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Economy

Indian billionaire Ambani saves brother's indebted telecom giant

But Reliance Jio's purchase of towers and networks drives RCom out of wireless business

Anil Ambani, right, talks with brother Mukesh Ambani, chairman of Reliance Industries, during the launch of “Digital India Week” in New Delhi in 2015.   © Reuters

MUMBAI -- Indian billionaire Mukesh Ambani has emerged as the savior preventing bankruptcy for his younger brother Anil Ambani's Reliance Communications. Yet his Reliance Jio Infocomm, which has aggressively offered cut-price data and free services, has largely been blamed for the financial woes of RCom and other players.

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