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Ambani brothers taken to task over natural gas price dispute
The slogan in Indian business should be: when the Ambani brothers fight, Delhi quakes. For the second time in the past two years, the tremors from a dispute between India’s richest siblings have reached parliament in New Delhi.
Last time, the Congress party-led government tried to intervene after Mukesh Ambani sought to block what would have been India’s largest merger and acquisition, the $40bn reverse takeover of South Africa’s MTN by Reliance Communications, controlled by his estranged younger brother, Anil Ambani.
This time the battle is over gas. The Mumbai High Court has told the brothers to consult their mother on a dispute over what price Mukesh’s Reliance Industries should provide gas to power plants controlled by Anil’s companies. An indignant New Delhi has warned the pair that the gas is not theirs to trade – under the constitution it belongs to India and Reliance Industries is merely the contractor.
The dispute is a continuation of India’s biggest succession battle. The brothers’ late father, the entrepreneur Dhirubhai Ambani, died in 2005 without leaving a will, condemning his two headstrong sons to endless warfare over his estate. Their mother tried to mediate with a demerger scheme for Dhirubhai’s empire in 2006 but the battle lives on.
If there is any lesson for Delhi in this, it is to instruct India’s biggest industrial families to get their wills in order.
Source:ft
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