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Business

UK court orders bankrupt Anil Ambani to pay $717 million back to Chinese banks

A UK court on Friday directed Reliance Group chairman Anil Ambani to pay nearly $717 million (around Rs 5,446 crore) within 21 days to three Chinese banks pursuing the recovery of funds owed to them as part of a loan agreement. In February 2012, Reliance Com took a loan of over $700 million from three […]

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Business

India’s richest man Mukesh Ambani owned Reliance Industries acquires Hamleys

India’s richest man Mukesh Ambani’s firm Reliance Industries (RIL) acquired the British toy retailer Hamleys. RIL which runs the world’s biggest single-location crude oil refinery in western India is transforming itself into a consumer retail chain and telecom company. Through its Reliance Brands subsidiary, the company signed an agreement to buy Hamleys from Hong Kong-listed […]

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Business

Anil Ambani’s RCom Bankrupt Seeks Insolvency

Reliance Communication (RCom) has filed for insolvency and has pitched for a fast track resolution through National Company Law Tribunal, this court deals with bankruptcy cases. The company owned by Anil Ambani owes banks ₹46,000 crore. The company has been struggling under heavy debt, and a trail of losses after the entry of his big brother […]