Anil triumphs in latest Ambani brothers dispute
In the latest instalment of the feud between India's billionaire Ambani brothers (pictured), younger brother Anil has emerged triumphant. Yesterday, the 49-year-old won the right to receive below-market-price gas from brother Mukesh's company, in a move that could cost the latter Ambani billions.
The disputes between the competitive brothers began after their father died in 2002 and they had to divide his Reliance business empire between them. Now both control their own conglomerates – Mukesh, 51, has Reliance Industries, while Anil owns Reliance Anil Dhirubhai Ambani Group.
The ruling, made by the Bombay High Court, was based on an agreement made by the brothers in 2005 during peace talks organised by their mother. It stated that Reliance Industries was obliged to sell cut-price gas to Reliance ADA for 17 years. Reliance ADA said: "Our stance with respect to the quantity and the pricing of the gas has been vindicated."
Last year the feud reached boiling point when Mukesh blocked a bid by Anil to acquire the African mobile phone company MTN group. Refusing to let this go un-noticed, Anil countered with a $2 billion lawsuit against his brother for defamation over an interview given to the New York Times.
Both brothers are multibillonaires. Mukesh is worth about $19.5 billion while Anil has an estimated worth of $10.1 billion. They are two of the most successful businessmen India has produced with business ventures in a variety of areas including entertainment, communications and energy.
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