Mukesh Ambani bails out brother Anil Ambani

As Reliance Communications announced that it has made the payment of Rs 550 crore to Ericsson, Anil Ambani thanked his elder brother and Reliance Industries Chairman Mukesh Ambani for his support.

“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. I and my family are grateful we have moved beyond the past, and are deeply grateful and touched with this gesture,” Anil Ambani said.

RCom had already deposited Rs 118 crore with the Supreme Court, followed up by another Rs 3 crore as penalty interest. On Monday, it paid up the balance Rs 458.77 crore to the Ericsson.

“The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Supreme Court,” a RCOM spokesperson stated.

In February, the Supreme Court had ordered Anil Ambani and two directors of Reliance Communications (RCom) — the company headed by Anil — to pay Ericsson Rs 453 crore within four weeks or face a three-month jail term for contempt of court.

The brothers were caught in a bitter feud after their father, Dhirubhai Ambani, died without leaving a will in 2002. Although they eventually split his businesses, with Anil Ambani taking power and telecom and Mukesh Ambani keeping the oil and petrochemical businesses, the rift continued over a business commitment between the two.

 

Saurabh Chopra

With a blend of vivid areas of interest, Saurabh is a passionate reader and a news writer. He is always enthusiastic and proactive in finding the latest in his fields of interest. Saurabh is also a keen observer in the economic and business pits and falls.

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