Mumbai: Global Cloud Exchange (GCX) Ltd, a subsidiary of Anil Ambani's Reliance Communications, has filed a petition for bankrupt protection in a US court. Meaning now another company owned by Anil Ambani can be declared bankrupt soon. This has increased Anil Ambani's problems even more. The company was to make a payment of $ 350 million, after which the company has taken this step.
For this reason, credit rating agency Moody's Investors Service had also cut the rating of Ambani's company. This information has been given in a report by Bloomberg. It is noteworthy that GCX has the world's largest private cable system under the sea. Earlier in July, GCX said it had entered into a contract with the holders, which would provide additional time to discuss options related to the maturity of its bonds. Earlier, Reliance Communications also came under the purview of bankruptcy. Reliance Communication took a loan of Rs 4,800 crore from State Bank of India (SBI). RCOM had taken a loan of Rs 2,500 crore from Bank of Baroda.
RCOM had taken a loan of Rs 1,225 crore from Syndicate Bank, 1,127 crore from Punjab National Bank, 9,900 crore from China Development Bank, 3356 crore from Exim Bank of China and Rs 2100 crore from Standard Chartered Bank (Mumbai-London). The total loan of Reliance Group in March 2018 was Rs 1.7 lakh crore. Apart from RCOM, the four group companies also have high liabilities. The properties are being sold to pay off this debt. 38,900 crore on Reliance Capital, Rs 3,000,000 crore on Reliance Power, 17,800 crore on Reliance Infra and seven thousand crore on Reliance Engineering.
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