Rs 2.9k crore loan: Yes Bank takes over HQ of Anil Ambani

MUMBAI: Yes Bank has issued a notice of possession for Anil Ambani’s Reliance Group headquarters at Santacruz and two other offices in south Mumbai. In its notice, the bank said it was effecting recovery against a Rs 2,892-crore loan to Reliance Infrastructure. The bank’s action includes taking over two floors of office space in Nagin Mahal at Backbay under a law that allows it to sell assets of defaulters.

The headquarters was situated on a 21,432-square metre plot, which was a legacy of Reliance’s acquisition of BSES two decades ago. BSES was rechristened Reliance Energy and subsequently repositioned as Reliance Infrastructure, which currently owns the property.

The group shifted to the office at Santacruz in 2018. The building, off the Western Express Highway, overlooks Mumbai airport. Besides Reliance Infrastructure, it houses offices of Reliance’s financial services including Reliance Capital, Reliance Housing Finance, Reliance General Insurance and other group firms. In recent months as the group shrunk its operations, most of the offices were consolidated in the North Wing, and the property was listed for lease with JLL. Following the Covid-19 lockdown, most employees were asked to work from home and there was further consolidation of office space.