Mukesh Ambani bails out Anil in Ericsson payout case day before SC deadline

RCom cleared the entire dues to Ericsson India to purge the contempt of a Supreme Court order

Billionaire Mukesh Ambani stepped in to bail out younger brother Anil Ambani by helping him repay Reliance Communications’ (RCom’s) dues to Ericsson. The last-minute rescue spares the younger Ambani a three-month jail term for contempt of court. 

RCom on Monday cleared the entire dues to Ericsson India to purge the contempt of a Supreme Court order. The debt-ridden company had already paid Rs 118 crore of the Rs 550-crore dues. In addition, the company had paid around Rs 3 crore in penalties to Ericsson.

“My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita for standing by