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Date Time:07-01-2009 05:28
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Exclusive Video's on Reliance
Ambanis come together on New Year’s Eve
Ambani brothers Mr Mukesh and Mr Anil came together to celebrate sister Ms Dipti Salgaocar’s silver marriage anniversary on New Year’s eve in Goa, amid speculation they may bury differences sooner than later.
Read more
Ambani divorce papers may soon be in public domain
The famous, but so far unseen, family agreement, which formalised the split between Mukesh and Anil Ambani, may soon become public.
“The MoU, if required, would be produced before the court by Smt Kokilaben, mother of the Ambani brothers,” according to Ram Jethmalani, counsel for Reliance National resources (RNRL), an Anil Ambani group company, which is engaged in litigation with the Mukesh Ambani-controlled Reliance Industries over natural gas supply from the Krishna-Godavari (KG) basin. Mr Jethmalani spoke to ET on the sidelines of the legal proceedings in the Bombay High Court. Read more
Hearing on dispute over Reliance gas adjourned till Wednesday
he Bombay High Court Tuesday adjourned by a day the hearing of a dispute between Anil Ambani-led Reliance Natural Resources Ltd (RNRL) and Mukesh Ambani’s Reliance Industries Ltd (RIL) over gas supplies from the Krishna-Godavari basin. The hearing was postponed after RNRL appealed to the court that the matter should be heard by the chief justice of the Bombay High Court, a spokesperson of Reliance Infrastructure, a sister company of RNRL, told IANS. “The division bench directed the counsels appearing for the two sides to mention the matter before the chief justice of the Bombay High Court Wednesday,” he said. Read more
India’s $85bn Ambani brothers battle on
WHAT kind of man travels halfway round the world to sabotage the biggest deal of your career, publicly humiliates your mother and then threatens you with legal action? For supporters of Anil Ambani, the second richest man in India, the answer is “your older brother”.
India is no stranger to sibling rivalry, but the feud between Anil and Mukesh Ambani, the world’s richest brothers - their combined fortune is $85 billion (£42 billion) - has enthralled the country’s business community. Read more
Video on Ambani vs Ambani : Ambani brothers’ feud
Shares in the Indian mobile operator Reliance Communications fell almost 2 percent Monday amid fears that a family feud could delay a multibillion-dollar merger with MTN of South Africa. Read more
RIL ready to go to court over RCom-MTN issue
The current round of feud among the Ambani brothers is taking a new turn with sources in Reliance Industries Limited (RIL) saying that RIL is ready to go to court over Reliance Communications-MTN merger issue.
MTN Group Slides as Family Row Threatens Reliance Merger Talks
MTN Group Ltd. fell the most in more than a week in Johannesburg trading after a feud between India’s Ambani brothers threatened to disrupt merger talks with Reliance Communications Ltd. Chairman Anil Ambani.
MTN, Africa’s largest mobile-phone company, lost as much as 3.94 rand, or 2.8 percent, to 135.01 rand, the biggest drop since June 9. The stock traded at 135.64 rand at 9:39 a.m., valuing the company at 253 billion rand ($29.3 billion).
Reliance Industries Ltd., controlled by Anil Ambani’s older brother Mukesh Ambani, said last week it had informed MTN and Reliance Communications that the company could block any move to sell a controlling stake in the Indian wireless operator without allowing Reliance Industries an opportunity to buy the shares.
Reliance Communications is India’s second-largest mobile- phone company.
Source: bloomberg.com
India’s Reliance Comms falls amid family feud
Shares in Reliance Communications Ltd, India’s No.2 mobile operator, fell more than 2 percent on Monday amid fears that a family feud could delay a multi-billion dollar tie-up with South Africa’s MTN
Energy group Reliance Industries, run by Mukesh Ambani, said last week it had the right of first refusal to a controlling stake in Reliance Communications, owned by younger brother Anil Ambani. Forbes magazine ranks the brothers among the world’s six richest men.
Reliance Communications has been in exclusive talks with MTN since late-May about a deal that could create a top-10 global telecoms firm. As part of a tie-up, Anil Ambani would likely swap his control of Reliance Communications to become the largest shareholder in MTN.
The telecoms firm on Friday called Reliance Industries’ claim to first refusal “legally and factually untenable, baseless and misconceived”.
“The market hates uncertainty, and any such news would not help the stock,” said Jayesh Shroff, fund manager at SBI Mutual Fund.
“I see the stock subdued in the short-term at least,” said Harit Shah, telecoms analyst at Angel Broking. “Sentimentally, it is negative unless a clear settlement is arrived at.”
By 0926 GMT, Reliance Communications shares were down 2.2 percent at 531.65 rupees in a Mumbai market up more than 1 percent. Shares in Reliance Industries, India’s most valuable company, were up 0.2 percent.
Reliance Communications said Reliance Industries claimed the right based on an agreement made when Reliance Communications was under Reliance Industries control.
A spokesman for Reliance Industries said on Friday the company had told both the Anil Dhirubhai Ambani Group (ADAG), of which Reliance Communications forms part, and MTN of the agreement in “good faith”, adding ADAG had never previously questioned the validity of the agreement.
Indian media, engrossed in a long-running feud between the Ambani brothers, reported that Reliance Communications was ready to defend any legal action taken by Reliance Industries and would claim full costs and damages.
Newspapers said Reliance Industries sources said a January 2006 non-competition agreement was different to a family deal struck six months earlier that divided the Reliance empire between the brothers.
