Ambani brothers reach realty settlement
Ambani brothers have now arrived upon a settlement over real estate properties.
Mumbai: Days after reaching truce over gas supply agreement and the non-competition clause, Ambani brothers have now arrived upon a settlement over real estate properties.
A television channel, quoting sources, said that the two warring brothers have reached an agreement to divide the land assets between themselves.
These include properties in Mumbai (Bandra and Kurla) and New Delhi. This was a part of the 2005 agreement signed between the duo, which was mediated by mother Kokilaben.
The richest siblings of the world - Anil and Mukesh Ambani - have been at loggerheads for close to seven years, starting soon after the death of their father Dhirubhai Ambani in 2002. A settlement, in the form of a Memorandum of Understanding and a demerger scheme, was reached three years later.
Under the 2005 agreement to split the Reliance group, Mukesh kept petrochemicals, oil and gas units along with the flagship company, Reliance Industries. Anil got newer businesses such as power, telecommunications, financial services and entertainment. Both retained rights to the Reliance name.
The scheme, however, soon turned unworkable after the government made it impossible for RIL to sell its gas to the Anil-led group as envisaged -- through a 17-year supply contract at 2003 prices.
The duo has recently decided to end their long-standing dispute and scrap all existing non-compete agreements executed in January 2006.