Forget Mallya, these 5 companies are debt-ridden too
Almost everyone takes a loan at some point in their lives. It does not matter how rich or poor you are. You need the money to start a business, pay for your home, pay for your kids’ education and what not.
To no surprise, big names like Vijay Mallaya and Tata Group (to name a few) have taken loans to support their business plan but not all of them have been able to pay back the bank they took it from.
Though these companies aren’t always brought into the spotlight, there are numerous well-known companies apart from Kingfisher that are currently facing rough times.
Let us have a look at the top 5 companies who are just as badly stuck in the rubble as Kingfisher Airlines.
1. The Reliance Group
Though the Reliance Group led by Ambani is a group that represents wealth, power, entertainment and telecommunication among other things, the company was in debt of over 1 lakh crores in 2015.
2. The Vedanta Group
This group is known for metal and mining and according to reports is the second most in debt company of around 1.03 lakh crores.
3. Essar group
Essar group, managed by Shashia Ruia and Ravi Ruia, is a company that operates in 25 countries yet still managed to get itself into debt. The current debt if the company is around 1.1 lakh crores.
4. Adani Group
The group, led by Gautam Adani, a company known with its close proximity with Modi is currently in debt of over 96 crores.
5. Jaypee Group
Jaypee Group, run by Manoj Gaur, is currently in debt of around 75 crores. This group had its fair share of success during Mayawati’s rule in UP between 2007 and 2012.
In conclusion, it does not matter which company you run. To be able to make a profit, feed your family and pay your staff or manage huge operations, you are sometimes required to take a loan you might not be able to pay back.