INSUBCONTINENT EXCLUSIVE:
conglomerate said, a move that will help the company to raise funds to pay off debt.Some of the companies under the Reliance Group
conglomerate, controlled by businessman Anil Ambani, have been hit by a spate of credit ratings downgrades and auditing issues."Reliance
infrastructure plans to monetise its marquee Reliance Center Office located in Santacruz East, Mumbai," the company said in a
statement.Reliance will continue to own the premises and proceeds from the leasing deal will go only for debt reduction, the company said
It did not comment on the financial details of the deal or the group's financial condition.Anil Ambani is the younger brother of Asia's
richest man Mukesh Ambani
A feud between the brothers over control the Reliance empire broke out after the death of their father in 2002
The Reliance businesses were split up in 2005 as part of a settlement between them.That made them both billionaires but while Mr Mukesh's
energy, telecoms and retail conglomerate had gone from strength to strength, Mr Anil's companies have struggled.Mr Mukesh, however,
appears more recently to have offered some kind of support to his younger brother so he could repay $80 million in debt to Swedish telecom
company Ericsson.DebtsThe company headquarters, located along a busy highway in the premium commercial area of western Mumbai, is spread
over 0.7 million square feet and accommodates more than 3,000 employees, a Reliance executive said
The property is under control of the flagship company of the group, Reliance Infrastructure Ltd.Reliance Infrastructure, known as R-Infra,
builds and runs bridges, roads, metro rail and power plants, and operates the company's fledgling defence business
It is one of the most indebted companies under the Reliance umbrella and has sold off assets in the past two years.It currently has debts of
Rs 15,000 crore ($2.17 billion) and Mr Ambani said last month that he would sell off all its road assets as it seeks to become a debt-free
company by next year.Reliance Infrastructure reported heavy losses in its fourth quarter results
Its auditors raised red flags around the latest results and cast doubts over the manner in which the firm had accounted for several
transactions.Anil Ambani's financials business, Reliance Capital Ltd also came under scrutiny when global audit firm PwC resigned citing
irregularities in the books of accounts
The company rejected the auditor's report.The company has appointed real estate consulting firm JLL as advisers for leasing out the its
headquarters, the executive said.JLL did not reply to an email seeking comment.Disclaimer: TheIndianSubcontinent has been sued for 10,000
crores by Anil Ambani's Reliance Group for its coverage of the Rafale dealGet Breaking news, live coverage, and Latest News from India and
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