Indian billionaire risks jail over missed Ericsson payments

    An Indian billionaire has been threatened with a prison term, unless he pays money owed to a telecoms company.

    Anil Ambani was involved in a failed deal between his company Reliance Communications (RCom) and telecoms giant Ericsson.

    Ericsson is owed 5.5bn rupees (£59.3m) by RCom under the terms of an agreement to manage and operate its network.

    RCom failed to comply with an order from India's Supreme Court to pay the money by 15 December last year.

    The court has now said Mr Ambani will be jailed for three months unless he pays.

    It found him guilty of contempt, giving him another four weeks to pay or else go to prison.

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