The Hindu : Front Page : Kamath "formula" for settling Ambanis' dispute

Online edition of India's National Newspaper
Wednesday, Mar 09, 2005

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Kamath "formula" for settling Ambanis' dispute

NEW DELHI, MARCH 8. Valuation of the Reliance empire by the ICICI Bank Chairman, K.V. Kamath, is complete, setting the stage for a possible settlement of ownership issues between the warring brothers, Mukesh and Anil.

Mr. Kamath is believed to have given his report to Kokilaben, widow of Reliance founder Dhirubhai Ambani, who has watched with dismay the public wrangling over ownership between her sons. The ICICI chief had been entrusted with the task at a family conclave in Mumbai in December.

Mr. Kamath is away in China and could not be reached for comment, but sources in the Mukesh and Anil camps were not forthcoming on the valuation report.

Suggestions for possible lines of settlement are said to be contained in the report, knowledgeable sources said and added that the valuation was now being analysed by the family.

Mr. Kamath is understood to have given a formula about a possible division of stake of the Ambani family, including the 29 per cent equity held by companies, under a nomenclature — Persons Acting in Concert.

The wrangling between the brothers became public in November last, leading to a bitter proxy war for more than three months.

However, the two camps have been silent for nearly a fortnight, a situation construed as conducive by many for meaningful negotiations.

Earlier, it was reported Mr. Kamath had favoured that Mukesh and Anil each get 30 per cent share in the equity held by the family while the remaining 40 per cent be divided between their mother, Kokilaben, and sisters, Dipti and Neena.

PTI

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