Mukesh Ambani saved his younger brother Anil Ambani from going to jail by making a payment of INR₹ 550 crore (US$ 80 million) to Ericsson.
After multiple hearings by the top court, the last hearing was the strictest warning issued by the court against Anil Ambani and his directors. The court warned of contempt proceedings and a jail term of three months if he failed to furnish INR₹ 550 crore dues to Ericsson.
Ericsson managed services of Anil’s bankrupt firm Reliance Communication.
Anil said in a statement issued by Reliance Communications 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 grateful and touched with this gesture.”
This is sudden twist in family ties comes after public feud over family wealth after the death of their father Dhirubhai Ambani a decade ago.
Younger brother Anil Ambani’s wealth shrunk from US$ 31 billion in 2008 to US$ 300 million now, while the elder brother Mukesh Ambani is India’s Richest Man with net worth US$ 54.3 billion.