RCom scraps telecom asset sale to Reliance Jio

Anil Ambani's Reliance Capital looks beyond Nippon Life for AMC stake

This means the big brother has provided a lifeline to Anil Ambani despite issues in the past as Nita and Mukesh Ambani have stepped in to save Anil in the nick of time.

Embattled billionaire Anil Ambani Monday warded off a possible jail term as RCom cleared dues of a Swedish service provider at the eleventh hour with money received from elder brother Mukesh and his wife Nita, whom he thanked for standing by him in trying times and extending "timely support".

RCom owes a total ₹5.71 billion to Ericsson, including a one-time settlement of ₹5.5 billion and interest payments of ₹210 million.

A spokesman for the Anil Ambani group didn't respond to an email seeking comments on plans to pay the Ericsson dues.

"My honest 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", Anil Ambani said in the statement.

"I and my family are grateful we have moved beyond the past, and are deeply grateful and touched with this gesture", he added.

Anil Ambani's Reliance Com pays Rs 460 crore to Ericsson as per the Supreme Court order.

Ericsson teaches Anil Ambani and India's nascent bankruptcy system a lesson

The apex court on February 20 had held Ambani guilty of contempt of court and ordered the debt-laden company to clear the dues to Ericsson within four weeks or face a 3-month jail term. They include "non-receipt of consent/objections" from Rcom's over 40 lenders both Indian and foreign in relation to the proposed transactions despite over 45 meetings and the passage of over 15 months. Mukesh bailed out Anil just two days before the one-month deadline.

In 2005, Mukesh and Anil fell out three years after the death of Dhirubhai Ambani, their father and founder of Reliance Industries and split up the business with Mukesh retaining all legacy businesses and Anil taking telecom.

Spectrum and tower sale scrapped With the carrier having already deposited Rs 118 crore earlier, RCom completed the payment of the almost Rs 580 crore dues, bringing to a close its 18-month-long battle with the Swedish telecom gearmaker which had claimed dues for its maintenance services.

The company in another press release further said the agreement between the company, RTL, RITL (RCOM Group) and Reliance Jio for sale of certain specified telecom assets was terminated by mutual agreement.

His companies suffered a setback last week after a lower court refused to free up tax refunds withheld by lenders.

RCom is committed to a comprehensive resolution of its overall debt, with transparency, certainty and finality, through the NCLT process, it concluded. The Swedish telecom equipment vendor started off with a bankruptcy petition and then played hardball to the point it extracted a personal guarantee from Ambani.




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