Anil Ambani Vows to Reduce Debt Further After Paying $5 Billion

Embattled Indian tycoon Anil Ambani pledged to reduce debt at his infrastructure-to-finance conglomerate to a “bare” minimum, seeking to bolster investor confidence in an empire that’s grappling with high leverage and delayed asset sales, Bloomberg News reported. The Reliance Anil Dhirubhai Ambani Group has repaid 350 billion rupees ($5 billion) in the past 14 months, an amount entirely raised through disposal of assets, Ambani, 60, told reporters in a rare conference call Tuesday without elaborating. His businesses have been straining since a government crackdown on bad loans, while his telecommunications unit is facing insolvency. “Reliance Group is committed to meeting all future debt obligations” and becoming “capital light, with bare minimal debt,” Ambani said. He didn’t take questions from reporters. Read more