- Vinay Nair
Ambani wants to buy Ambani
There can be little doubt that the Ambanis, with their keen business acumen and garish opulence, have long been the first family of Indian business. But even a cursory glance at newspaper headlines over the past year would tell you that not all Ambanis have been privy to this stellar success. While Mukesh Ambani has made a habit of appearing on global rich lists and striking all-cash deals with international big shots, his brother Anil has been less than lucky!
The bitterly estranged brothers saw their respective businesses go in the opposite directions as Anil Ambani's Reliance Communications fell hard from its former glory, prompting elder brother Mukesh to come to his aid.
In 2019, Mukesh Ambani's bid to bail out RComm with last moment financial aid played out like a sentimental soap opera in the media. The public seemingly lapped it up as the elder brother stepped up to pay the dues that RComm owed to Ericsson, effectively saving Anil from jail time.
In 2020, with the latest round of bidding for RComm, Mukesh Ambani's flourishing telecom venture Reliance Jio has once again stepped up with a bailout package for his brother's ailing firm. Reliance Jio emerged as the highest bidder alongside UVARC for Reliance Communications asset recently, and the the lenders of RComm cleared the deal on 5th March.
Ambani buying Ambani has been in the works for a while now, and it finally seems to have come through.