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Ambanis continue feud after MTN deal collapse

Reliance Communications chairman Anil Ambani (pictured) has hit out at his older brother, Mukesh, after the collapse of a deal with MTN Group, a leading emerging market telecom operator.

In a letter he accuses Mukesh's Reliance Industries of "malafide interference" for its role in ending the exclusivity agreement his company had with MTN, which aimed to create a leading telecoms company for the emerging markets sphere.

In a statement, Reliance Communications said: "Owing to certain legal and regulatory issues, the parties are presently unable to conclude a transaction. Accordingly, it has been mutually decided to allow the exclusivity agreement to lapse."

Reliance Industries began arbitration proceedings against Reliance Communications last week, claiming it has first right to refusal over Anil's stake in the company. Anil had planned to swap his 66% stake in Reliance Communications for a roughly 50% stake in MTN.

This is just the latest chapter in the ongoing feud between the brothers, who have been battling each other since 2002 following the death of their father and the subsequent division of his business empire.

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