Anil Ambani may sell or lease out Mumbai headquarters to cut debt: report
Reliance Group Chairman Anil Ambani is planning to either sell or lease out the group's Santacruz headquarters in Mumbai to pare his debt. The businessman is holding talks with a group of global private equity firms comprising Blackstone and a US-based fund.
Meanwhile, the site is also caught up in a legal tangle. However, if sold, the 700,000 sq ft property which is located on Mumbai's Western Express Highway, could fetch up to Rs 1,500-2,000 crore, mentioned a report in the Economic Times.
The group has appointed property consultancy firm JLL to advise it on the said transaction. Whilst, Ambani is also considering moving back to his Ballard Estate office in South Mumbai which is currently vacant, the report added.
Ambani got the office after he and his elder brother Mukesh Ambani decided to divide the Reliance empire among themselves in 2005. The source also told the news daily that the group was looking to monetise real estate assets.
Furthermore, Anil Ambani's who was the 6th richest man in the world with a wealth of $42 billion in 2008, had also crashed out of the billionaire club last month. In 11 years, the equity value of Ambani's entire business empire crashed to Rs 3,651 crore ($523 million).
In March 2018, the Reliance Group companies had a total debt of over Rs 1.7 lakh crore.