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Home > News > PTI

Mukesh renounces Infocomm stock

December 23, 2004 21:20 IST

In a major development in the battle over the Reliance empire, Mukesh Ambani on Thursday sought 'annulment' of the Rs 50 crore shares at par in Reliance Communication, a move apparently aimed at neutralizing criticism from his brother on the Reliance Infocomm issue.

A spokesperson of Reliance Communications Ltd (RCIL) told PTI from Mumbai that Mukesh was never interested in personal wealth and, like his father late Dhirubhai, had created national assets like petrochemical complexes in Patalganga and Hazira, world's biggest grassroots refinery in Jamnagar.

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"Now he is building the biggest communication network in the world," he said while condemning the 'sustained campaign' against Reliance Infocomm, headed by Mukesh.

The board of Reliance Communications Ltd (RCIL) on Thursday accepted Mukesh Ambani's offer for 'annulment of the transaction', he told PTI immediately after the board meeting.

The parent company Reliance Industries Limited, also headed by Mukesh Ambani, has been informed about this. "The detailed communication sent by the company on this will be placed at the RIL board meeting on December 27," he said.

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