RCom, Reliance Jio terminate pact for sale of telecom assets

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Mukesh Ambani, chairman of Reliance Industries Ltd, has provided around Rs 450-crore bailout to younger brother Anil Ambani, potentially saving the chairman of the debt-laden telecom firm Reliance Communications Ltd (RCom) from a jail term in a case involving a payout to Swedish company Ericsson.

Ericsson said RCom paid it dues of 4.62 billion rupees, the balance of funds that it was owed.

The pair ended up splitting the Reliance group, which was India's most valuable listed company. In 2008, Anil's RCom wanted to merge with South Africa's MTN but the move was thwarted by Mukesh citing his holding right of first refusal.

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The bonhomie between the two brothers has not always been this strong.

Anil Ambani-led Reliance Communications Ltd on Monday announced that it has terminated definitive agreements for the sale of specified assets to Reliance Jio Infocomm Ltd by mutual agreement.

If Anil didn't pay the debt, then he had been threatened by India's Supreme Court with a prison term.

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But the deal could not progress amid regulatory hurdles faced as the Department of Telecommunications wanted a written assurance on who would pay for RCom's dues such as spectrum fee.

"The said transactions have become incapable of being consummated in accordance with the terms thereof, on account of various factors and developments since the execution of the said agreements almost 15 months ago...", RCom said. In the same month, Ericsson approaches the Mumbai bench of the National Company Law Tribunal (NCLT) to recover dues worth over Rs 1,100 crore from RCom.

The payment comes a day before the deadline set by the Supreme Court expires on Tuesday. Banks had opposed release of the tax refunds.

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On February 20, Reliance Communication chairman Anil Ambani and two directors - Reliance Telecom chairman Satish Seth and Reliance Infratel chairperson Chhaya Virani - were found guilty of contempt of court by the apex court in a contempt petition filed by Ericsson India over Ambani's firm's failure to clear its dues of Rs 550 crore after selling its assets to Mukesh Ambani-controlled Reliance Jio. Shares of RCom closed at Rs 4 apiece on the BSE Monday, 9.30 per cent lower than the previous close.