Finally, Anil Ambani can feel relieved as the 18-month long court battle between Ericsson and RCom has ended. Their partnership started in 2013 when both made an official deal that the Swedish company will manage RCom’s nationwide network. In 2017, Ericsson moved to the bankruptcy court allegedly claiming, dues of around Rs 1,500 crore.
The case moved from NCLT to NCLAT, where a settlement was made for Rs 550 crore to be paid by September 30. RCom failed to meet up with this deadline, which forced Ericsson to go to Supreme Court. SC gave another deadline, December 15. RCom missed this one too.
Also Read: All You Need To Know About RCom-Ericsson Dispute
Then came Reliance Industries Limited Chairman Mukesh Ambani to save his younger brother from going to jail. He assisted in paying off the debt in full that Anil Ambani owed to Swedish company Ericsson.
After this, Anil Ambani 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 their strong family values by extending this timely support. I and my family are grateful and deeply touched with their gesture.”
Also Read: Where Did It All Go Wrong For RCOM, Once India’s Leading Name In Telecom
Mukesh Ambani proved has once again proved that family values are more important than money. Being the 13th richest man, he has paid Rs 580 crores and saved his brother from imprisonment. According to RCom’s spokesperson, a payment of Rs 550 crore plus interests were made, not as any kind of loan though.
