NEW DELHI: Asia’s richest man Mukesh Ambani has helped his younger brother avert a stint in jail, stepping in to make a US$80mil payment for his sibling whose telecom-to-infrastructure empire is struggling with debt.
The embattled former billionaire, Anil Ambani, thanked his brother Mukesh and sister-in-law after Anil’s Reliance Communications Ltd completed the required 5.5 billion rupee (US$80mil) payment to a local unit of Ericsson AB for past maintenance services provided to his group. Repeated failures to pay and Anil’s personal guarantee landed him in trouble in February, with India’s top court giving him a month’s notice to comply or face prison.
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