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Ambani feud may be resolved in 6 weeks
June 06, 2005 11:21 IST
Last Updated: June 06, 2005 11:39 IST
The Ambani brothers' (Mukesh & Anil) settlement issue, which is doing rounds for the last few days, are understood to have been worked out and are expected to be formalised within the next six weeks.
The first of the announcements about the settlement could be made between four and six weeks although restructuring of group companies and legal formalities could take six months.
Being keenly watched by the government, the settlement process has made speedy progress during the last one month to end the fiercest battles in the country's corporate history, knowledgeable sources said.
Kokilaben, widow of the founder chairman of Reliance, Dhirubhai Ambani, is meeting the two brothers separately almost on daily basis, sources said.
Contrary to media reports about the confusion over who would get Reliance Capital, the sources indicated that the company operating in the market is set to go to Anil along with Reliance Energy and Reliance Infocomm, headed by Mukesh.
As per the broad understanding, new businesses of Reliance group that came into existence in the last few years would go to younger brother Anil while the parent company RIL and petrcochemcial venutre IPCL would be retained by Mukesh. Possibilities of a merger between RIL and IPCL in future could also not be ruled out.
Finance Minister P Chidambaram had recently said that the two Ambani brothers were moving towards settlement and there was no need for any government intervention in the family dispute.
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