Ambani brothers proved family values mattered more than business differences as Mukesh, above, saved his younger brother Anil from a three-month jail term for contempt of court by clearing $67.42 million dues Reliance Communication (RCom) owed to Swedish firm Ericsson.
Anil, who feuded with Mukesh over family property after the death of their father Dhirubhai Ambani in 2002, said they have moved beyond the past. He thanked his brother on Monday for standing by him during “these trying times.”
Mukesh’s financial support came just a day before expiry of deadline set by the Supreme Court to RCom for clearing the dues it owed to the Swedish firm.
Ericsson, which had been managing and operating
RCom’s network since 2014, moved the top court over unpaid dues.
RCom’s cash crunch was mainly due to the entry of Reliance Jio Infocomm of Mukesh into telecom industry.
RCom urged its lenders to release tax refunds of $37 to pay Ericsson. The plan was opposed by its lenders, including State Bank of India.