RCom calls off asset sale to Reliance Jio, settles dues with Ericsson

Indian billionaire settles multimillion debt with Sweden's Ericsson

Anil Ambani's Reliance Com pays Rs 460 crore to Ericsson, day before deadline

The SC had ordered Anil Ambani and 2 directors to pay Rs 453 crore to Ericsson India within 4 weeks or face three months in jail.

As debt grew, RCom, in December 2017, entered into a deal with Jio to sell spectrum and other assets such as fibre network and telecom towers for an estimated Rs 17,000 crore.

Billionaire businessman Anil Ambani on Monday thanked his brother Mukesh Ambani and his wife Nita Ambani for extending "timely support" after his firm Reliance Communication - which is facing massive debt - managed to successfully clear all payments due to Ericsson less than 24 hours before the expiry of Supreme Court's deadline.

In effect, this is the second occasion that Mukesh Ambani has come to the rescue of his brother after their famous feud that dogged the Reliance Group and ended up splitting it into two between the two brothers.

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"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements almost 15 months ago...", RCom said.

The development may mark a watershed moment in the relationship between the two brothers, who carved their separate businesses in 2005 with Mukesh Ambani getting the oil and petrochemicals business and Anil winning control of power, telecoms and financial services.

"The termination of the master agreement shall not, in any manner, affect the rights and obligations of the parties, accrued prior to the date of termination", it said.

Late last month, India's top court found Anil Ambani, chairman of the debt-laden firm, guilty of contempt of court for wilfully failing to pay the Swedish telecom equipment maker. The Rs 458.77-crore paid by RCom on Monday includes interest.

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The payment comes a day before the deadline set by the Supreme Court expires on Tuesday.

On August 3, the matter reaches the Supreme Court which orders RCom to pay Rs 550 crore to Ericsson towards the dues by September 30. Banks had opposed release of the tax refunds.

It could not be immediately ascertained from where the company raised the funds, or whether it was paid from Anil Ambani's personal accounts. Shares of RCom closed at Rs 4 apiece on the BSE Monday, 9.30 per cent lower than the previous close.

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