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Ambani brothers reach "amicable" settlement

Saturday 18 June 2005

Mumbai, Jun 18 (PTI): The warring Ambani brothers today reached an "amicable" settlement of the ownership dispute in the mega Reliance group under which elder brother Mukesh will retain flagship Company RIL and its Petrochemcial venture IPCL while Anil gets Reliance Infocomm, Reliance Energy and Reliance Capital.

The settlement of the seven-month bitter wrangle was announced by their mother Kokilaben who said in a statement "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."

As part of the settlement reached this morning, Anand Jain is set to step down from the Board of the IPCL. Jain was in the eye of the storm with Anil accusing him of conspiring to divide the family but being in the core group of Mukesh, he continued in the same capacity. Anil then had asked Mukesh to choose between him and Anand Jain and in the absence of any favourable response, Anil quit IPCL board as its Vice Chairman and Director.

Anand Jain, who is away to Goa for his daughter’s marriage, could not be contacted for comments. However, the annoucement of his resignation is expected after the Board meeting today.

See online : The Hindu

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