Anil Ambani thanks elder brother for paying Ericsson dues

Reliance Communications chairman Anil Ambani confirmed that the telco has repaid Swedish telecom gear maker Ericsson its dues and thanked his brother Mukesh Ambani and his wife Nita Ambani for the "timely support". "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 touched with this gesture," said a company spokesperson in a statement sent to the media. "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," added the statement sent. Rcom has paid Ericsson nearly Rs 580 crore including penalty interests, thereby ensuring the telco’s chairman Anil Ambani does not go to jail. With Monday’s payment of Rs462 crore including some interests, the debt-laden telco ends its 18-month long battle with Ericsson which had claimed dues for its maintenance services.

from Economic Times https://ift.tt/2Fms5xp