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'Mukesh was made successor by Dhirubhai'

November 22, 2004 18:18 IST
Last Updated: November 22, 2004 18:44 IST

The Reliance Group on Monday said the ongoing 'ownership' controversy will be resolved soon to the satisfaction of all concerned.

"The controversy (ownership) will be resolved to the satisfaction of shareholders and the country in the next few weeks," a Reliance spokesperson said when asked about the ownership issue of the Rs 80,000 crore (Rs 800 billion) Ambani empire.

"Mukesh Ambani was made successor by late Dhirubhai Ambani," the spokesperson said when asked whether Dhirubahi Ambani had left any will.

"From that moment he is committed to realising Dhirubhai's dream," he said.

The two sisters -- Deepti Salgaoncar and Neena Kothari -- who were believed to have come to Mumbai to attend the family meeting have left.

Earlier, Mukesh Ambani said in a statement he was quoted out of context on the ownership issue and had said that Reliance is a strong professionally-managed company.

Mukesh Ambani was quoted by CNBC last week saying, "There are ownership issues but they are in the private domain."

Anil Ambani could not be contacted for his comments on the ongoing controversy.

"Well there are issues which are ownership issues. These are in the private domain, but as far as Reliance is concerned, it is a very, very strong professional company," Mukesh Ambani said.

Reliance is India's largest private company with an annual turnover of about Rs 80,000 crore and has presence in various sectors including oil refinery, petrochemicals, power and telecommunications.

As per the information of Centre for Monitoring Indian Economy, the promoters (Ambanis) hold 46.67 per cent of the stake in Reliance Industries Ltd, while 13.48 per cent is held by the public and FIIs own 22.85 per cent equity.

As per the work allocation, Mukesh looks after oil, petrochemicals and infocomm, while younger brother Anil looks after power, besides Reliance Capital.

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