Home Uncategorized Sure Financial institution takes possession of Anil Ambani’s group headquarter in Mumbai...

Sure Financial institution takes possession of Anil Ambani’s group headquarter in Mumbai for failure to repay dues – enterprise information


Sure Financial institution has taken over the headquarter of Anil Ambani’s group in surburban Santacruz for failure to repay dues value Rs 2,892 crore.

The non-public sector lender has additionally taken possession of two flats in South Mumbai for the non-payment of dues by Reliance Infrastructure, in keeping with a discover revealed by Sure Financial institution in a newspaper on Wednesday.

Practically all the main corporations in Anil Dhirubhai Ambani Group (ADAG) had been working out of the Santacruz workplace known as ‘Reliance Centre’. Nevertheless, in the previous few years, the fortunes of the group have gone south with the businesses assembly varied fates, together with bankruptcies and stake gross sales.

Sure Financial institution stated it had sought to get well dues of Rs 2,892.44 crore from Reliance Infrastructure on Might 6 and took possession of the three properties on July 22 after a failure to repay even after 60 days of the discover.

It cautioned most of the people to not cope with the properties, including that any coping with the properties will probably be topic to a cost of Sure Financial institution for an quantity of Rs 2,892 crore.

Final yr, the group was trying to lease out the identical headquarters — which admeasures 21,432 sq. metres as per the Sure Financial institution discover — in an try to boost assets to repay money owed.

The opposite two properties are unfold over two totally different flooring in South Mumbai’s Nagin Mahal, admeasuring 1,717 sq ft and 4,936 sq ft.

It may be famous that publicity to ADAG corporations is blamed as among the many key causes for the excessive quantity of dangerous debt piled up by Sure Financial institution. Because of the excessive quantity of non-performing property, the lender needed to be bailed out by a SBI-led consortium of lenders for Rs 10,000 crore.

Earlier than the bail-out, the federal government and the RBI outdated the Sure Financial institution board in March and put in a brand new chief government and board.

On June 23, Anil Ambani had claimed that R-Infra, which has loans excellent of Rs 6,000 crore, will probably be fully debt-free this fiscal yr.

In 2018, the corporate bought its Mumbai vitality enterprise to Adani Transmission for almost Rs 18,800 crore, which helped cut back the debt to almost Rs 7,500 crore.

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