'Ambani brothers move closer to settlement'
Friday, June 17 2005 22:39 Hrs (IST) - World Time - 
New Delhi:
Ambani Brothers tonight (Jun 17, 2005) moved closer to working out a deal to resolve the seven-month-long ownership issue in the Reliance empire, which is expected to be carved into two separate entitities, highly placed sources said.
Corporate and financial honchos representing Group Chairman Mukesh Ambani and his younger sibling Anil were working for the last three days to close a deal even ahead of earlier target date of July 5, the death anniversary of their father and Group's founder Chairman late Dhirubhai Ambani.
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The deal was being fine-tuned amid indications that Mukesh would get flagship company RIL along with IPCL while Anil would get Reliance Infocomm, Reliance Energy and reliance Capital.
The two brothers had met for the first time last week in connection with settlement process and more meetings in the next few days could not be ruled out, sources said.
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The structure and swapping of equity in the two proposed entities one understably being given final touches ahead of any announcement.
There was intense speculation in Mumbai, where the group is headquartered, of a possible announcement towards this direction but key lieutenants of both Mukesh and Anil were not available for comments throughout the evening.
PTI
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