Making a dramatic intervention, Mukesh Ambani saved his younger brother Anil from imprisonment by paying money owed by him to Ericsson on Monday. The bailout from the world’s 13th richest man, as per Forbes ranking, came literally at the eleventh hour — Tuesday was the deadline for Anil’s Reliance Communications (RCom) to clear Rs 580 crore due to the Swedish equipment maker.
In a statement, Anil Ambani thanked his brother and sister-in-law Nita.
“My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support,” Anil Ambani said in the statement.
“I and my family are grateful we have moved beyond the past, and are deeply touched with this gesture,” he added.
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An RCom spokesperson added that a payment of Rs 550 crore, plus interest, has been paid to Ericsson, as per the order of the Supreme Court. Anil Ambani faced a jail term of three months if the money hadn’t been paid by March 19.
With the carrier having already deposited Rs 118 crore earlier, RCom completed the payment of the nearly Rs 580 crore dues, bringing to a close its 18-month-long battle with the Swedish telecom gearmaker which had claimed dues for its maintenance services.