Reliance seeks to heal 'dispute'

The Ambani family have denied reports of a dispute

The board of Reliance Energy, India's largest private company, have asked six directors to reconsider their decision to resign from the firm.

The request comes amid signs the board is attempting to heal a reported family dispute over company ownership.

Major shareholder Reliance Industries will be consulted on areas "concerning the future prospects of the company and related issues", the firm said.

The directors will remain in their roles in the meantime, it added.

The Ambani family, which controls 47% of Reliance Industries, has denied any split between brothers Mukesh and Anil.

Mukesh Ambani, 47, is chairman of Reliance Industries. Anil, 45, is the chairman of Reliance Energy, which supplies energy to New Delhi and Mumbai (formerly Bombay).

Investors hit

Shares in their companies have fallen in recent days by more than 10% on reports of the rift.

On Tuesday, ahead of the board announcement, Reliance Industries added 1.4% and Reliance Energy put on nearly 1%.

Reliance companies span the oil, petrochemical and telecoms sectors.

It operates India's largest petroleum refinery and produces 12 million metric tons a year of petrochemicals.

It also owns 45% of Reliance Infocomm, India's biggest cellular phone company, and half of Reliance Energy.