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Last Updated: Tuesday, 7 February 2006, 20:44 GMT
Ambani dispute drawing to a close
By Zubair Ahmed
BBC News, Mumbai

The Ambani brothers
Mukesh (r) and Anil (l) Ambani have gone their separate ways
An end to the long-running feud between the Ambani brothers, two of India's most powerful businessmen, is in sight.

Anil Ambani has formally taken control of four companies demerged from Indian powerhouse Reliance Industries which he controls with brother Mukesh.

The two brothers agreed to break up Reliance, one of India's largest companies, last year to end a bitter seven-month dispute between the two.

As recently as Saturday, the two rowed over the process of dividing the firm.

'Settlement'

Anil Ambani had accused elder brother Mukesh of deliberately delaying the transfer of four companies, which are to be listed separately on India's leading stock markets.

However, it emerged on Tuesday that the process had been completed following a board meeting that neither brother attended.

"All issues relating to ownership, control and transfer of shares have been resolved," Sandeep Tandon, a Reliance director, said.

Under the terms of their split, Mukesh Ambani will control the oil, gas and petrochemicals business, while Anil Ambani oversees telecoms, electricity and the group's finance arm.

Reliance was founded 46 years ago by one of India's most famous entrepreneurs, Dhirubhai Ambani, to trade in polyester yarn.

The feud started following Dhirubhai Ambani's death in 2002.


SEE ALSO:
New feud between Ambani brothers
06 Feb 06 |  South Asia
Reliance shares fall after split
18 Jan 06 |  South Asia
Last trading as Reliance splits
17 Jan 06 |  South Asia
Reliance deal lifts Indian shares
20 Jun 05 |  Business
Deal ends Reliance brothers' feud
20 Jun 05 |  South Asia
Feuding Reliance brothers in deal
08 Jun 05 |  Business
Big profits for India's Reliance
27 Apr 05 |  Business


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