Anil Ambani wants RBI to play Big Brother to ‘gasping’ NBFCs
Anil Ambaniexpects the new government and RBI to provide an ‘immediate liquidity window’ to NBFCs
- Ambani says NBFCs are facing a full blown crisis.
- Ambani’s new slogan across group companies is death of debt
After the IL&FS crisis, few banks are lending to the NBFC sector as they have turned risk averse. This sector raises funds from banks, and uses them to take riskier bets across a range of loans. ADAG’s Reliance Capital has Reliance Housing Finance in its large umbrella of businesses.
“The balance sheet of all major players has shrunk in the past eight months. It’s a full blown crisis,” said Ambani in the interview. Last week, his group company sold its mutual fund business to its partner, Nippon Life Asset Management, effectively exiting the business.
Death of debt: New Mantra
The younger Ambani of the country’s most popular business family, has had his run-ins with the law. He was recently bailed out of a possible jail sentence as one of his now shuttered business,
The more successful brother, Mukesh Ambani, the chairman of
In the interview, Anil also said that it has become tougher to close deals in the country. Unconfirmed reports also say that yet another of his business Big FM owned by Reliance Broadcast Network is all set to close another deal to sell the radio channels.
From now on, Anil who had launched many successful IPOs in the past, has started to focus on organic growth. He cited the example of the umbrella of businesses under Reliance Capital which progressed from being an asset management company in 2006-07 to add others like general insurance, asset reconstruction, home finance, without raising equity.
“I have a slogan I am pushing across the group: death of debt,” Anil said in the ET interview.
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