Reliance Group is committed to meet all payment obligations in a timely manner and has already serviced debt worth Rs 35,000 crore in the last 14 months, said Anil Ambani, chairman of the group.
Lenders from all categories—banks, mutual funds, NBFCs and insurance companies—have not provided any loans to the group in the last 14 months, he said. Despite the challenging environment, the group has repaid principle due worth Rs 24,800 crore and interest payments of Rs 10,600 crore from April 1, 2018, till May 31, 2019, said Ambani on Tuesday.
The Reliance Group companies serviced debt almost entirely from asset monetisation and operational cash flows.
Moreover, Ambani added the regulatory bodies and courts have not passed any final adjudication orders on claims aggregating to over Rs 30,000 crore due for more than 5 - 10 years to various group companies, especially Reliance Infrastructure and Reliance Power, he said. He said final decisions have repeatedly been delayed for one reason or the other.
"Unwarranted rumour mongering, speculation, and bear hammering of all Reliance Group companies shares over the last few weeks, has caused grave damage to all our stakeholders,” said Ambani in a press release on June 11.
Ambani was "personally anguished and deeply concerned for the Group’s over 7 million strong retail shareholders base," added the news release. "Their unstinted support is the bedrock of the young and dynamic group."
First Published: Jun 11, 2019 11:31 AM IST