ADAG says no exposure to Rana Kapoor, family

MUMBAI: Anil Dhirubhai Ambani Group (ADAG) on Wednesday said it has no direct or indirect exposure to Rana Kapoor, his wife or daughters or any entities controlled by them.

Kapoor is the former managing director and CEO of crisis-hit private lender YES Bank.

“Reliance Group states it has NIL direct or indirect exposure to Rana Kapoor, Former CEO of YES Bank, or his wife or daughters, or any entities controlled by Mr Rana Kapoor or his family,” the group said,


ADAG further said its entire exposure to YES Bank is fully secured and is transacted in the ordinary course of business, and assured that it is committed to honor its repayments to YES Bank.

“Reliance Group is committed to honor repayments of all its borrowings from YBL through its various asset monetization programmes which are all at advanced stages,” the group said in a release.

YES Bank’s troubles first came to light in 2017 when RBI said that its bad loans were more than the bank had divulged. Following an inspection of the bank, RBI denied an extension to its founder and chief executive Kapoor.

In subsequent years new defaults came to light. Some of the big defaulters to whom the bank had advanced funds included IL&FS, Anil Ambani group, CG Power, Cox & Kings, Café Coffee Day, Essel group, Essar Power, Vardaraj Cement, Radius Developers, and Mantri Group.