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Home > Business > PTI > Report

No private gain for Mukesh, says RIL

December 13, 2004 20:48 IST

Alleging a 'well-orchestrated campaign of disinformation,' Reliance Industries Chairman Mukesh Ambani denied on Monday night that two companies of the group which had bought shares in ONGC and TCS belonged to him.

On a relatively quiet day in the battle between him and his younger brother Anil for the control of Reliance empire, RIL said in a statement that media reports stating that Smart Entrepreneur Solutions Pvt Ltd and Smart Infosolutions Pvt Ltd belonged to the Chairman "are baseless and an exercise in misinterpretation and distortion of facts."

"There is no private gain for Mukesh Ambani as insinuated in the newspaper reports. There is no loss to Reliance Industries Ltd or its shareholders. In fact, both of them will be benefited from these investments," RIL asserted.

Some news reports had suggested that Mukesh had invested Rs 3,100 crore through his 'private unknown'companies by participating in IPOs of Oil and Natural gas Corporation and Tata Consultancy Services with funds belonging to RIL via Reliance Infocomm.

The release said that there was no mystery about the sources from which these companies obtained funds to subscribe to the public issues of ONGC and TCS.

These companies were owned by Reliance Communications Infrastructure Ltd subsidiary.

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