Once a titan of India’s corporate world, Anil Ambani faced a dramatic fall from the grace—mounting debts, legal battles, and near-bankruptcy threatened to erase his business empire. But in a stunning twist, his two companies Reliance Infrastructure Limited (RInfra) and Reliance Power Limited (RPower) have staged a fierce comeback and stock market rally, this recent bull run has not only sparking whispers of a possible Ambani comeback but already brought him back on the centre stage.
We will discuss, Is this a genuine turnaround or just a temporary surge? Let’s dive into the rise, fall, and potential revival of Anil Ambani’s fortunes. As per market experts this is a potential bull return to the market.
The Rise and Fall of Anil Ambani’s Empire
The Glory Days : In the mid-2000s, after the split of the Reliance empire, Anil Ambani took charge of Reliance Infrastructure, Reliance Power, Reliance Capital, and Reliance Communications. At its peak:
Reliance Power launched India’s biggest IPO (2008). Reliance Infra bagged major infrastructure projects, Reliance Infra executed marquee projects like Delhi Metro. Group market cap crossed ₹3.5 lakh crore at peak. At that time Anil Ambani was among the list of world’s richest businessman, with a net worth of $42 billion (2008).
The Downfall: However, aggressive expansion plan, high debt, and failed bets led to a collapse. Debt Crisis widen asby 2019, his companies owed over ₹1.2 lakh crore. RCom’s Bankruptcyhas ledReliance Communications filed for insolvency. Personal Guarantees of Anil faced him legal heat from banks like SBI and Chinese lenders. Net Worth Erosion due high debt and interest paymentsHis fortune dwindled to nearly zero by 2020. Once he told to court that he has not money to pay for the court fees also.
The Zero-Debt Resurrection: How They Did It
The Great Asset Monetization (2020-2024)
Mumbai Power Biz: Sold to Adani for ₹18,800 crore. Delhi-Agra Toll Road: ₹3,600 crore deal with Cube Highways. Reliance Centre HQ: Prime Mumbai property monetized.
Debt Restructuring Masterstroke: Settled ₹7,000 crore loans with lenders under OTS schemes. Converted debt into equity at strategic subsidiaries. Final exchange filings confirm zero net debt status.
Business Model Overhaul: Exited capital-intensive sectors like telecom, Focused on EPC (Engineering-Procurement-Construction) contracts, Renewable energy pivot for Reliance Power
The Market’s Verdict: 500% Rally & Counting
The stocks have rewarded believers handsomely:
| Metric | Reliance Infra | Reliance Power |
| 52-Week Low | ₹12.50 | ₹13.00 |
| Current Price | ₹390+ | ₹60+ |
| Debt Status | Zero (Net) | Zero (Net) |
Data as per latest exchange fillings (Mar 2025)
The Road Ahead: Sustainable Comeback or Mirage?
✅ Green Flags
- Strong Order Book: ₹25,000+ crore EPC projects in pipeline
- Govt Infra Push: Railway, metro, renewable energy tailwinds
- Clean Balance Sheet: No debt overhang for first time in 15 years
⚠️ Red Flags
- Execution Risk: History of project delays persists
- Investor Trust: Needs consistent performance to rebuild credibility
- Competition: Tough rivals like Adani, L&T in core sectors
Expert Views: Divided Opinions
Bull Case (Nilesh Shah, Market Veteran):
*”This is arguably India’s greatest corporate turnaround. With clean books and sector tailwinds, both companies could re-enter Nifty indices in 3-5 years.”*
Bear Case (Hemindra Hazari, Banking Analyst):
*”The rally seems overdone. We need to see 4-6 quarters of consistent execution before declaring victory.”*
Conclusion: The Ambani Resilience on Full Display
Anil Ambani’s story is one of phoenix-like resilience – His second act proves that in business, it’s never over till it’s over. While challenges remain, achieving zero-debt status is not a small feat. As the companies pivot to asset-light models and ride India’s infra wave, this could well become a Harvard Business School case study on corporate resurrection but the road ahead is tough. While the recent stock surge is exciting, true revival depends on:
✔ More stable action on further expenses.
✔ Successful execution of infra projects.
✔ Regulatory & legal clarity.
For now, investors are very optimistic about the actions taken by the two companies for their growth. If the momentum continues, we might just witness one of India’s biggest corporate comebacks.
The Final Question: Would you invest in this comeback story today? Share your views!
Sources:
- Latest BSE/NSE filings by RELIANCE INFRA/POWER
- CLSA India Infrastructure Report