Mukesh Ambani, Chairman of Reliance Industries, has helped younger brother Anil Ambani avoid a potential jail term by providing Rs 462 crore to repay Swedish telecom equipment maker Ericsson’s dues.
In a statement, RCom Chairman Anil Ambani said, “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 touched with this gesture.”
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.
Shares of Anil Ambani-led Reliance Communications Ltd (RCom) were locked in the upper circuit on Tuesday after his elder brother Mukesh Ambani helped pay off debt owed to Sweden’s Ericsson.
Shares of RCom rose as much as 10 per cent to 4.4 rupees, in their biggest daily per cent gain since Feb. 26.