View photosFormer Billionaire Races to Raise $80 Million and Avoid JailMore
(Bloomberg) — Once worth at least $55 billion, India’s Anil Ambani has about a day to piece together $80 million to settle long-pending dues with a vendor or go to prison.
The tycoon’s heavily indebted telecom business had promised to pay the local unit of Ericsson AB about 5.5 billion rupees ($80 million) for past maintenance services. The repeated failure to comply and Ambani’s personal guarantee landed him in trouble last month, with the nation’s top court holding him in contempt. His companies suffered a setback last week after a lower court refused to free up tax refunds withheld by lenders.
If the payment isn’t resolved by Tuesday, Ambani, 59, risks a three-month jail term.