Rs30,000 cr receivables still due to group cos
MUMBAI: The Reliance) Group chairman, Anil Ambani (seen in the picture) said on Tuesday that despite having made an aggregate debt servicing payments of more than Rs35,000 crore in the past little over a year, the claims to his group companies amounting to about Rs30,000 crore remain unpaid for more than 5-10 years.
“There have not been any final adjudication orders on claims aggregating to over Rs30,000 crore that are due for more than 5 – 10 years to various companies from the Reliance Group, especially Reliance Infrastructure Ltd and Reliance Power Ltd, and their affiliates,” Ambani resented.
“The Rs35,000 payment comprised principal repayments of Rs24,800 crore and interest payments of Rs10,600 crore. This amount included debt servicing payments by Reliance Capital Group, Reliance Power group and Reliance Infra Group, and their respective affiliates,” he explained
In a statement sent through an official spokesperson, the group chairman reaffirmed that the Group was fully committed to meeting all future debt servicing obligations in a timely manner, through further asset monetisation plans that are already at various stages of implementation.
Sounding high hopes about the future of the group, Ambani said, “By keeping the group capital light, with bare minimal debt, Reliance hopes to generate higher return on equity (ROE), and this will enhance value for all Reliance Group shareholders.
Ambani said he has been aggrieved by the unwarranted rumour mongering, speculation, and bear hammering of all Reliance Group companies’ shares over the last few weeks, and this has caused grave damage to all its stakeholders.
He didn’t mince words when he said he was personally anguished and deeply concerned for the group’s over seven million-strong retail shareholder-base, perhaps the largest in the world.
Stating that their unstinted support is the bedrock of the young and dynamic group, Anil Ambani added it was heartening for him personally, that over the past 12 months, retail shareholding across all companies remained un-eroded and consistent, cementing his belief of the strong support and good wishes of all shareholders for the Reliance Group.
