Ambani Brothers At It Again
It seems there is no end to the war between Mukesh Ambani of Reliance Industries Limited (RIL) and his younger sibling - Anil ambani, the promoter of Anil Dhirubhai Ambani Group (ADAG) - both of whom figure prominently in the top 10 of Forbe’s world’s richest people. The most recent spat came on 12th June when Mukesh Ambani’s group has notified both ADAG and MTN, the Johannesburg based South African telecom giant who are in the process of discussion to create one of the biggest telecom service provider with an operating profit of more than $12 billion. It is to be noted that ADAG own Reliance Communications (RCom).
ADAG group alleges that RIL is trying to sabotage the deal with MTN through an agreement in 2006, because that will give Anil Ambani the controlling power of a $75 billion company. On the other hand RIL says that it has every right to be priorly informed about any deal by RCom according to th