Ambani shows why RBI hates big business in banking
However, Anil Ambani’s suffering couldn’t be more real. Creditors, including the government, are scrambling to recover the 758 billion rupees ($10 billion) that Reliance Communications Ltd. his company, which shut down its mobile service four years ago. Last year, the 62-year-old former billionaire was ordered by a London judge to pay more than $700 million to a trio of Chinese banks that lent money to RCom with Ambani’s personal guarantee. Reliance Naval & Engineering Ltd., which had a contract to build patrol boats for the Indian Navy, also defaulted. BloombergQuint reported in September that creditors are considering 80%-90% haircuts.
https://www.washingtonpost.com/business/ambani-shows-why-rbi-hatesbig-business-in-banking/2021/11/29/ff8434e4-5196-11ec-83d2-d9dab0e23b7e_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business Ambani shows why RBI hates big business in banking