In the backdrop of pending debts, Reliance Group chairman Anil Ambani has decided to sell his companies in order to repay the loans. The renowned businessman has decided to sell off two of his companies – Reliance Home Finance (RHFL) and Reliance Commercial Finance (RCFL) limited.
Reliance Capital, the parent company, is looking out for investors to save these companies. After the rating agencies including CARE and ICRA reduced the ratings for RHFL and RCFL, the companies are not performing well. However, several big companies have shown interest in the same.
In order to buy a large number of shares for Reliance Home Finance Limited (RHFL), companies like Blackstone, Carlyle, Brookfield, and Piramal group have shown interest while Reliance capital has 51 per cent shares in RHFL. Meanwhile, the company is in talking terms with national and international investors regarding the deal.
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Chief Executive Officer of Reliance Capital, Amit Bafna informed that this process will go on for almost two to three months and will improve credit ratings of the company. Currently, both RHFL and RCFL are under a debt of ₹17,000 crore and ₹16,000 crore, respectively.