Anil Ambani goes into fire-fighting mode

Reliance Capital to sell MF company stake to joint venture partner Nippon Life; RCom asks lenders to release ₹260-cr lying in its account

Facing a jail threat, Anil Ambani swung into action on Thursday to try and raise money to pay off his group companies’ debt.

While beleaguered telecom operator Reliance Communications (RCom) has asked its lenders to release about ₹260 crore lying in its account to pay off Swedish telecom equipment maker Ericsson, Reliance Capital has offered to sell out its 43 per cent stake in Reliance Nippon Life Asset Management Company (AMC) to joint venture partner Nippon Life Insurance Company.