Anil Ambani, who owns Reliance Capital and Reliance Communications, among other businesses, is on an asset-selling spree that goes beyond stake dilution in the two listed entities. Facing the heat from lenders who have been directed to crack the whip on defaulters, Anil Ambani plans to rejig his businesses, which predominantly involves sale of many assets, says Bloomberg.
In the first two weeks of the current month, Anil Ambani's Reliance Capital decided to dilute its stake in two subsidiaries — Reliance General Insurance and Reliance Nippon Life Asset Management Company — to raise anywhere between Rs 1,500 and Rs 2,700 crore.
Reliance Nippon Life Asset Management is the asset manager of Reliance Mutual Fund, one of the three largest fund houses in India.
"Initially we will be listing 10% and as per the SEBI listing guidelines over the next three years we will be going up to 25%," Chief Executive Sundeep Sikka, said on June 7, 2017. Reliance Capital owns 51 percent in the company while Japan's Nippon Life has a 44.5 percent stake.
A few days later, Reliance General Insurance spoke about partial stake sale to a strategic partner. Reliance Capital currently holds 100 percent in the venture.
As already reported, Anil Ambani's loss-making Reliance Communications is all set to be sold to two ventures — the wireless to Aircel and the tower business to Brookefield Infrastructure Group. The towers business is expected to net about Rs 11,000 crore. Reliance Communications is under pressure from banks to whom the company owes about Rs 45,000 crore.
Bloomberg said that the "summer" sale by Anil Ambani goes beyond these two stake dilution. Anil Ambani could sell his undersea cable unit Global Cloud Xchange for an tentative value of $500 million, besides real estate in Delhi and Mumbai that could fetch him about Rs 11,000 crore. The sale comprises 133 acres of land comprising the group's offices, a helipad and medical facilities, a lake and temple.
Besides, the Anil Dhirubhai Ambani Group, or ADAG, as the group is referred to, is also planning the sale of road assets for an estimated Rs 2,500 crore via the IPO route.