A former billionaire's race to raise $80 million and avoid jail

The tycoon’s heavily indebted telecom business had promised to pay the local unit of Ericsson AB about Rs 550 crore ($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.

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