Anil Ambani is looking to either sell or put on lease his group’s headquarters in Mumbai. This comes as an effort to reduce the debt his companies are in.
Ambani would reportedly move back to his Ballard Estate office in South Mumbai, a property he had gained after he split with his elder brother Mukesh in 2005.
According to business daily The Economic Times, Anil Ambani is looking to either sell the 700,000 sq ft property or put it on long-term lease. According to Times of India, the property is owned by Reliance Infrastructure and the idea behind selling or leasing it is to make the company debt free.
Anil Ambani has been facing a tough time in recent years. Almost of all of the Reliance Anil Dhirubhai Ambani Group companies are in massive debt.
In fact, Anil Ambani barely managed to avoid going to prison recently over unpaid debt of one of his erstwhile companies — Reliance Communications. Earlier this year, the Supreme Court had ordered Anil Ambani to pay money owed to telecom equipment maker Ericsson or go to jail.
Anil was saved from going to jail by his elder brother Mukesh who lent him the money he needed to pay Ericsson.