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Business Tit-Bits

Is Chhota Bhai favouring Bada Bhai?


Bada bhai Mukesh Ambani bailed out Chhota bhai Anil Ambani by cutting a cheque of ₹ 480 crores as outright payment on behalf of RCom to Ericsson. Anil Ambani thanked his brother and publicly acknowledged his generosity. Another problem still persisting for RCom is the ₹ 46,000 crores due to lenders led by SBI who were unwilling to release an amount of ₹ 266 crores of refunds to RCom. The issue of sale of assets of RCom to RJio came to an end with both companies announcing to terminate the sale which was pegged at a value of ₹ 18,100 crores. With no other option for RCom, it must now go into insolvency proceedings and the value of its assets will deteriorate and be available for a much cheaper price. With no worthwhile competitor, RJio seems like the only one to pick up the assets of RCom at a throwaway price, which will benefit Mukesh Ambani by thousands of crores.

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