Mukesh Ambani rescues Anil, pays Ericsson Rs 462 crore dues

Mukesh Ambani rescues Anil, pays Ericsson Rs 462 crore dues

Anil Ambani, chairman of the debt-ridden telecom firm Reliance Communications Ltd (RCom), thanked his elder brother Mukesh Ambani, chairman of Reliance Industries Ltd, and Nita Ambani for their help in paying dues to Swedish company Ericsson, which confirmed on Monday it has received Rs 458.77 crore from RCom.

An Ericsson spokesperson confirmed that the telecom had received the full payment from the Reliance Communications (Rs 458.7 crore) on Monday and Rs 118 crore previously. The amount paid by RCom also includes interest,just a day before expiry of the deadline set by the Supreme Court to clear dues or face a three-month jail term.

The payment made on Monday is expected to bring curtains down on the bitter and protracted face-off between Reliance Communications and Ericsson over the outstanding dues.

Shares of RCom rose as much as 10 per cent to Rs 4.40 on Tuesday morning.