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Business Spotlight

Anil Ambani's financial empire goes under the hammer

Reliance Capital creditors hope court administrator has more luck selling assets

DEV CHATTERJEE, Contributing writer | India

MUMBAI -- An Indian court-appointed administrator is preparing one of the biggest fire sales the country's financial sector has seen, after being handed control of former billionaire Anil Ambani's Reliance Capital in the wake of default on its 268 billion rupee ($3.54 billion) debts.

Up for sale: India's fifth-largest privately owned general insurance company, a stockbroker, a stake in an asset manager and Reliance Capital's 51% share in a life insurance venture with Japan's Nippon Life, among other assets.

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