The Hindu Business Line : Mukesh to renounce sweat equity in Reliance Infocomm

MR Mukesh Ambani, Chairman of Reliance Industries Ltd (RIL), has decided to renounce his sweat equity to the extent of 50 crore shares in Reliance Infocomm.

Mr Mukesh is understood to have sought the annulment of these shares and the board of Reliance Communication Infrastructure Ltd (RCIL) has accepted this request from him.

According to a company's spokesperson, for the last few weeks, a sustained campaign was being carried out about the acquisition of 50 crore Reliance Infocomm shares at face value by Mr Mukeshi. RCIL has also informed RIL about this decision.

RCIL has been told that the detailed communication sent by the company on this will be placed at the RIL board meeting on December 27.

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