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Last Updated: Monday, 3 January, 2005, 10:48 GMT
Reliance unit loses Anil Ambani
Anil Ambani
Has a family fued taken its toll on Anil Ambani?
Anil Ambani, the younger of the two brothers in charge of India's largest private company, has resigned from running its petrochemicals subsidiary.

The move is likely to be seen as the latest twist in a feud between Mr Ambani and his brother Mukesh.

Anil, 45, has stepped down as director and vice-chairman of Indian Petrochemicals Corporation (IPC). The company was not available for comment.

IPC is 46%-owned by Reliance Industries which in turn is run by Mukesh.

Mukesh has spoken of ownership issues between the two brothers, who took over control of the Reliance empire following the death of their father in July, 2002.

Struggle?

Reliance's operations have massive reach, covering textiles, telecommunications, petrochemicals, petroleum refining and marketing, as well as oil and gas exploration, insurance and financial services.

The brothers' spat has hogged headlines in India during recent weeks, despite a denial from the family that there was anything wrong.

Speculation has been rife about what has triggered the stand-off, with some observers blaming Anil's political ambitions, others the heavy investment by Mukesh and Reliance in a mobile phone venture.

Shares of IPC dipped on the news in Mumbai, but recovered to trade almost 6% higher.

Reliance shares added 1.7%, while Reliance Energy, headed by Anil, jumped 7%.


FROM OTHER NEWS SITES:
Calcutta Telegraph Anil breaks lull with stormy attack on Mukesh aide - 38 hrs ago
IHT A resignation amid rift at Reliance - 39 hrs ago
The Hindu Anil Ambani quits as IPCL Vice-Chairman - 43 hrs ago
Asian Age Mukesh's Anand angers Dukhi Anil - 45 hrs ago
Times of India Anil Ambani resigns from IPCL - 54 hrs ago
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SEE ALSO:
Stock off-load eases Ambani feud
24 Dec 04 |  South Asia
Saga of India's tycoon brothers
01 Dec 04 |  South Asia
Reliance seeks to heal 'dispute'
30 Nov 04 |  Business
Directors retreat from Reliance
25 Nov 04 |  Business
Reliance denies any family row
22 Nov 04 |  Business
India's Ambani factor
03 May 04 |  South Asia


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