The Telegraph
Since 1st March, 1999
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Wraps off Mukesh telecom maze

Mumbai, Jan. 18: A day before the warring Ambani brothers go into a series of board meetings, fresh revelations have lifted the veil off the identity of buyers of a 50.5 per cent stake in the holding company of Mukesh-controlled Reliance Infocomm.

While a cabal of nine investment companies and two funds controlled by Mukesh and associates paid only Rs 101 crore for the majority holding in Reliance Communications & Infrastructure Ltd, Reliance Industries (RIL) ' the parent company in the group ' forked out a whopping Rs 2,331 crore for its 45 per cent stake.

The Anil Ambani camp had earlier pointed out these widely different costs.

The nine companies sport names that sound very much like foreign institutional investors: Warburg Capital, Colonial Capital, Perigree Trading, Twin Rose, Greenwich, Equity Link Trading, Newton Capital, Jewel Communications and Reme Trading.

The revelations about the ownership maze surrounding Reliance Infocomm come before the boards of Reliance Energy, IPCL and RIL meet, starting tomorrow.

All nine companies had a common address till recently at Maker Chambers III at Nariman Point, Mumbai's commercial district ' the same office from where Anand Jain, Mukesh's childhood chum, operates. The two funds ' Ganesh Infrastructure and Shankar Infrastructure Capital Fund ' were housed in the same address.

It is learnt that the investment companies are now headquartered in Dhirubhai Ambani Knowledge City, their registered addresses apparently changing as recently as September 2004.

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