About thirteen months after Anil Ambani announced, on his father Dhirubhai’s 85th birthday, the sale of his debt-ridden Reliance Communications’ telecom assets to elder brother Mukesh’s Reliance Jio for an estimated Rs 23,000 crore, he told the Supreme Court on Tuesday that the deal has fallen through despite its best efforts.
The agreement – which was widely seen as a lifeline for the younger Ambani’s beleaguered group – is known to have been in jeopardy for a while now, especially after RCom filed for insolvency on February 1following its inability to repay about Rs 47,000 crore of debt. But the admission in an open courtroom marks its formal burial.
About thirteen months after Anil Ambani announced, on his father Dhirubhai’s 85th birthday, the sale of his debt-ridden Reliance Communications’ telecom assets to elder brother Mukesh’s Reliance Jio for an estimated Rs 23,000 crore, he told the Supreme Court on Tuesday that the deal has fallen through despite its best efforts.
The agreement – which was widely seen as a lifeline for the younger Ambani’s beleaguered group – is known to have been in jeopardy for a while now, especially after RCom filed for insolvency on February 1following its inability to repay about Rs 47,000 crore of debt. But the admission in an open courtroom marks its formal burial.
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