At Last something good in store for the huge family of over 3.5 million stcok holders of RIL and other companies affiliated to RIL
Saturday, June 18, 2005 (Mumbai):
The nearly seven-month acrimonious battle over ownership issue in the Reliance Group finally came to an end today after both Ambani brothers reached an "amicable" settlement.
The important announcement of the settlement was made through a letter by their mother Kokilaben this morning.
In a statement she said, "I have today amicably resolved the issues between my two sons, Mukesh and Anil, keeping in mind the proud legacy of my husband Dhirubhai Ambani."
Finer details
Under the agreement, Mukesh will retain flagship company RIL and its petrochemcial venture IPCL while Anil will get Reliance Infocomm, Reliance Energy and Reliance Capital.
"Mukesh will have responsibility for RIL and IPCL while Anil will have responsibility for Reliance Infocomm, Reliance Energy and Reliance Capital," Kokilaben said.
The statement followed a marathon night-long family meeting to hammer out the settlement.
In addition, she expressed confidence that her sons would uphold their father's values and his foresight and vision would guide them.
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