Mumbai, Jan. 6
THERE was no official comment from the Reliance Group on a television news report today that the feud between the Ambani brothers is set to culminate in a legal separation between the two.
The television report said that the brothers Mr Mukesh Ambani and Mr Anil Ambani have decided on a legal separation of the ownership of the Reliance Group.
A source close to Mr Mukesh Ambani denied any knowledge of such a development.
The Group will be "restructured" and the ownership will be "aligned within the management", said the report.
This will happen under the arbitration of Mr K.V. Kamath, Chairman of ICICI Bank, in his capacity as a "family friend" of the Ambanis.
This decision was reportedly arrived at on December 28 last year, on the birth anniversary of Reliance founder Dhirubhai Ambani, at a family gathering at the Cuffe Parade Ambani residence in Mumbai. This was reportedly initiated by their mother Ms Kokilaben.
The Ambani brothers as well as their two sisters were present.