Business Companies 17 Sep 2019 Anil Ambani’s ...

Anil Ambani’s GCX files for bankruptcy

DECCAN CHRONICLE. | DENISE WEE
Published Sep 17, 2019, 1:38 am IST
Updated Sep 17, 2019, 2:51 am IST
The former billionaire's RCom itself fell back into bankruptcy earlier this year.
Anil Ambani
 Anil Ambani

A unit of RCom has filed for bankruptcy protection. GCX, which owns the world's largest private undersea cable system, is the latest company owned by Anil Ambani to stumble.

The former billionaire's RCom itself fell back into bankruptcy earlier this year. The move by subsidiary GCX comes after it missed payment on its $350 million of 7 percent bonds, matured on Aug. 1. Ambani has been waging a war on debt, and Reliance has said that it planned to raise about Rs 217 billion by selling assets from roads to radio stations in a bid to cut debt.

 

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