Reliance Infocomm likely to go to Anil, say reports

New Delhi, March 23 | Updated: Mar 24 2005, 06:29am hrs
Speculation of a settlement between the wrangling Ambani brothers Mukesh and Anil over the ownership of Reliance empire led to heavy demand of shares of the group companies which shot up during intra-day trading on Wednesday.

In the evening, a TV channel quoted sources as saying that Reliance Infocomm may go to younger brother Anil as part of division of Reliance assets.

The channel also said that the top management of Infocomm was told about the possible changes and that the meetings at the Infocomm headquarters were cancelled, but sources in both mukesh and Anils camps did not confirm this.

Sources said that two brothers have not yet met on the settlement issue but indicated that top officials from both the camps were working on the valuation report submitted last month by the ICICI Bank chief and a friend of Ambani family KV Kamath.

He is understood to have suggested that while one brother could have a control of flagship company RIL, the other could have Infocomm along with some other group companies.

During the day, share prices of RIL, headed by Mukesh, shot up to Rs 570.35 after opening at Rs 541 a share on hopes of settlement but started declining after some time to close the day at Rs 553. Likewise, prices of REL, headed by Anil, shares also shot up to Rs 559.95 after opening at Rs 532 but closed the day at Rs 537.

PTI