In 2007/08, when elder brother Mukesh Ambani gifted wife Nita a corporate jet worth Rs 250 crore, Anil bought a super luxury yacht for wife Tina for Rs 400 crore.
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Four other companies - Reliance Infrastructure, Reliance Power, Reliance Capital and Reliance Home Finance - had defaulted on loans before the Covid-19 outbreak but got relief for some time as the pandemic forced the government to suspend IBC until March 2021.īT takes a close look at the dozen biggest business families that have lost most of their wealth/businesses or flagship companies since the IBC was implemented.Īnil Ambani, the younger son of Dhirubhai Ambani, was known for living a luxurious life - appearing with celebrities, hobnobbing with top politicians and travelling on private jets. He lost the flagship Reliance Communications Ltd (RCom) and Reliance Naval and Engineering.
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The siblings are being investigated for money laundering and fraud too.Īnil Ambani, the world’s sixth-richest person in 2008 with wealth of $42 billion, pleaded bankruptcy before a London court in September 2020. Tata Steel acquired BSL for Rs 35,200 crore in 2018 while JSW Steel took over BPSL for Rs 19,350 crore in March 2021. The two companies were part of the Reserve Bank of India’s (RBI’s) first list of 12 big defaulters that were sent to IBC after their debt became unmanageable. Both have lost around Rs 55,000 crore wealth. Take Brij Bhushan Singal’s sons, Sanjay and Neeraj, who ran Bhushan Steel (BSL) and Bhushan Power and Steel (BPSL) separately.
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And, while debt is important for growth, it has to be watched carefully lest it become unsustainable. A study of the reasons for their collapse offers lessons in corporate governance, the biggest being that adding capacity at the right time, ability to sense market dynamics and understanding technology are important for running a successful business. While high-cost expansion funded by debt has been the biggest reason for most of these corporate failures, another factor has been diversification into unrelated areas.