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Reliance hands over control of 4 demerged cos to Anil Ambani

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Our Bureau

Mumbai, Feb. 7

RELIANCE Industries Ltd (RIL) announced on Tuesday that it has handed over control of the four demerged companies to Anil Dhirubhai Ambani Group.

This followed the reconstitution of the boards of the four companies - Reliance Natural Resources Ltd, Reliance Communication Ventures Ltd, Reliance Energy Ventures Ltd and Reliance Capital Ventures Ltd - after their board meeting held in RIL headquarters here late in the evening.

Mr Anil Ambani has been appointed the chairman of all the four companies.

The two RIL nominees, Mr Sandeep Tandon and Mr L.V. Merchant, resigned from the boards of these companies, said a RIL statement issued immediately after the board meeting.

Meeting cordial:

"The meeting went off in a cordial atmosphere. All contentious issues were settled. Ownership and control of the companies have been transferred and we hope the companies are listed at the earliest so that the RIL shareholders can unlock their value," Mr Tandon said.

The reconstituted boards under the control of Mr Anil Ambani would now be expected to take the remaining procedural steps for the shares of the companies to be listed and the exchanges have been accordingly notified, the release said.

According to RIL, the Bombay Stock Exchange, in a letter dated February 6, had specified a clear path to list these four entities.

The listing of these companies can be processed once the certified true copy of the final information memoranda, duly approved by the Board, is submitted and the provision of Clause 49 of the listing agreement is complied with, the release said.

"We are confident that ADAG will fulfil these conditions at the earliest to ensure prompt listing... It has been our continuous endeavour to have the shares of the resulting companies listed so that facility of trading on the exchanges is achieved in shortest possible time for shareholders' benefit," a RIL spokesperson said.

When contacted, an ADAG spokesperson said he had nothing to comment at this juncture.

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Understanding the Ambani squabble
Reliance: The battle for the Kamadhenu

(This article was published in the Business Line print edition dated February 8, 2006)
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