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Anil Ambani quits as vice chairman of IPCL
Monday, 03 January 2005, 20:30 IST
MUMBAI: Anil Ambani, vice chairman of Reliance Industries, has resigned from the post of vice chairman of the group's India Petrochemicals Ltd. (IPCL), informed sources said Monday.
Anil, locked in a bitter ownership slugfest with elder brother and Reliance Industries chairman Mukesh Ambani, has submitted his resignation to the board of IPCL, said the sources.
Anil or senior Reliance Industries officials were not immediately available to comment.
Reliance acquired the government's 26 percent stake in IPCL, India's second largest petrochemicals company, in 2002 as part of the privatisation drive. Mukesh is chief of IPCL.
Rumours of a rift between the two brothers, Mukesh and Anil, who control the diversified operations of the Reliance group with annual sales of 
800 billion ($17.5 billion), had been raging for some years.
Reliance Industries has interests in a wide spectrum of industrial sectors such as petrochemicals, refinery, and telecom, and accounts for a significant weightage in the overall market barometer.
Source: IANS
800 billion ($17.5 billion), had been raging for some years.
Reliance Industries has interests in a wide spectrum of industrial sectors such as petrochemicals, refinery, and telecom, and accounts for a significant weightage in the overall market barometer.
Source: IANS