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Home -> Finance -> Full Story

Anil Ambani claims 40 per cent gas from Mukesh
Thursday, February 9 2006 17:51 Hrs (IST) - World Time -

Mumbai: Seeking amendments in agreements signed between RIL and the four new companies Anil Ambani has decided to stake claim on 40 per cent gas from future reserves of elder brother Mukesh's flagship company and prevent its entry into airports and airport infrastructure.

Taking exception to 'material deviations' in agreements signed by RIL with new companies, prior to transferring these to it, Anil Dhirubhai Ambani Group (ADAG) has decided to write to Mukesh's Reliance Industries for changes in the agreement, an issue that may once again become a bone of contention between the two brothers.

"Reliance-ADAG (Anil Dhirubhai Ambai roup) will write to RIL for amendments to the gas supply, non-compete and brand agreements. These agreements were signed when the new ADAG companies ere under RIL control," ADAG sources told sources.

Elaborating, they said that Boards of the four companies - Reliance Energy Ventures, Reliance Communication Venture, Reliance Capital Ventures and Reliance Natural Resources - which met yesterday noted "that these agreements contain material deviations from the earlier agreed position" from the overall settlement arrived at between Mukesh and Anil on June 18 last year.

In fact, the gas supply agreement is crucial to RNRL's listing and reports of the agreements on Saturday last had triggered the latest bout of acrimonius fight between Ambani siblings that ended when the four companies were transferred to the younger brother on February 7.

Mukesh Ambani's camp could not be contacted despite several attempts.

PTI



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