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Corporate News

2019 was woeful for many Indian tycoons

MUMBAI: For many Indian tycoons, 2019 turned woeful as lenders -- empowered by the nation’s recent bankruptcy law and desperate to clean up soured debt from their books -- started seizing assets of delinquent firms or dragged them into insolvency.

Banking

Reliance Capital’s US$13bil debt at risk after default rating

MUMBAI: Reliance Capital Ltd’s downgrade to default grade at Care Ratings Ltd places the debt of embattled tycoon Anil Ambani’s conglomerate at risk, reigniting India’s credit scare.

Business

Anil Ambani’s shipyard risks insolvency

MUMBAI: The shipyard controlled by embattled Indian tycoon Anil Ambani is facing the prospect of bankruptcy after failing to get creditors’ approval for restructuring 70 billion rupees (US$970mil) of debt, people familiar with the matter said.MUMBAI: The shipyard controlled by embattled Indian tycoon Anil Ambani is facing the prospect of bankruptcy after failing to get creditors’ approval for restructuring 70 billion rupees (US$970mil) of debt, people familiar with the matter said.

Business

Asset sale mulled to cut Apollo Hospitals debt

MUMBAI: The family that controls Apollo Hospitals Enterprise Ltd, India’s largest private hospital chain, is looking to sell assets or bring an outside investor into their holding company to pay down debt.

Business

Anil Ambani plans US$3.2b asset sales to pare massive debt

MUMBAI: Indian tycoon Anil Ambani plans to raise about 217 billion rupees (US$3.2bil) by selling assets from roads to radio stations in a bid to cut debt.

Business

Yes Bank co-founder’s family plans stake sale

Mumbai: Indian banker Rana Kapoor’s family is planning to sell a stake in their six-year-old mortgage finance company, sources said, as rising wariness in the credit market erodes growth prospects of shadow finance firms.