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Indian tycoon Ambani pays debt after court threatened jail

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MUMBAI: Indian tycoon Anil Ambani has settled a multi-million debt with Sweden's Ericsson, the company said on Monday (Mar 18), after judges ...

MUMBAI: Indian tycoon Anil Ambani has settled a multi-million debt with Sweden's Ericsson, the company said on Monday , after judges threatened the billionaire with jail if he did not pay his dues.

His firm Reliance Communications - which is some US$4 billion dollars in debt after a brutal telecom price war with his brother Mukesh, India's richest man - said it would comply with the ruling. The company filed for insolvency after Reliance Communications failed to sell assets to pay back lenders.

 

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