2G Order: Truth prevailed after years of humiliation, says Anil Ambani
, ET Bureau|
Updated: Jan 04, 2018, 07.19 AM IST
MUMBAI: Reliance Group chairman Anil Ambani has "emerged stronger" from a year in which he just about avoided losing ownership of Reliance Communications but had to shut the wireless business.
The 2G case acquittals at the end of 2017 came as redemption after years of "humiliation", he said in his first interview in a decade. Besides, he also discovered who his real friends were. "There are just a handful of people who stood by me," Ambani told ET. "People would not return calls, not want to engage, not want to be seen with me... At times like these, you get a good feel and flavour of who is actually with you and who is making false excuses."
As for the 2G verdict that acquitted all accused, including RCom unit Reliance Telecom and three of the latter's executives, Ambani said: "Truth prevails." "No individual or corporation should undergo undue humiliation, slander and damage to individual and corporate reputation," he said of the case.
'Jio won after transparent bidding process'
"Reputation that you have built over years and years can be broken in an instant," Ambani said. When asked if he had paid the price of being rich and famous, Ambani said, "I am neither rich, nor famous. I am just a common man." He was 45th on the Forbes India 2017 rich list, which elder brother Mukesh topped. Anil Ambani doesn't regret shutting the wireless business, having unsuccessfully explored acquisitions by larger telcos such as Bharti Airtel and Vodafone India and a merger with Aircel.
"We looked at opportunity in adversity," he said. "We basically decided to exit mobility, because that was the cash-burn... Our projections are that this sector will need over $100 billion over the next five years to keep up with technology and the changing demands of the consumer."
RCom signed a deal to sell its wireless assets to Mukesh Ambani's Reliance Jio Infocomm for about Rs 24,000 crore to help repay part of a Rs 45,000-crore debt. "Jio emerged the highest bidder after a competitive and transparent bidding process, for assets such as spectrum, towers, optic fibre and related infrastructure. All proceeds from this sale will be solely used for pre-payment and repayment of debt," Ambani said, without giving specific details.
On the future of the mobile wireless industry, he said: "Times are going to be very tough, and you need a virtual pipeline to the Reserve Bank of India to stay on top of this (wireless) business."
The 2G case acquittals at the end of 2017 came as redemption after years of "humiliation", he said in his first interview in a decade. Besides, he also discovered who his real friends were. "There are just a handful of people who stood by me," Ambani told ET. "People would not return calls, not want to engage, not want to be seen with me... At times like these, you get a good feel and flavour of who is actually with you and who is making false excuses."
As for the 2G verdict that acquitted all accused, including RCom unit Reliance Telecom and three of the latter's executives, Ambani said: "Truth prevails." "No individual or corporation should undergo undue humiliation, slander and damage to individual and corporate reputation," he said of the case.
'Jio won after transparent bidding process'
"Reputation that you have built over years and years can be broken in an instant," Ambani said. When asked if he had paid the price of being rich and famous, Ambani said, "I am neither rich, nor famous. I am just a common man." He was 45th on the Forbes India 2017 rich list, which elder brother Mukesh topped. Anil Ambani doesn't regret shutting the wireless business, having unsuccessfully explored acquisitions by larger telcos such as Bharti Airtel and Vodafone India and a merger with Aircel.
"We looked at opportunity in adversity," he said. "We basically decided to exit mobility, because that was the cash-burn... Our projections are that this sector will need over $100 billion over the next five years to keep up with technology and the changing demands of the consumer."
RCom signed a deal to sell its wireless assets to Mukesh Ambani's Reliance Jio Infocomm for about Rs 24,000 crore to help repay part of a Rs 45,000-crore debt. "Jio emerged the highest bidder after a competitive and transparent bidding process, for assets such as spectrum, towers, optic fibre and related infrastructure. All proceeds from this sale will be solely used for pre-payment and repayment of debt," Ambani said, without giving specific details.
On the future of the mobile wireless industry, he said: "Times are going to be very tough, and you need a virtual pipeline to the Reserve Bank of India to stay on top of this (wireless) business."
