Mumbai: The struggling Anil Ambani group, which has exited a slew of businesses in recent past due to severe liquidity crunch, has appointed both the sons – Anmol (27) and Anshul (24) – as directors on the board of infrastructure arm ‘RInfra’.
The company has also appointed retired Army officer Lt Gen Syed Ata Hasnain as an independent director on the board of the company, it said in a statement on Wednesday.
As of July 2019, four group companies alone, excluding the bankrupt telecom arm, were sitting on a debt pile of about Rs 93,900 crore.
Anmol Ambani has been on the board of Reliance Capital since August 2016, while Anshul Ambani joined group this January, and has been actively involved in all operations of ‘RInfra’, including a special focus on the defence business, working closely with the group chairman and Punit Garg, executive director, the company said.
During the recent AGMs, Anil Ambani had said the group was shuttering the two lending arms of ‘Reliance Capital’ – ‘Reliance Commercial Finance’ and ‘Reliance Home Finance’ with a cumulative asset of over Rs 25,000 crore, by December.
The group has long ago exited the telecom business and the company, once a leading player, is in the bankruptcy court since February. Many other group ventures like the defence vertical are also struggling for long now. The defence business, Reliance Naval is also under severe financial stress.
During the AGM, Anil Ambani had claimed that his group has over 60,000 crore of receivables in regulatory and arbitrary disputes which are pending for the past 5-10 years. He had also said the group is planning to pay creditors Rs 15,000 crore more by March next year.
PTI