RCom staves off jail term for Anil Ambani, pays Ericsson Rs 462 crore

RelianceNSE 0.14 % Communications (RComNSE 10.00 %) has completed paying Swedish telecom gear maker Ericsson nearly Rs 580 crore, thereby ensuring the telco’s chairman Anil Ambani does not go to jail. With Monday’s payment of Rs462 crore, the debt-laden telco ends its 18-month long battle with Ericsson which had claimed dues for its maintenance services.

“Ericsson has received the payment along with upto date interest and it will accordingly be withdrawing the petitions filed for insolvency,” said senior advocate Anil Kher who has been representing the equipment maker.

The deadline for RCom to make the payment was March 19, failing which Anil Ambani would have had to serve a jail term of three months.