RCom pays Rs 458.77 crore to Ericsson

RCom pays Rs 458.77 crore to Ericsson

The Swedish firm signed a deal in 2014 to manage and operate RCom's network and previous year approached the court over the unpaid dues.

India's richest man Mukesh Ambani, who controls oil-to-telecoms powerhouse Reliance Industries that is now worth many times the troubled business group run by his younger brother Anil, appears to have offered some kind of support to ensure Anil paid off a 5.5 billion rupees debt.

"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 in a regulatory filing.

If Anil didn't pay the debt, then he had been threatened by India's Supreme Court with a prison term.

The judges warned that Ambani would be jailed for three months if 4.5 billion rupees were not stumped up within a month.

Mukesh Nita help Anil Ambani pay Rs 550cr debt save him from jail
The Ambanis Mukesh Nita Anil and Tina

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.

The statement said RCom has made requisite payment of Rs 550 crore and interest thereon to Ericsson. But the deal has hit regulatory hurdles and opposition from creditors.

"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 court also fined he three Reliance Companies, namely RCom, Reliance Telecom and Reliance InfraTel Rs one crore each after holding them guilty of contempt as well. The deadline expires Tuesday. Banks had opposed release of the tax refunds. Together with Rs 118 crore it had previously paid, RCom has cleared all dues including interest.

In 2017, Ericsson moved a bankruptcy court alleging it had not been paid dues around Rs 1,600 crore after signing a deal in 2013 to operate, maintain and manage the telco's nationwide network. Anil Ambani gives a personal guarantee for the payment to Ericsson. 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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