Anil Ambani’s company Reliance Big Private Limited (RBPL), who is struggling with the heavy debt burden, is going to get a new owner soon. The National Company Law Tribunal (NCLT) Mumbai Bench has approved the acquisition proposal of entrepreneur Manoj Kumar Upadhyay and his company Accme Cleantech Solutions. This acquisition will be completed under the insolvency process.
What did Reliance Big Private Limited do?
- Wind operated on the energy generation in Tamil Nadu.
- Tamil Nadu used to supply power to the Electricity Board.
- Reliance was associated with infrastructure.
- Commodity was also active in trading.
Company in debt of Rs 1000 crore
- RBPL had a total debt of Rs 1000 crore.
- Under the insolvency process, financial institutions will pay Rs 3.51 crore.
- The successful bidder will have to invest Rs 4 crore in cash in the company.
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Who keeps voting rights?
- Axis Trustee Service: 48.42% (Outstanding the company Rs 483 crore)
- JC Flowers ARC: 51.58% (Liabilities of Rs 515 crore)
Will this acquisition be able to save RBPL?
After the acquisition of Acme Cleantech Solutions, it has to be seen whether the company can overcome debt under new management. Reliance Big’s current situation shows that incorrect financial management may put companies in serious crisis.
