Yes Bank takes over Anil Ambani’s ADAG headquarters

Sruthi Vibhavari

Mumbai:  On Wednesday (July 29), the first batch of Rafale jets landed in India, five years after the central government signed a contract with Anil Ambani.  However, coincidentally, the debt-stricken Reliance Group headed by Anil Ambani is all set to fall into a deeper trench. The private sector lender Yes Bank issued possession notices on Anil Dhirubhai Ambani Group (ADAG) headquarters in Santacruz and two other offices.

The bank published an advertisement that it has taken possession of the ADAG headquarters building in Santacruz which is over 21,000 sq ft. It also took over two floors in Nagin Mahal in South Mumbai, the erstwhile headquarters of the group.

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The ADAG failed to repay Yes Bank the dues worth Rs. 2,892 crores by May 6. The move to take over the assets came after the failure to repay even after a 60-day notice.

Yes Bank, which faced a crisis in March this year on account of bad debts, has substantial loans due from ADAG, to which it had an exposure of about Rs. 12,000 crore.

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