Billionaire Mukesh Ambanis prospects for bailing out his younger brothers phone company are fading after an Indian tribunal put his siblings Reliance Communications Ltd. into insolvency proceedings, which prohibit connected persons from acquiring assets of delinquent borrowers.
Ambani is Indias richest man and the founder of upstart rival Reliance Jio Infocomm Ltd., which had agreed in December to pay about $3.7 billion for airwaves, towers and fiber assets of the company known as RCom. Insolvency administrators will now oversee disposal of RCom assets under rules that could bar him from bidding for them.
As the siblings are majority shareholders and part of management at their respective companies, a bid by Jio may be inelig…
Read the full article at: https://www.bloomberg.com/news/articles/2018-05-16/ambani-s-shot-at-brotherly-bailout-faces-insolvency-rule-test