Reliance Communications, the company which shined high during the mobile era in Indian market, lost its track due to the heavy competition. In 2012, the company tried to recover by taking a loan of $925 Million from three Chinese banks. Fortunately, Reliance Communication made a deal in 2013 with Ericsson to manage 10000KM of infrastructure in India.
This deal got impacted when Mukesh Ambani’s Reliance Jio entered the market. In 2017, Ericsson cancelled the deal with Reliance Communications and approached the court to get back Rs.1100 Crores. In 2019, Mukesh Ambani helped Anil Ambani with an amount of Rs.463 Crores to manage the Ericsson case.
Now the Chinese banks approached court in London to deal with the financial dispute over the loan amount. As Anil Ambani doesn’t have any assets that can be liquidated, he declared in the court that his net worth is zero. Time has the power to change anything and Anil Ambani’s story is an example.