Once a towering figure in India’s corporate world, Anil Ambani’s business empire has been steadily dismantled by crushing debt and financial distress. From a peak market capitalization of ₹1.69 lakh crore for Reliance Communications in 2008, several of his group companies are now shadows of their former selves, entangled in insolvency proceedings, resolution processes, and government arbitration claims.
The Debt Landscape
The total debt across the Anil Ambani Group crossed ₹1.7 lakh crore in 2018, and recoveries since then have ranged from a mere 1% in Reliance Communications to 37% in Reliance Capital.
Reliance Communications (RCOM), burdened with ₹40,413 crore in debt, failed after being overleveraged and disrupted by rival Jio. It entered insolvency in 2019 and has yielded only 1% recovery for lenders.
Reliance Infrastructure (RInfra) remains in a net debt-free status but is seeking dues worth over ₹6,300 crore from government arbitration cases. Notably, it repaid ₹3,300 crore in FY25.
Reliance Power owes ₹18,766 crore as of 2024, grappling with project delays and fuel shortages. It continues operations, but its financial health remains fragile.
Reliance Home Finance and Reliance Capital were victims of NBFC and governance crises, with the latter undergoing resolution via the NCLT with a 37% recovery.
Reliance Naval and Engineering was acquired by Swan Energy after defaulting on ₹12,800 crore of dues, providing only 17% recovery.
Arbitration Claims in Focus
Reliance Infrastructure is seeking recovery of arbitration dues from multiple government entities, including DMRC, NHAI, and the Goa government. The most high-profile of these is the Delhi Airport Metro Express case, where an earlier favourable ruling was overturned by the Supreme Court.
From Market Giants to Modest Caps
In 2008, Anil Ambani-led firms boasted massive market caps: RCOM (₹1.69 lakh crore), Reliance Power (₹1.01 lakh crore), and Reliance Capital (₹67,300 crore). Today, the only significantly traded entities—Reliance Power and Reliance Infrastructure—are valued at ₹23,458.1 crore and ₹3,549.7 crore, respectively.
Courtroom Drama
In a 2020 UK court affidavit, Anil Ambani declared his net worth as “zero,” stating that his expenses were borne by his wife and family. “I do not own the yacht, the cars, or the jet—they are owned by corporate entities or held in trust,” he claimed.
A Shadow of His Past
The sharp downfall of the Anil Ambani Group marks one of the most dramatic collapses in India Inc.'s recent history. From boardroom dominance to courtroom defenses, the saga highlights the peril of unchecked expansion and the devastating impact of corporate overleverage in a changing economic landscape.