The Telegraph
Since 1st March, 1999
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Ambani solution any time now

Mumbai, June 17: Rumours of an Ambani settlement today reached a crescendo with signals coming out of the camp of each brother suggesting a conclusion this weekend itself.

The city was bristling with speculation running late into the night that an announcement might be made at any time in a joint statement by Mukesh and Anil.

Sources close to Mukesh said the “ownership issues” had been resolved the way his late father Dhirubhai would have wanted.

“It might happen very soon and the nitty-gritty are currently being worked out and some loose ends being tied up,” the sources added.

“A broad agreement (often described as a final solution before becoming final) is already in place.”

Shares of Reliance Industries, the flagship of the Rs 100,000 crore group, surged to Rs 600.85, a one-year high, keeping the recent streak fuelled by settlement rumours. On Thursday, the share closed up Rs 15.85 at Rs 590.80.

It appears a Reliance shareholder will hold shares in the entities that emerge after the settlement under the control of each of the brothers so that they can be a part of both Mukesh’s and Anil’s fortunes.

Mukesh is believed to have decided to part with his personal stake of over 45 per cent in Reliance Infocomm. He is also making arrangements for a cash settlement of Rs 3,500-4,500 crore in favour of Anil.

Anil will have Reliance Energy, Reliance Capital and Infocomm and Mukesh the petrochem and petroleum business, which includes Reliance Industries.

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