Reliance Infocomm is expected to go to Anil: Report
Thursday, March 24 2005 09:42 Hrs (IST) - World Time - 
New Delhi:
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 the intra-day trading.
Yesterday evening (Mar 23, 2005), NDTV quoted sources as saying that Reliance Infocomm may go to younger brother Anil as part of division of Reliance assets.
Spotlight: Battle of Ambanis
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 yesterday, but sources in both Mukesh and Anil's 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 are working on the valuation report submitted last month by the ICICI Bank Chief and a friend of Ambani family K V 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.
Discuss this topic
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
| 
