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'Deeply Touched': Mukesh Ambani bails out Anil Ambani from Ericsson debt

Speed News Desk | Updated on: 19 March 2019, 9:52 IST
Mukesh Ambani and Anil Ambania

Ahead of the Supreme Court’s deadline for the deposit of debt for Anil Ambani led Reliance Communication, brother Mukesh Ambani has bailed him out by lending Rs 458.77 crore on Monday.

Anil Ambani has thanked his brother who is India’s riches man and said, that his help has come as a “timely support.”

My sincere and heartfelt thanks to my respected elder brother, Mukesh, and (sister-in-law) 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,” said Anil Ambani in a statement.

News agency ANI tweeted, “Reliance Communications Spokesperson: The requisite payment of Rs. 550 crore and interest thereon to Ericsson has been completed today in compliance of the judgment of the Hon'ble Supreme Court.”

Anil Ambani was reprimanded by the Supreme Court to pay the debt by the deadline otherwise he, along with other directors of the Reliance Communication would face jail term. It was Mukesh Ambani who has come out as a ‘saviour’ for his brother at the last moment and bailed him out.

Earlier, both the Ambani brothers had been involved in a bitter feud after their father Dhirubhai Ambani passed away in 2002 without leaving a will. The business was thereafter eventually divided between Anil Ambani and Mukesh Ambani, wherein power and telecom went to the former and oil, petrochemical went to the latter.

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First published: 19 March 2019, 9:52 IST