Anil Ambani thanks Mukesh, Nita for timely support in clearing RCom dues

Anil Ambani Mukesh Ambani Ericsson RCom Reliance Communications RCom debt Business news

The Supreme Court had last month held Ambani in contempt for not paying Ericsson's dues despite promising to do so.

A man speaks on his mobile phone as he walks past a closed shop painted with an advertisement of Reliance Communications in Mumbai, India, January 29, 2018.

"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", a late-night statement addressed by Anil Ambani to his brother and sister-in-law read.

In a verdict that had come as a setback to Ambani, the court on February 20 had pulled up the industrialist for his "cavalier attitude" demonstrated through the affidavit filed in the court and said any "unconditional apology" given must be rejected.

The Ambani brothers engaged in a bitter feud for control of Reliance Industries after their rags-to-riches father Dhirubhai Ambani died in 2002 without a will.

Peace was finally brokered by their homemaker mother Kokilaben in 2005, in a deal that split the Reliance business.

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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.

Like other Indian telecoms firms, Reliance Communications (RCom) was hit by a fierce price war following the entry of Mukesh Ambani's telecom upstart Jio, which offered free voice and cut-price data plans. The Swedish firm signed a deal in 2014 to manage and operate RCom's network and a year ago approached the court over the unpaid dues.

The dispute with Ericsson started when the Swedish firm sought to recoup 16 billion rupees from Reliance Communications.

Anil Ambani-led Reliance Communications Ltd on Monday announced that it has terminated definitive agreements for the sale of specified assets to Reliance Jio Infocomm Ltd by mutual agreement.

Earlier on Monday, Swedish telecom equipment maker Ericsson said it has received Rs 458 crore from RCom.

RCom, which owes a total 5.71 billion rupees to Ericsson, including a one-time settlement of 5.5 billion rupees and interest payments of 210 million rupees, had already deposited 1.18 billion rupees with the Supreme Court in February.

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