Asia's richest man causes a stir when he helps his brother pay off debt and escapes prison

Mukesh (left) and Anil (right), two brothers of the Ambani family - the richest family in India. Photo:AFP.

The relationship between the Ambani brothers deteriorated when their wealthy father died in 2002 without leaving a will, leading to a fight between the two for control of the Reliance Industries conglomerate left by his father, according toAFP.

The brothers’ mother, Kokilaben, acted as a mediator. Eventually, they agreed to split Reliance, then India’s most valuable listed company. The half led by Mukesh thrived, while the half led by Anil languished.

Mukesh, 61, is now Asia's richest man with a fortune of $54.3 billion, while Anil's fortune is around $300 million. Mukesh and his family live in a luxurious 27-story skyscraper in Mumbai, which is said to have cost $1 billion and is known as the world's most expensive home.

Anil's telecom company Reliance Communications owed around $4 billion and was due to make a payment in February. That same month, Anil's bad luck continued, as the Supreme Court ruled that he would be jailed if he failed to repay $80 million to Swedish company Ericsson today.

Reliance Communications made a shocking announcement yesterday saying that the debt had been cleared. Anil thanked his brother and sister-in-law.

"I would like to sincerely thank my respected brother Mukesh and sister-in-law Nita for standing by me during this difficult time and demonstrating the importance of upholding strong family values ​​by providing timely support," said Anil, 59.

"My family and I are extremely grateful that he and I have overcome the past. We are also very grateful and touched by his gesture," Anil expressed.

However, observers say Mukesh’s decision was not entirely fraternal. The brief statement from Reliance Communications did not specify whether the payment was a gift or a loan.

Some Indian media outlets have suggested that it is compensation for the recent failed deal between the two sides.

Anil had hoped to sell his tower and phone network business to his brother’s Reliance Jio for $2.4 billion. But the deal ran into legal hurdles and creditors objected, so both sides called it quits.

In 2011, they attended the inauguration of their father's memorial together. At that time, their mother, Kokilaben, declared that the feud was over and that "the two brothers loved each other very much."

Five years later, however, Mukesh sparked a brutal price war in India's telecoms market, launching the ultra-cheap Reliance Jio mobile network in 2016 and pushing his brother's Reliant Communications company to its current state.