The Reliance Group, headed by business tycoon Anil Ambani, made a major announcement on Wednesday regarding a plan to reduce its debt by up to Rs 12,000 crore. As part of this plan, Reliance Infra received a Rs 1,100 crore infusion from its promoters on Monday, leading to a 20% surge in its shares on stock markets. In addition, the group also revealed plans to form a joint venture with BlackRock for investment advisory, demonstrating its commitment to financial transformation.
Reliance Group Announces Debt Reduction Plan, Shares Surge Amid Positive Developments
The Reliance Group, led by industrialist Anil Ambani, has announced a comprehensive plan to reduce its debt by up to Rs 12,000 crore through various strategic initiatives. This significant development follows a series of positive announcements from the group in recent times.
Background
The Reliance Group has been facing financial challenges in recent years, with several of its companies facing high levels of debt. As of March 2021, the group's total debt stood at around Rs 93,000 crore.
Debt Reduction Plan
To address its debt burden, the Reliance Group has unveiled a multi-pronged plan that includes:
Other Positive Developments
In addition to the debt reduction plan, the Reliance Group has also made other positive announcements recently:
Top 5 FAQs
1. What is the total debt of the Reliance Group? As of March 2021, the total debt of the Reliance Group was around Rs 93,000 crore.
2. How much debt does the group plan to reduce? The Reliance Group plans to reduce its debt by up to Rs 12,000 crore.
3. What are the key initiatives in the debt reduction plan? The key initiatives include infusion of funds, asset monetization, joint venture with BlackRock, and debt restructuring.
4. What is the role of BlackRock in this plan? BlackRock will provide investment advisory to the Reliance Group on its debt reduction and financial transformation efforts.
5. What other positive developments have been announced by the group recently? The group has secured new contracts, started new power plants, and raised capital for Reliance Home Finance.
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