The Hindu : Business : Ambanis' settlement likely on July 6

Online edition of India's National Newspaper
Thursday, Jun 16, 2005

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Business

Ambanis' settlement likely on July 6

NEW DELHI: An end to the seven-month-old battle between the Ambani brothers for the ownership of the Reliance business empire appeared imminent and an announcement about the settlement is likely to be made on July 6.

The Reliance Group Chairman, Mukesh Ambani, and his younger brother, Anil Ambani, met last week as part of efforts to hammer out a settlement, under which the flagship company, Reliance Industries, and IPCL would be retained by Mr. Mukesh, while Mr. Anil would get Reliance Energy, Reliance Capital and Reliance Infocomm, sources in the know said on Wednesday.

The settlement is based on the formula suggested by the ICICI Chairman and the Ambani's family friend, K. V. Kamath, who preferred IPCL and RIL going to one brother instead of splitting the companies.

As part of the speeding up process, Kokilaben, widow of the founder Chairman of Reliance, Dhirubhai Ambani, was meeting the two brothers separately almost on a daily basis, they said. Keenly watching the progress on the largest corporate house, the Finance Minister P Chidambaram, said last month that the two Ambani brothers were moving towards settlement and there was no need for any government intervention in the family dispute.

— PTI

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