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Anil Ambani's life turned upside down within 12 years from hero to zero. Anil who was declared as the sixth richest person in the world as per the Forbes reports with a woofing wealth of $42 billion has now become prey for poverty and left with no money.
Anil Ambani was landed in bankruptcy court after he failed miserably in fields like Telecom, power generation, financial services and businesses which happened after the Ambani brothers have split.
The total market capitalization of the six group companies owned by the Anil Ambani's Reliance Group was around Rs 6,197 crore which stood at Rs 1,645.65 crore post-market closing on February 10, 2020.
Things turned ugly for Anil when the RCom company which was earlier started as Reliance Infocomm in 2002 which choose to use CDMA (Code Division Multiple Access) platforms, which was considered as an emerging technology back then. Its rivals such as Airtel and Hutch were using the GSM (Global System for Mobile Communication).
The Reliance Capital has thrilled the mutual funds business in May 2019 by selling the entire stake in the Reliance Nippon Life Asset Management Ltd (RNAM).
The Anil Ambani Group companies which include Reliance Communications, Reliance Naval & Engineering, Reliance Infrastructure, and Reliance Power bilked on loans which were worth Rs 43,800 crore.
The Reliance Naval & Engineering has admitted for the insolvency proceedings which were held by the Ahmedabad bench of the National Company Law Tribunal(NCLT) in January 2020.