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.