in a timely method and has already serviced debt worth Rs 35,000 crore in ultimate 14 months. In a convention call with reporters, he stated in spite of challenging conditions and no financial strengthen from financiers, the group has repaid the main of Rs 24,800 crore and made pastime payments of Rs 10,600 crore between April 1, 2018, and May 31, 2019.
"Unwarranted rumour mongering, speculation, and bear hammering of all Reliance Group companies shares over the last few weeks, has caused grave damage to all our stakeholders," he stated.
The Rs 35,000 crore worth of payments made relates to debt of Reliance Capital, Reliance Power and Reliance Infra, and their respective associates.
Ambani sought to reassure investors that the group was once fully committed to meeting all long run debt servicing duties in a timely method through further asset monetisation plans which can be already at quite a lot of stages of implementation.
Blaming regulatory establishments and courts for one of the crucial crew problems, he stated the lengthen in passing verdicts has stored the group from receiving dues of over Rs 30,000 crore.
"To compound the matter, the regulatory bodies and courts have not passed any final adjudication order on claims aggregating to over Rs 30,000 crore that is due for more than five to 10 years to our various group companies especially Reliance Infrastructure, Reliance Power and their affiliates," he stated adding "final decisions have only been inordinately and repeatedly delayed for one reason or the other."
Stating that Rs 35,000 crore of payments had been made in the face of "insurmountable odds and the most challenging financial environment", he stated right through the 14 month length, lenders from all categories - banks, mutual funds, insurance coverage firms, provident funds or NBFCs - equipped no further liquidity or debt to any entity of the Reliance Group.
Ambani stated the debt servicing payments of over Rs 35,000 crore needed to be made nearly fully from asset monetisation (in spite of a liquidity-starved setting), and operational cash flows (in an operating setting beset by procedural and regulatory hurdles).
"The continuing total apathy and lack of any support whatsoever from the financial system" in the end "hurt" the interests of lenders themselves in addition to all different stakeholders, he stated.
He expressed self belief that the journey undertaken to grow to be the group to be capital gentle, bare minimal debt, and a higher return on equity, will support value for all shareholders.
"Unwarranted rumour mongering, speculation, and bear hammering of all Reliance Group companies shares over the last few weeks, has caused grave damage to all our stakeholders," he stated.
The Rs 35,000 crore worth of payments made relates to debt of Reliance Capital, Reliance Power and Reliance Infra, and their respective associates.
Ambani sought to reassure investors that the group was once fully committed to meeting all long run debt servicing duties in a timely method through further asset monetisation plans which can be already at quite a lot of stages of implementation.
Blaming regulatory establishments and courts for one of the crucial crew problems, he stated the lengthen in passing verdicts has stored the group from receiving dues of over Rs 30,000 crore.
"To compound the matter, the regulatory bodies and courts have not passed any final adjudication order on claims aggregating to over Rs 30,000 crore that is due for more than five to 10 years to our various group companies especially Reliance Infrastructure, Reliance Power and their affiliates," he stated adding "final decisions have only been inordinately and repeatedly delayed for one reason or the other."
Stating that Rs 35,000 crore of payments had been made in the face of "insurmountable odds and the most challenging financial environment", he stated right through the 14 month length, lenders from all categories - banks, mutual funds, insurance coverage firms, provident funds or NBFCs - equipped no further liquidity or debt to any entity of the Reliance Group.
Ambani stated the debt servicing payments of over Rs 35,000 crore needed to be made nearly fully from asset monetisation (in spite of a liquidity-starved setting), and operational cash flows (in an operating setting beset by procedural and regulatory hurdles).
"The continuing total apathy and lack of any support whatsoever from the financial system" in the end "hurt" the interests of lenders themselves in addition to all different stakeholders, he stated.
He expressed self belief that the journey undertaken to grow to be the group to be capital gentle, bare minimal debt, and a higher return on equity, will support value for all shareholders.
Cleared Rs 35k cr debt in 14 months: Anil Ambani
![Cleared Rs 35k cr debt in 14 months: Anil Ambani]()
Reviewed by Kailash
on
June 11, 2019
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