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Anil Ambani Needs $2 Billion in Asset Sales to Save His Last Stronghold

  • Reliance Capital has seen downgrades by three rating agencies
  • Asset sales are key to tide over repayments, cash squeeze
Anil Ambani
Anil AmbaniPhotographer: Satyabrata Tripathy/Hindustan Times via Getty Images
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The last stronghold in embattled tycoon Anil Ambani’s phone carrier-to-power empire is also developing fault lines.

Reliance Capital Ltd., his financial services business that almost doubled its profit in five years, had largely remained insulated from the distress plaguing the wider conglomerate. Now, the company that controls India’s fifth-biggest mutual fund, is racing to close a planned $2 billion of asset sales to bolster its finances after cash dwindled to 110 million rupees ($1.6 million) as of March, according to CARE Ratings.