Anil Ambani: Anil Ambani’s Big FM is going to be sold, got an offer of Rs 251 crore, complete details
New Delhi: Reliance Broadcast Network (RBNL), which is going through bankruptcy proceedings, has received two bids worth Rs 251 crore from Radio Mirchi and Sapphire FM for its radio channel Big FM. According to media reports, both bidders have offered to make payment within 30 days. According to sources, Landers has begun discussions with the two resolution applicants to revise their bids. According to the information, Big FM is in the bankruptcy process. Lenders will also get the cash of Rs 60 crore lying in the company’s accounts. Landers expect total recovery to be 55-60 per cent of the total accepted claims of Rs 578 crore.
largest network
Big FM is owned by Reliance Broadcast Network Limited (RBNL). It is the largest radio network in the country with 58 stations. It has a reach of more than 1,200 cities and more than 50,000 villages. According to the insolvency application filed by IDBI Trusteeship Services on behalf of L&T Investment Management Ltd, RBNL has failed to repay a loan of Rs 175 crore.
Was once among the rich
Lenders that have raised claims include IndusInd Bank (Rs 172 crore), HSBC Asset Management (Rs 238 crore), Franklin Templeton MF (Rs 103 crore) and Reliance Commercial Finance (Rs 64 crore). IDBI Trustee Services was the trustee for L&T Investment Management Services, while Reliance Capital was the guarantor for RBNL. Let us tell you that Anil Ambani, once counted among the richest people in the world, is currently facing financial difficulties.
There was a time when Anil Ambani was the sixth richest industrialist in the world, but today the situation is such that he is bankrupt. Anil Ambani, burdened under the heavy burden of banks, has become a defaulter about 49 times. The company continued to do well for a few years after the division, but then Anil Ambani started on the path of ruin.
