"Deeply Touched": Anil Ambani Thanks Brother Mukesh For Last-Minute Save

Anil Ambani's Reliance Com pays Rs 460 crore to Ericsson, day before deadline

Soon after making the payment, RCom announced termination of a Rs 17,000 crore deal to sell telecom assets like spectrum, fibre and tower to Mukesh's Reliance Jio, citing delays in approvals from the government and lenders.

Indian tycoon Anil Ambani has settled a multi-million debt with Sweden's Ericsson, the company said Monday, after judges threatened the billionaire with jail if he did not pay his dues.

But RCom said the airwaves deal had been called off by "mutual consent" due to objections from India's telecom department and more than 40 of the company's foreign and domestic lenders.

Had he not paid Ericsson Ambani would have been held in contempt of court because it had been judged that he had the cash handy, but just felt like holding onto it.

The SC had ordered Anil Ambani and 2 directors to pay Rs 453 crore to Ericsson India within 4 weeks or face three months in jail.

The development may mark a watershed moment in the relationship between the two brothers, who carved their separate businesses in 2005 with Mukesh Ambani getting the oil and petrochemicals business and Anil winning control of power, telecoms and financial services.

Anil Ambani's Reliance Com pays Rs 460 crore to Ericsson, day before deadline
RCom scraps telecom asset sale to Reliance Jio

"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements almost 15 months ago", the company added.

The two brothers had fought a bitter public battle after his father Dhirubhai died without leaving a will.

"The requisite payment of Rs 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Hon'ble Supreme Court", said the company spokesperson. The deadline expires Tuesday. In the same month, Ericsson approaches the Mumbai bench of the National Company Law Tribunal (NCLT) to recover dues worth over Rs 1,100 crore from RCom. It extracted a personal guarantee from Ambani to pay the dues. Banks had opposed release of the tax refunds.

Earlier, Ericsson had moved the apex court seeking initiation of contempt proceedings against Anil Ambani for allegedly not complying with its order to clear dues of Rs 550 crore.

RCom scrip closed at Rs 4 a share on the BSE Monday, 9.30 per cent lower than the previous close.

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