Anil Ambani’s Reliance Group will lease the company’s headquarters to reduce debt

MUMBAI: The group relies on leasing its headquarters in one of the main suburbs of Mumbai, the telecom said in an infrastructure conglomerate, a move that would help the company raise funds to repay debt.
Some of the companies within the Reliance Group conglomerate, controlled by businessman Anil Ambani, have been hit by a series of downgrading of credit ratings and audit problems.
“The reliance infrastructure relies on the monetization of its reliance center located in Santacruz East, Mumbai,” the company said in a statement.
The reliance will continue to be owned, and the income from a leasing contract will only go for debt reduction, the company said. He did not comment on the financial details of the contract or financial condition of the group.
Anil Ambani is the younger brother of the richest Asia Mukesh Ambani. The conflict of brothers over the control of the Liberation Empire broke out after the death of their father in 2002. The business of support was split in 2005 as part of the settlement between them.
This made them both billionaires, but while Mukesh’s energy, telecommunications and the retail conglomerate of Mr. Mukesh became even stronger,
Mr Mukesh, however, recently appeared to have offered some kind of support to his younger brother to be able to repay $ 80 million in debt to the Swedish telecommunication company Ericsson.
The company’s headquarters, located along the bus highway in the commercial area of ??western Mumbai, extends to 0.7 million square meters and can accommodate more than 3,000 employees, said the executive director. The property is under the control of the leading company Reliance Infrastructure Ltd.
The support infrastructure, known as R-Infra, builds and operates bridges, roads, metro railways and power stations, and manages the company’s operations in defense. It is one of the most indebted companies under the auspices of Reliance and has sold its property over the past two years.
Currently there are debts of Rs. 15,000 crore ($ 2.17 billion) and Mr Ambani last month said they would sell all their road property as it strives to become debt by next year.
The reliance infrastructure in the last quarter had great losses. His auditors raised red flags about the latest results and cast doubt on the way the company was accounting for several transactions.
Financial affairs of Anil Ambani, Reliance Capital Ltd, were also subject to controls when the global PwC audit firm resigned, alleging irregularities in account books. The company rejected the audit report.

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