“When litigation becomes a part of the story, the stock traditionally loses favour and flavour,” said Arun Kejriwal, strategist at KRIS, an investment advisory firm. (Additional reporting by Hiral Vora, Editing by John Mair & Ian Geoghegan)
Source : guardian.co.uk
Reliance: The sibling rivalry continues
Even after the Reliance group announced the division of companies between the two brothers — Mr Mukesh Ambani and Mr Anil Ambani — in June 2005, relations continued to be strained between the two.
The latest dispute is Reliance Industries of Mr Mukesh Ambani claiming first right to his brother’s stake in Reliance Communications in the event of an equity swap with MTN of South Africa, with which Reliance Communications is involved in merger talks.
The dispute between the two brothers as far as the telecom sector is concerned dates back to 1999, when the then undivided Reliance group was deciding on its future for this sector.
Shortly after the family settlement was announced, Reliance Natural Resources Ltd belonging to Mr Anil Ambani got into a dispute with Reliance Industries controlled by his brother over RIL’s agreement for supplying gas from its Krishna-Godavari basin gas fields.
The two companies are fighting the battle in court. Reliance Natural Resources Ltd (RNRL) requires the gas for its power plants, particularly the Dadri project. RNRL is to get 28 million standard cubic metres of gas from RIL. The two companies are fighting over the price and quantity of gas to be supplied. RNRL took the issue to court in November 2006 saying RIL was not implementing the demerger scheme.
As far as the telecom sector is concerned, the Reliance group was operating GSM-based mobile services in the North East region, Bihar and Orissa and when it was working on its plan for a nationwide footprint, Mr Mukesh Ambani picked the CDMA technology, a competing wireless technology, overruling objections from his younger brother.
After the group demerger, when telecommunications came under his control, Mr Anil Ambani decided to shift back to GSM technology for which he approached the Government, seeking permission to offer dual technology (both CDMA and GSM).
The two brothers have been bidding against each other for projects too — Reliance Energy Ltd controlled by Mr Anil Ambani was the successful bidder for the Mumbai trans-harbour link, outbidding a company floated by his brother, while Reliance Industries bagged a 7.5-hectare plot in Mumbai’s Bandra-Kurla complex in which the bidders included the Anil Ambani-controlled Reliance Communications and Infrastructure Ltd.
Source: thehindubusinessline.com
India’s billionaire Ambani brothers slug it out in telecom row
India’s billionaire Ambani brothers are battling again — this time over a blockbuster deal being negotiated by the younger sibling Anil to create an emerging-market telecoms behemoth.
The long-simmering feud flared anew last week when older brother Mukesh Ambani, head of Reliance Industries Ltd, India’s biggest private firm, told South African telecom giant MTN he had first right of refusal to buy a controlling stake in Anil’s Reliance Communications.
Reliance Communications entered exclusive talks in late May to combine with MTN to build a telecoms giant that would reach from Asia to Africa to the Middle East with a market capitalisation of up to 70 billion dollars.
MTN, Africa’s largest mobile operator, says it is still going ahead with the talks. “Nothing has changed. We are still having talks,” MTN spokeswoman Nozipho January-Bardill said.
“Talks are on track — in fact they are progressing well,” said a Reliance Communications official.
But legal experts say the row, which hinges on a settlement deal involving the carve-up of the Reliance empire after the 2002 death of the brothers’ wheeler-dealer father Dhirubhai Ambani, could throw a spanner in the works.
On Saturday, Anil threatened legal action against his brother if he tries to block the deal, a Reliance Communications source said, as the battle in India’s richest family heated up.
If Reliance Industries Ltd (RIL) “chooses to take any legal action, the same will be vigorously defended by Reliance Communications, and Reliance Communications will claim costs and damages from RIL,” the source said.
RIL insists a 2006 pact stipulates a decision on a majority stake sale in any of the companies belonging to the original group can only be taken after consultations with parties involved in the settlement.
“We feel we have a very strong and sound legal case,” said a Reliance source.
Reliance Communications, flagship of Anil’s group, has accused RIL of seeking to “disrupt creation of one of the world’s most valuable communications companies.”
The brothers appeared to work well together when their father was alive but relations started souring after they inherited the oil-to-communications empire in 2002 from Dhirubhai, who started out as a petrol pump attendant.
The discord between the stockily built Mukesh and the athletic Anil, who is a vegetarian teetotaler, came to a head in 2004.
The trigger came after Mukesh, known as a stickler for detail with a head for executing large projects, had the RIL board pass a motion telling all directors, including Anil, to report to him, saying it was his father’s wish.
Anil, who had always been the more outgoing, appearing frequently on society pages and jogging along Mumbai’s waterfront, fought back in what turned into a mud-slinging corporate soap opera.
The only thing the brothers agreed on was their reverence for the Ambani family matriarch Kokilaben, and they asked her to broker a deal which brought a temporary fraternal ceasefire and the carve-up of the Reliance conglomerate.
Mukesh kept the oil, gas and petrochemicals businesses of the group flagship Reliance Industries. Anil got Reliance Energy, one of India’s biggest power utility firms, the phone company which is his group’s flagship, and finance arm Reliance Capital.
But the deal did not bring harmony and even though the brothers still live in the same 18-storey mansion in the ritzy south Mumbai area, they rarely speak, according to those who know them.
Mukesh, listed by Forbes as the world’s fifth richest person with a net worth of 43 billion dollars, and Anil ranked sixth with 42 billion dollars, have been competing to outdo each other since their father’s death, observers say.
In fact, the last time the two US-educated brothers seemed truly united was at their father’s funeral pyre in 2002 where they stood grieving side by side, they say.
Lawyers believe their latest row could result in a protracted court battle.
Source: afp.google.com