Tag: reliance group

Reliance Industries Ltd on Friday reported its highest-ever quarterly consolidated net profit of Rs 11,640 crore or $1.6 billion for the quarter ended December 31, 2019, rising by 13.5 per cent on a year-on-year basis.

Anil Ambani, owner of Reliance ADAG Group, has been sued by three Chinese banks for Rs 48.53 billion (680 million Dollar). These banks have said that Anil Ambani's closed company Reliance Communication had taken a loan of Rs 66.03 billion ($ 925.5 million) in 2012, which was defaulted in 2017.

The Industrial & Commercial Bank of China Ltd., China Development Bank and the Export-Import Bank of China (Chinese Banks) have dragged Asia’s Richest man brother, Anil Dhirubhai Ambani to London court for his default of not paying back the loan amount of $680 million. ICBC lawyer told the court that $925.2 million loans were given to Reliance Communications Ltd which, Anil Ambani’s firm in the year 2012 on the condition that he will provide a personal guarantee. He added the firm made some payments, however, in 2017 they defaulted if paying the money. However, Anil, on the contrary, said that though he has agreed for a non-binding “personal comfort letter,” but he never guaranteed to ties his assets which is an “extraordinary potential personal liability.”