Embattled tycoon Anil Ambani Tuesday vowed to cut debt of his group to “bare” minimum and said more than Rs 35,000 crore of loans have been paid back in the last 14 months and all future payment obligations will be met in a timely manner.
Ambani, who a couple of months back avoided a possible jail term after elder brother and richest Indian Mukesh Ambani paid off an overdue liability towards a contractor, has been on an asset sale spree to raise funds to cut about Rs 1 lakh crore of debt at his infrastructure-to-finance conglomerate.
In recent weeks, he sold a radio station and mutual fund business and is said to be in talks to sell general insurance unit. Read more
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