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Kamath's Reliance report by Jan end

BS Corporate Bureau in Mumbai | January 24, 2005 09:41 IST

Kundapur Vaman Kamath, CEO and managing director, ICICI Bank, is expected to present his "report" on the valuation of the Reliance group and its division between warring Ambani brothers Mukesh and Anil by the end of this month.

Sources close to the development said Kamath was putting the finishing touches to his "assignment".

Since the last week of December, when Kamath was formally approached by Kokilaben, the mother of the Ambani brothers, the ICICI Bank chief has been working on the report in his personal capacity.

The Reliance 'ownership issue'

Both Reliance Industries chairman Mukesh Ambani and vice-chairman Anil Ambani have met him at ICICI Bank's Bandra-Kurla office to discuss issues.

Sources, who claim to be in the know of things, said apart from working out an "amicable solution", Kamath was also taking into consideration the stamp duty factor while chalking out the lines of separation. "One needs to be careful, for such deals may attract huge stamp duty," said a source.

The decision to approach Kamath was taken by Kokilaben on December 29 at a family conclave at Sea Wind, the building that houses the Ambani family in south Mumbai. The task before Kamath is to resolve several knotty issues.

Mukesh Ambani wants a separation, arguing he can no longer work with Anil, and Kokilaben has agreed. But she wants a share of the family holding in Reliance Industries for her two daughters, Dipti and Nina.

Promoters and a maze of investment firms, described as "persons acting in concert", own about 34 per cent of Reliance Industries (without counting about 12 per cent of the stock, which Reliance Industries has clarified, are held for the benefit of all company shareholders).

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