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| Sunday, 19 June 2005 |
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Editorial
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Battle for India's Reliance Industries ends MUMBAI, Saturday (AFP) The family battle for control of India's biggest private sector company, Reliance Industries, ended Saturday after the Ambani brothers reached a deal on dividing the firm between them, their mother said. The elder brother Mukesh will take control of Reliance Industries and Indian Petrochemical Corp. Ltd. while younger sibling Anil will look after Reliance Infocomm, Reliance Energy and Reliance Capital, their mother said in a statement. "...I have today amicably resolved the issues between my two sons, Mukesh and Anil," the mother, Kokilaben, said. "I am confident that both Mukesh and Anil will resolutely uphold the values of their father and work towards protecting and enhancing value for over three million shareholders of the Reliance Group," she said. The statement followed marathon discussions amongst the family and their advisors overnight, reports said. It also came hours before a crucial board meeting of the 15-billion-dollar Reliance Industries to discuss how the group should be divided in order to settle the bitter ownership battle between the billionaire Ambani brothers, The settlement brings down the curtains on a corporate soap opera which has transfixed the nation for seven months with its vitriolic charges and counter-charges of boardroom wrongdoing that have been splashed across newspapers. Relations between the brothers began to sour after their father, Dhirubhai Ambani, who built the empire from scratch after starting as a gas pump attendant, died three years ago without leaving a will. The row has been closely followed because Reliance has India's biggest shareholder base. It has had an impressive line-up of mediators. Everyone from Prime Minister Manmohan Singh and Finance Minister P. Chidambaram to the brothers' widowed mother, have tried to restore peace. |
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