Truce between Ambani brothers reopen key sectors for both
On June 18, RIL Chairman Mukesh Ambani along with his mother Kokilaben and wife Neeta Ambani walked in to into Mumbai's Birla Matoshree auditorium to deliver his address for the Reliance AGM (annual general meeting).
THE RELIANCE AGM (annual general meeting) this time was no better than a family reunion. RIL Chairman Mukesh Ambani along with his mother Kokilaben and wife Neeta Ambani walked in to into Mumbai's Birla Matoshree auditorium to deliver his address at 11am.
Younger of the two Ambani brothers, Anil Ambani was missing from the annual general meeting (AGM) of elder brother Mukesh-chaired Reliance Industries Ltd (RIL). Many people present in the Reliance AGM expected that Anil Ambani would turn up as a sign of the truce between the two brothers. The AGM witnessed heightened excitement among shareholders.
The two brothers addressed the shareholders from the same platform for the last time was at the 31st AGM of Reliance Industries Ltd held in 2005. In 2005, in a family agreement brokered by their mother Kokilaben Ambani the two brothers demerged their business.
At the RIL AGM, Mukesh promised that the company will commence supply of gas to ADAG group as and when their plants are operational. He also stated that he was looking forward to a harmonious and constructive relationship with Anil’s ADAG Group.
Mukesh Ambani also announced tha RIL is drawing up specific plans for mega investment in coal, hydro and nuclear power projects. RIL would not enter the gas-based power generation arena till 2022, as a goodwill gesture, Mukesh further stated.
World's fourth-richest man Mukesh Ambani is also eyeing infrastructure such as roads, the source said. A return to telecoms may be a more distant prospect apart from power and financial services.
RIL also announced a dividend of seven rupees per share for the 2009-10 fiscal. The RIL investors remained cheerful though there were no big bang announcements at the AGM.
The two brothers addressed the shareholders from the same platform for the last time was at the 31st AGM of Reliance Industries Ltd held in 2005. In 2005, in a family agreement brokered by their mother Kokilaben Ambani the two brothers demerged their business.
At the RIL AGM, Mukesh promised that the company will commence supply of gas to ADAG group as and when their plants are operational. He also stated that he was looking forward to a harmonious and constructive relationship with Anil’s ADAG Group.
Mukesh Ambani also announced tha RIL is drawing up specific plans for mega investment in coal, hydro and nuclear power projects. RIL would not enter the gas-based power generation arena till 2022, as a goodwill gesture, Mukesh further stated.
World's fourth-richest man Mukesh Ambani is also eyeing infrastructure such as roads, the source said. A return to telecoms may be a more distant prospect apart from power and financial services.
RIL also announced a dividend of seven rupees per share for the 2009-10 fiscal. The RIL investors remained cheerful though there were no big bang announcements at the AGM.
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