Once again Mukesh Ambani has bailed out his younger brother Anil Ambani. This time by clearing the pending dues to Ericsson, day before SC Deadline. This is the second time that Mukesh Ambani has come to the rescue of his brother after their famous feud that dogged the Reliance Group and ended up splitting it into two between the two brothers.
The Swedish company Ericsson, confirmed on Monday that it has received Rs 458.77 crore. RCom, which owed Ericsson a one-time settlement of Rs 550 crore plus interest, had already deposited Rs 118 crore with the Supreme Court in February. The Swedish firm signed a deal in 2014 to manage and operate RCom’s network and last year approached the court over the unpaid dues
Anil Ambani, chairman of the debt-ridden telecom firm Reliance Communications Ltd (RCom), thanked his elder brother Mukesh Ambani and Nita Ambani for their help in paying the dues.
“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 their strong family values by extending this timely support. I and my family are grateful and deeply touched with their gesture,” Anil Ambani said in a statement.
In 2018, Reliance Jio Infocomm, controlled by Mukesh Ambani, bought RCom’s wireless assets for Rs 3,000 crore, in a sign that the acrimony of the past was buried.
With Monday’s payment, the debt laden telco ends its 18-month long battle with Ericsson.