Reliance Chief Seeks Constructive Ties with Brother's Firm
Mukesh Ambani, chairman of Indian energy major Reliance Industries, said the firm is ready to provide gas to power plants controlled by his brother Anil Ambani's Reliance ADAG and looks forward to a "harmonious and constructive" relationship with the company.
In May, Mukesh Ambani won a Supreme Court ruling in a gas pricing dispute with Anil that had embroiled New Delhi and ultimately brought the long-estranged brothers to the negotiating table.
Mukesh Ambani, the world's fourth-richest man, was addressing his firm's annual shareholders meeting on Friday, with expectations high that he would unveil several expansion plans. Expectations that Reliance will enter sectors as diverse as power, telecoms and healthcare have been rampant since Mukesh Ambani last month ended an agreement with Anil that prevented them from competing on each others' turf.
Exactly five years ago, the two brothers split the business empire founded by their father after disagreements over ownership, and the non-compete agreement had been a source of acrimony between the two. The Times of India reported on Friday that Reliance was in advanced talks to buy fiber optic cables and telecoms tower business from mobile operator Reliance Communications, controlled by Anil. Reliance may also buy a 26% stake in shipbuilder Pipavav Shipyard, the Economic Times reported on Friday.
