Asia’s wealthiest man Mukesh Ambani has helped to save his younger brother to face jail, stepping in to make an 80 million dollar payment for his sibling whose telecom-to-infrastructure empire is struggling with debt.
“My sincere and heartfelt thanks to my respected elder brother, Mukesh, and Nita, for standing by me during these trying times, and demonstrating the importance of staying true to our strong family values by extending this timely support,” Anil said in a statement issued by Reliance Communications. “I and my family are grateful we have moved beyond the past, and are deeply grateful and touched with this gesture.”
RCom said Monday that the two companies have mutually agreed to terminate the pact, adding RCom is committed to “a comprehensive resolution” of overall debt through India’s National Company Law Tribunal. Reliance Power Ltd. shares gained as much as 8.6 percent, while Reliance Infrastructure Ltd. jumped 8.2 percent and Reliance Capital Ltd. gained almost 6 percent.
Read EquityPandit’s Technical Analysis Of Nifty