Embattled Indian billionaire Anil Ambani managed to avoid a threatened jail term this morning. Reliance Communications has complied with a court order to pay Ericsson the fees it was due under a network maintenance outsourcing contract.
RCom paid some INR4.62B ($67M) to the Swedish vendor, which combined with the $1.18B they had previously deposited has probably finally ended that small piece of this soap opera. Of course RCom still has plenty more to resolve as it undergoes a confusing, complicated bankruptcy process in the Indian courts.
The company is still looking to sell off assets, whether it’s the deal with Jio or not. The company’s international submarine network division GCX seems eager to get on with it, certainly. But with lenders and regulators still squabbling over every detail, it’s hard to be sure what might go through and what will get bogged down.
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