Reliance Group Chairman Anil Ambani in a conference call said rumours have damaged the value of his company’s stocks.
Reassuring investors, Ambani clarified that the group had serviced debt payments of over Rs 35,000 crore in the last 14 months, from April 2018 to May 31, 2019. This included principle payments of Rs 25,000 crore and interest payments of Rs 11,000 crore, he said.
He added that during the 14-month period, lenders from all categories, including banks, mutual funds, insurance companies, provident funds and NBFCs had provided zero net additional liquidity to any of the group’s entities. “These payments have been made in the face of insurmountable odds and the most challenging financial environment in the country in decades,” Ambani added.
Ambani also pointed out that the regulatory bodies and courts had not passed any final adjudication order on claims aggregating to over Rs 30,000 crore that are due for more than five to 10 years to various group companies, especially Reliance Infrastructure, Reliance Power and their affiliates. Despite the lack of support, the group is committed to paying off all its debts, he said.
These developments come in the backdrop of Reliance Power posting its biggest ever quarterly loss in the January to March quarter and Reliance Infrastructure deferring its quarterly results for the second time.―The Hindu Business Line