New Delhi: Reliance Industries chairman and India’s richest man, Mukesh Ambani, on Monday, saved his beleaguered and debt-ridden younger brother, Anil, from imprisonment by helping him clear the ₹453 crore Reliance Communications owed to Ericsson. The Supreme Court had earlier warned that RCom’s failure to pay the Swedish telecom major its dues within four weeks would land Anil Ambani in jail for three months.
Almost a decade-and-a-half after a bitter separation after their father and Reliance founder Dhirubhai Ambani’s death, Mukesh’s intervention may have made a change as Anil, in a statement 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.”
There have been reports that Dhirubhai Ambani’s wife, Kokilaben, expressed her desire that the brothers patch up and that Mukesh extend Anil a helping hand.
The nature of help from Mukesh is still unclear as to whether it’s a loan or an outright grant. An Rcom spokesperson said, “The requisite payment of ₹550 crore and interest thereon has been completed today in compliance of the judgment of the Honourable Supreme Court.”
Monday’s payment brings the curtain down on its 18-month-old battle with Ericsson.