Anil Ambani’s RCom pays ₹4.62 billion to Ericsson

Daniel Fowler
March 18, 2019

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

Swedish telecom equipment maker Ericsson has received ₹4.62 billion from Anil Ambani-led Reliance Communications Ltd (RCom), a spokeswoman for Ericsson said on Monday.

Earlier, Ericsson had moved the apex court seeking initiation of contempt proceedings against Anil Ambani for allegedly not complying with its order to clear dues of Rs 550 crore.

The counsel appearing for Ericsson had refused to accept the amount and said the entire outstanding sum of Rs 550 crore should be deposited.

"My honest 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".

When contacted, an Ericsson spokesperson confirmed the development.

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The reasons included non-receipt of consents / objections from RCom's over 40 foreign and Indian lenders in relation to the proposed transactions even after 15 months and over 45 meetings, as well as the non receipt of permissions and approvals from the telecom department.

It is to be noted that Ericsson India had signed a seven-year deal in 2014 with Reliance Communication to operate and manage the telecom network of RCom across India.

In a verdict that had come as a setback to Ambani, the court on February 20 had pulled up the industrialist for his "cavalier attitude" demonstrated through the affidavit filed in the court and said any "unconditional apology" given must be rejected.

The court had set March 19 as the last date to make the payment and had threatened to send the accused to jail if the money was not paid.

On Monday, RCom shares fell 9.30% to ₹4.00 apiece on the BSE while the benchmark Sensex gained 0.19% to end the day at 38,095.07 points.

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