Rediff
New Delhi, Jun 18: It was today -- June 18 -- three years ago when the Reliance empire was split and the Reliance ownership battle was 'resolved.'
And even as Anil Ambani and superstar Hollywood director Steven Spielberg are about to sign a deal that will see the Ambani bankroll Spielberg's DreamWorks SKG with between $500 million and $600 million, the hostility between the two brothers -- Mukesh and Anil -- continues unabated...
Once inseparable, the Ambani brothers just can't stop fighting now. They have even made it to the Forbes richest billionaire feuds list.
Right from the bickering for more power, assets and property, to mundane things like payment of telephone bills of group companies, fighting over gas supply deals, bidding for infrastructure projects, the brothers' fights have become quite commonplace.
The latest squabble between the brothers is over the South African mobile giant, MTN, with whom Anil Ambani-led Reliance Communications is in talks to buy over 40 per cent stake. Mukesh Ambani-led RIL has objected to the deal, claiming it has the first right of refusal over any stake sale by RComm.
Till their father Dhirubhai Ambani, patriarch of the Reliance empire, was alive, the brothers stood together. Things took a dramatic turn after his demise in 2002 when Mukesh became the chairman and managing director of teh empire's flagship firm, Reliance Industries, and Anil the vice chairman and managing director of the company. Differences between the brothers started cropping up leading to a nasty seven-month-long ownership row.
On June 18, 2005, they split the Reliance empire to steer ahead their own interests. Mukesh and Anil reached an agreement to divide the assets after a long drawn battle.
It was corporate India's biggest battles for succession.
Kokilaben Ambani, mother of the warring brothers, expedited the settlement based on recommendations of family friend and ICICI Bank Chairman K V Kamath.
On June 18, Kokilaben issued a statement announcing the settlement between her two sons, Mukesh and Anil over the ownership issues in the Reliance empire.
"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.
"I am confident that both Mukesh and Anil, will resolutely uphold the values of their father and work towards protecting and enhancing value for over three million shareholders of the Reliance Group, which has been the foundational principle on which my husband built India's largest private sector enterprise.
"Mukesh will have the responsibility for Reliance Industries and IPCL, while Anil will have responsibility for Reliance Infocomm, Reliance Energy and Reliance Capital."