The Hindu Business Line : Anil may get Reliance Infocomm — Ambani settlement on cards after Holi

The long-awaited settlement appears to have been given more or less a concrete shape with Reliance Infocomm slated to go to Mr Anil Ambani. It may be recalled that it was this company on the one side and Reliance Energy on the other that became the two major areas of dispute between the two brothers.

However, a formal announcement on this is expected only after the Holi festival as the preceding week is considered by the Gujarati community to be inauspicious for concluding business deals.

Reliance Infocomm is proving to be the surprise element in the settlement for many as it has always been identified as a Mukesh Ambani enterprise. The company had come under a cloud on issues relating to allocation of shares and it was no major secret that the onslaught was coming from the Anil faction.

The first sign that the company was likely to go to the younger brother came about a month ago when charges that were flying thick and fast through the media suddenly dried up.

Mr Anil Ambani was also spotted at the office of the TRAI chief, Mr Pradeep Baijal, last week, strengthening speculation that the infocomm venture would come his way.

Along with Reliance Infocomm, Mr Anil Ambani is set to get control of Reliance Energy Ltd and Reliance Capital Ltd - both identified as his ventures for some time now.

A division along these lines will reduce the size of monetary payment that would have to be made to Mr Anil Ambani, sources said.

The cash component in the settlement would have been too heavy, if Mr Mukesh Ambani had insisted on retaining control of Reliance Infocomm, they said.

As per information available, Reliance Industries Ltd, flagship of the group, and Indian Petrochemicals Corporation Ltd will remain with Mr Mukesh Ambani.

The Krishna-Godavari deepwater gas exploration blocks, with huge reserves, will remain an integral part of RIL, it is learnt. The other venture that is yet to be spun out of RIL is Reliance Life Sciences Pvt Ltd, the company's foray into biotechnology.

According to Gujarati tradition, no business gets transacted during the eight-day-long `kamurta' period ending on the Holi festival day that falls on Saturday.

The saying goes - `Holi na pehla na karaye', just as December 15- January 14 is another Kamurta period for the Gujarati business community.

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