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Bloomberg
Beleaguered Indian businessman Anil Ambani is on an asset sale spree to raise funds to meet mounting debt obligations.
New fundraising via such sales will help Reliance Capital Ltd, the last stronghold of the former billionaire’s wider conglomerate, to pay 11 billion rupees ($158 million) that comes due over the next month. The company is in talks to sell its general insurance unit to Hero FinCorp Ltd, people familiar with the matter said.
Over the past two weeks, Ambani also announced the sale of a radio station and mutual fund business to repay creditors.