India’s richest man helps brother avoid jail

Wednesday, 20 March 2019 07:00

India’s richest man has bailed his brother out of a potential jail term.

Mukesh Ambani has paid a debt owed by Anil Ambani’s firm Reliance Communications (RCom) to telecoms giant Ericsson.

Anil failed to pay 5.5bn rupees ($80m; £60m) by a court deadline, leading the court to find him guilty of contempt and giving him another four weeks to pay or go to prison.

The two brothers have long had an acrimonious relationship, fighting over their father's businesses after he died in 2002 without a will.

Mukesh is the richer of the two, estimated by Bloomberg to be worth more than $54bn.

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