Ambani brothers Patch up

by khalid on 23/05/2010 · 0 comments

The breaking news today is about Ambani brothers who end up into the patch up after a long battle. Mukesh and Anil has once again join hands , dont come to any conclusion its all good news only , Reliance Industries led by billionaire Mukesh D Ambani, and Reliance ADA Group companies, (Reliance Communications, Reliance Infrastructure, Reliance Natural Resources, and Reliance Capital), led by his brother Anil D Ambani, have approved and they have also signed an agreement cancelling all existing non-compete arrangements , which was signed in January 2006. Now both the brothers have entered into a new simpler, non-compete agreement with respect to only gas-based power generation. Reliance Industries (RIl) has even agreed not to enter into gas based power generation until March 2022.

The announcement comes weeks after India’s highest court ruled in Mukesh Ambani’s favour in a bitter dispute over gas pricing that had made headlines, riven India’s richest family and raised questions about the influence of big business on government policy. The Supreme Court had asked the brothers to renegotiate the contract within six weeks and approach a companies court within eight weeks and that is why both the brothers were under pressure to get patch up.

India Inc gives thumbs up to Ambani brothers’ peace :-

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