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Warring Ambani Brothers bhai-bhai again?
By siliconindia
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Wednesday, 28 December 2011, 01:19 IST |
2 Comments
To put an end to the never ending enmity between the brothers, Kokilaben brokered a peace treaty between them. Top notch officials from both the companies were asked to sign a draft of non-compete agreement which is contract law under which one person agrees not to pursue the same trade in competition against another person. In June 2010, Anil withdrew his defamation case.
The billionaire brothers decided to put an end to their rivalry and create a harmonious environment with co-operation and collaboration. Mukesh Ambani hatched a plan to combine his group with his younger brother Anil's telecom company to take another shot at the telecom sector for 4G services. "As leading telecom infrastructure and content service providers, we look forward to offering our services to RIL and other BWA players, even while we compete for customers in the market place through our choice of different technologies," RCom said in a statement. The result of this will be seen in 2012.
But is this the end to the 6 year contention? Will there be another face off? Sources close to India's richest man, Mukesh Ambani, have said that the billionaire intends to use the joint venture between his Reliance Industries, and American DE Shaw Group, to launch what is being dubbed The Bank of Ambani.
Anil's Reliance Capital already operates in the financial services sector, so if Reliance bank plans take off, the two could face-off again according to a Business Insider report.
