 "Anil Ambani")
A unit of Reliance Communications Ltd., Anil Ambani’s distressed telecom firm, has filed for bankruptcy protection.
GCX Ltd., which owns the world’s largest private undersea cable system, is the latest company owned by the tycoon to stumble. The former billionaire’s Reliance Communications itself fell back into bankruptcy earlier this year. The move by subsidiary GCX comes after it missed payment on its $350 million of 7 per cent bonds that matured on August 1.
Ambani has been waging a war on debt, and Reliance Group has said that it planned to raise about 217 billion rupees ($3.1 billion) by selling
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