Anil Ambani is no longer a billionaire his net worth has dropped from $42 billion to $0.5 billion in the past 11 years.
His companies have huge debts. He has sold his company assets to pay up the loans. Over the years he has sold Big Cinema, Reliance Big Broadcasting and Big magic.
But things weren't this bad for brother of India's richest man Mukesh Ambani. After their father Dhirubhai Ambani died in 2002 the $28000 crore Reliance empire was divided into two brothers. Mukesh got Oil business the RLL and Indian Petrochemicals. Anil got telecom business, Reliance infocom. He also got Reliance Energy, Reliance Capital, Reliance Natural Resources.
Things were great for a while both brothers went from strength to strength. Anil even bought many companies. In 2005 he bought Adlabs Films. In 2008 he signed $1.2 billion deal with Steven Spielberg's Dreamworks. He also entered infrastructure business. In 2008 Forbes estimated the avid marathon runners net worth to be $42 billion. He had reached the pinnacle of the success.
But in 2014 disaster hit home his Power and Infra companies had taken huge debts and it was time to pay up but business hadn't been smooth. Most of his companies were running in losses. So, Anil was forced to sell his companies assets to clear the dues.
It was downhill. But the big blow came from the family when elder brother Mukesh launched JIO. Mukesh entry in telecom sector in 2016 wrecked the existing players. Airtels profit took the massive hit. Vodafone and Idea were forced to merge and Anil's telecom business well, it was the end of road of RComm.
But if you are a businessman problems never end. In february 2019 the Supreme Court said Anil would face jail if his company RComm did not pay the dues to Swedish firm Ericsson. But, Anil did not have the money fortunately his brother Mukesh bailed him out.
The two brothers which had bitterly fought each other in court between 2006-2010 over price of natural case. In case which Anil eventually lost had come a full circle. But Anil's problems haven't ended he still had a lot of dues to clear. In March 2018 the total debt was 1.7 lakh crore rupees. Recently, he said Reliance Group paid 35000 crore rupees of loan in 14 months.He also sold his stake in Reliance Nippon which was his biggest asset worth 13500 crore rupees
Now, at $0.5 Billion his net worth is less than the value of Mukesh Ambani's house Antillia which is estimated to be over Billion Dollars. Thats the story of Anil Ambani's.
The fall of Billionaire