Mukesh’s bankrupt younger brother Anil Ambani is also turning around

Sathia Kumar

Currently the richest man in India is Mukesh Ambani.

Currently the richest man in India is Mukesh Ambani. But once his younger brother Anil Ambani was the richest man in India. At that time Anil was the sixth richest man not only in India but in the whole world. His wealth was more than 1 lakh 83 thousand crore rupees in Indian currency. But the good day did not last long. That Anil was declared bankrupt before a UK court in February 2020!

In a report on Anil Ambani today, DNA said, he always liked to be in the media discussion. But he disappeared from the limelight after an unfortunate fall.

Hopefully, the media spotlight is once again on Anil Ambani. Because his company, which was once on the verge of collapse, has started to rise again. Shares of Anil-owned Reliance Power touched the circuit above 5 percent for two consecutive days.

Shares of Anil Ambani’s Reliance Power traded at Rs 23.23 after hitting the upper circuit last Monday (March 18), according to Bombay Stock Exchange data. Reliance Power and Reliance Infrastructure have settled the debt with ICICI Bank, according to the filing. It signed a settlement agreement with ICICI Bank Ltd on March 14, according to company filings.

It should be noted that Reliance Power’s shares have fallen more than 99 percent from their peak to just Rs 1 after touching the peak of the decline four years ago. In 2008, Reliance Power’s share was trading at around Rs 260.78 and after a big fall, the share price was just Rs 1.13 on March 27, 2020. The company has been recovering its share price little by little from that position in the past years.

Reliance Group and Industries were inherited from Dhirubhai Ambani by his two sons Mukesh and Anil Ambani. Younger brother Anil took ownership of the more profitable Reliance Group during the demerger. And Reliance Industries was owned by elder brother Mukesh Ambani. Meanwhile, Anil saw the reverse side of the coin, but Mukesh never looked back. Currently India’s richest man Mukesh Ambani has a net worth of $113.9 billion.

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