Sunday, June 19 2005 19:20 Hrs (IST) - World Time -

Mumbai: The junior scion of the Ambani family Anil today (Jun 19, 2005) said the Reliance Industries Limited (RIL) Board has given the approval of the demerger of the company.

"RIL Board met yesterday and gave in-principle approval to demerger," Anil told reporters here after the Board meetings of Reliance Energy Limited (REL) and Reliance Capital Limited (RCL) this afternoon.

He also said that the three companies under his fold - REL, Reliance Infocomm and RCL will also be demerged.

The RIL board, headed by Mukesh Ambani, approved the demerger plan as part of separation of group companies Reliance Energy and Reliance Capital to create a separate entity for younger sibling Anil Ambani.

The decision to demerge listed group companies RIC and REL was part of the settlement to end the seven-month long battle between the Ambani brothers over the ownership issue of Reliance empire. The decision is subject to ratification of the shareholders.