India’s richest man put his brother out of business. Now he’s bailing him out
New Delhi (CNN Business)India’s richest man just helped his cash-strapped younger brother avoid months in prison by paying off debts worth tens of millions of dollars.
The gesture by Mukesh Ambani to bail out his brother, Anil, is the latest twist in a sibling saga that has gripped India’s telecommunications industry. A price war started by Mukesh in 2016 nearly put Anil out of business a year later.
Last month, India’s top court ordered Anil Ambani and his company, Reliance Communications, to pay a 5.5 billion rupees ($80 million) debt to Swedish mobile firm Ericsson (ERIC) by Wednesday or face three months in jail.
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