Ambani is cleaning up the group’s finances following years of spending on his wireless carrier.
Creditors led by State Bank of India will have to take a haircut of as much as 44% on Suzlon’s debt if the offer is accepted.
The group plans to snap up a 51% stake, which has a market value of about $2.77 billion.
With a growing number of smartphones and a surge in the use of broadband, India has become a battleground for streaming services.
State-owned China Development Bank, with loans worth 98.6 billion rupees ($1.4 billion) was the biggest creditor to the indebted telecom company.
The plan to sell the insurance unit is part of efforts by the former billionaire to cut his conglomerate’s liabilities after a debt-fueled expansion
Tata Global Beverages will buy all food brands and give shares in return to Tata Chemicals, said sources.
The country will lead the global growth in ultrahigh net worth individuals, with its numbers rising 39 percent to 2,697 by 2023.
Reliance Capital, his financial services business that almost doubled its profit in five years, had largely remained insulated from the distress.
Ambani is sharpening his focus on e-commerce with a $2.5-billion spending spree involving more than two dozen deals to face the world’s largest onli
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