Pedestrians walk past a Reliance Communications Ltd. retail store in Mumbai. (Photographer: Dhiraj Singh/Bloomberg)

Reliance Communications Pays Rs 458.77 Crore To Ericsson

Racing against time to meet the Supreme Court's deadline, Reliance Communications Ltd. paid Rs 458.77-crore dues to Swedish telecom equipment maker Ericsson, according to sources.

Failure to cough up the dues would have meant that RCom Chairman Anil Ambani would have faced a 3-month jail term.

Observing there was a ‘wilful default’, the Supreme Court last month held Ambani guilty of contempt of court and ordered the debt-laden company to clear the dues to Ericsson within four weeks or face a jail term.

Also read: Threat of Jail Caps a Long Fall for Billionaire Anil Ambani

A source in the know said RCom has paid Rs 458.7 crore to Ericsson as per the Supreme Court directive, but did not divulge details. Ericsson could not be reached for comments.