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Warring Ambani Brothers bhai-bhai again?
By siliconindia
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Wednesday, 28 December 2011, 00:55 IST |
2 Comments
Bangalore: If one started a sentence, the other would finish it. They were indeed a class act for people who knew them dearly. How does that kind of chemistry go wrong? A Chinese proverb goes, "Use power to curb power," and that's exactly what the estranged brothers did. Soon they bagged the title 'The feud Indian billionaire brothers' from international media and also became the national interest of India at one point of time. But as rightly said, 'Time mends all wounds,' the Ambani brothers are perhaps coming together again. Today, for the first time after fifteen long years, the brothers are to be seen celebrating late Dhirubhai Ambani's 80th birth anniversary.
Kokilaben spoke to reporters in their home town of Dhirubhai Ambani Chorwad of Junagadh district, where both the brothers are expected to come for the opening of a memorial of their late industrialist father. "There are no differences or ill-feelings between Mukesh and Anil, both the brothers will come to Chorwad with their families tomorrow," Kokilaben said in response to a question on the reported differences between both the two according to a PTI report.
The founder of Reliance Industries, Dhirubhai Ambani passed away in 2002 after suffering a massive storke. The patriarch of the family had not left any will regarding the division of business and Mukesh Ambani for obvious reasons became Chairman and MD of Reliance Industries while his younger son, Anil Ambani was made the Vice-Chairman. But differences grew between the siblings and it was reported that Mukesh reportedly tried to oust Anil from the board. There were ownership issues between the two.
In 2005, Ambani brothers settled their dispute after their mother Kokilaben intervened and arranged a de-merger. Mukesh Ambani got Reliance Industries and IPCL, while Anil took control of Reliance Infocomm, Reliance Energy and Reliance Capital. The Bombay High Court also acknowledged the decision and approved the de-merger of Reliance Industries for the benefit of shareholders. But some shareholders were not happy with this and called the de-merger as more of a family bargain than a business severance. Thus began the battle for supremacy between the two.
