Anil Ambani, Chairman of the debt-riddled Anil Dhirubhai Ambani Group (ADAG), has said his group is committed to meeting all its debt obligations in a timely manner turning it to "capital light, with minimum debt and high on equity".
He told media persons in Mumbai on Tuesday that the group had serviced a debt liability of ₹35,000 crore over the last 14 months, including ₹24,800 crore as principal payment and ₹10,600 crore as interest repayment.
The debt servicing was through asset monetisation of Reliance Capital, Reliance Infrastructure and Reliance Power, he said.
"All these sales have been made against insurmountable odds.
"In the past 14 months banks, mutual funds, insurance companies, non-banking financial companies and pension funds have added zero net additional liquidity to any group company," he said.
"I regret the continuing total apathy and lack of any support whatsoever from the financial system," Ambani said, adding "ultimately only significantly hurt the interests of lenders themselves as well as all other stakeholders. The Reliance Group has demonstrated its bona fides in no uncertain manner as above."
Ambani said the group was struggling and was forced to meet debt obligations through asset monetisation as regulatory bodies and courts had not passed any final adjudication orders on claims aggregating to over ₹30,000 crore due for 5-10 years to various group companies, especially Reliance Infrastructure and Reliance Power and their affiliates.
He said he was anguished after reports against the group's "debt pile-up" which was part of “rumour mongering” and negatively impacted its 7-million retail shareholders.