Billionaire Mukesh Ambani-run Reliance Industries will sell natural gas from its eastern offshore KG-D6 fields to Anil Ambani Group firm's power plant in Andhra Pradesh at government approved rates.
Anil Ambani group firm RNRL first filed a case against RIL in Bombay high court in November 2006, alleging violation of a family pact about supply of gas from elder brother Mukesh led RIL's Krishna-Godavari gas fields. Since the financial year 2006-07, RNRL's legal and professional fees have surged nearly five-fold from Rs 3.12 crore (Rs 31.2 million) to Rs 15.27 crore (Rs 152.7 million) in the latest fiscal 2008-09.
Mukesh and Anil Ambani have yet again made it to a list of richest people compiled by Forbes, only this time the recognition has been bestowed on them because of their running feud. "Sometimes fighting has a silver lining, as has been the case for Indian brothers Mukesh and Anil Ambani," the US business magazine wrote about the two siblings in a report on the latest list - 'Billionaire Family Feuds'.
Responding to comments sought by the Prime Minister's Office on a letter from industrialist Anil Ambani, the ministry last week wrote that the family MoU was clearly against the provisions of the Production Sharing Contract.
Finance Minister P Chidambaram on Saturday said that the two Ambani brothers -- Mukesh and Anil -- are moving towards settlement and there was no need for any government intervention in the family dispute.\n\n
Read the full text of the Supreme Court ruling in the Krishna Godavari Basin gas dispute between Mukesh Ambani-led Reliance Industries Ltd and Anil Ambani's Reliance Natural Resources Ltd.
'While investors in Reliance have had to play a game of patience for long stretches, for Anil the challenge is to do what used to be his brother's forte -- generating cash by putting assets in the ground and making things,' says T N Ninan.
Reliance vice chairman Anil Ambani has sought a government probe into tapping of his phones by "unscrupulous individuals" working for Reliance Infocomm, headed by his elder brother Mukesh, even as the camps of two brothers are negotiating a settlemen
Whether it was the issue of the treasury stock (which came about when Reliance Industries Limited and Reliance Petroleum merged), or the dependent nature of so-called independent directors of RIL, or the opaque structuring of conflict-of-interest deals, Anil Ambani came out with guns blazing, accusing his older brother Mukesh of trying to diddle the shareholders of the company their father had built.
The Ambani brothers, Mukesh and Anil, should settle their differences amicably and arrive at a settlement, Finance Minister P Chidamabaram said on Friday.
The other developers are from across the globe, including players from Dubai, Europe and Asia.
Also starring Ranveer Singh, Kareena Kapoor, Saif Ali Khan, Aishwarya Rai, Shahid Kapoor, Varun Dhawan, Kriti Sanon, Kiara Advani, Sidharth Malhotra, Vidya Balan, Dia Mirza, Shradha Kapoor, Athiya Shetty, Sonam Kapoor Ahuja, Karan Johar, Shabana Azmi, Anupam Kher...
The Ambanis sure know how to throw a party.
Anil Ambani on Wednesday took over as the Chairman of Reliance Communication Ventures Ltd, a day after the Mukesh Ambani Group handed over management control of the demerged companies to the younger sibling.
Reliance Infocomm chief Anil Ambani is understood to have raised a number of issues, including interconnection in telecom
Watch out for "3Cs -- chamchas, chelas and cronies," Anil mbani said in a subtle message amid battle for control of Reliance empire with his elder brother Mukesh.
Commercial services may start in Mar-Apr next year
The Supreme Court on Friday rejected division of gas under the Ambani family MoU and said that it was government's right to decide the price and utilisation of the fuel, which is a national asset.
The younger Ambani sibling, Anil, on Monday sent an emotional farewell message to all the employees of Reliance Industries, from where he stepped down as vice chairman and managing director.
Supreme Court had asked the government to issue RCom a NoC for spectrum sale to Reliance Jio Infocomm by December 9 if it furnishes a corporate guarantee of Rs 1,400 crore
An industry source said Reliance Industries did not have a controlling stake in Yatra.com through its acquisition of Network 18. It was just a financial investment.
Having ended a bitter feud with elder brother Mukesh over control of the Rs 100,000 crore (Rs 1000 billion) Reliance empire, Anil Ambani, has embarked on a pilgrimage.
The peace plan rolled out by the Ambanis last week was lapped up without any questions by investors, but the deal to split the Reliance business empire has drawn reactions ranging from anger, indifference to even sadness from an unlikely quarters --
For the first time after settling their family dispute, brothers Mukesh and Anil Ambani are again competing face-to-face, in a bid for the Rs 7,500-crore, 1,320-Mw thermal power project at Gulbarga in north Karnataka.
It sounds utopian, but the Ambani brothers reunion is foremost in the wishlist of investors who want Mukesh and Anil to bury differences and come together in the New Year to create an unmatched business empire.
For every Rs 5 lost by the Ambanis in the past one year, approximately Rs 4 have been eroded from the coffers of their public investors also on an average, according to an analysis.
Reliance's big-bang entry across the solar ecosystem will cut dependence on Chinese imports drastically. And Ambani's repeated emphasis that RIL's new energy foray will be 'a truly global business' points that his group is playing not just for a share of the Indian pie but to be the OEM in the larger 5,000 GW global market by 2030, points out Shailesh Dobhal.
The prayer service was also attended by Karisma Kapoor, her parents Randhir and Babita, Shweta Bachchan Nanda and her daughter Navya Naveli.
Virtually turning down the request of Reliance Group company IPCL for reconsidering his resignation as vice chairman and director, Anil Ambani, engaged in a war of attrition with elder brother Mukesh, on Saturday sought resolution of issues, includin
The Supreme Court, on Friday, will pronounce its verdict on the nation's most talked corporate battle over gas supply, outcome of which will shape the future of flagship energy firms run by brothers Mukesh and Anil Ambani.
Here's a quick at the two cousins, Akash and Anmol.
Pictures from the party.
Mukesh Ambani's Jio, high debt and some bad decisions drove RCom to its grave.
India's second richest person Gautam Adani received a total remuneration of Rs 9.26 crore in the fiscal year ended March 31, 2024, lower than most industry peers as well as his own key executives.
The apex court said Ambani and the others will have to purge contempt by paying Rs 453 crore to Ericsson in four weeks. A bench comprising Justices R F Nariman and Vineet Saran said if the 'contemnors' failed to make the payments within the specified period, they will undergo a jail term of three months.
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.
