Anil Ambani’s Reliance Group Says Its Entire Debt From Yes Bank Is Secured
Anil Ambani-led Reliance Group on Wednesday said its entire debt from troubled Yes Bank Ltd. is fully secured and was availed in the ordinary course of business.
In a statement, the group said it is committed to honouring repayments of all its borrowing from Yes Bank through its asset monetisation programme. The Group, it said, has "nil direct or indirect exposure to Rana Kapoor, former Chief Executive Officer of Yes Bank, or his wife or daughters, or any entities controlled by Rana Kapoor or his family."
Reliance Group alongside Subhash Chandra's Essel Group were among the large borrowers that Finance Minister Nirmala Sitharaman had named after Yes Bank's board was superseded by the Reserve Bank of India and withdrawal restrictions placed.
As many as 44 companies belonging to 10 large business groups reportedly accounted for bad loans of Rs 34,000 crore of Yes Bank. Nine firms of Anil Ambani Group reportedly owed Rs 12,800 crore while Essel Group had unpaid loans of Rs 8,400 crore. Other companies on the list include DHFL Group, Dewan Housing Finance Corporation Ltd, Jet Airways (India) Ltd., Cox & Kings, and Bharat Infra.
Without giving the loan it has from Yes Bank, Reliance said: "Its entire exposure to Yes Bank is fully secured and transacted in the ordinary course of business." "Reliance Group is committed to honouring repayments of all its borrowings from Yes Bank Ltd through its various asset monetisation programmes which are all at advanced stages," the statement said.