Business as usual at Reliance

Himalayan News Service

Mumbai, June 19:

Operations at different units of the $22.6 billion Reliance business empire are likely to continue unaffected despite the carving up of India’s largest private business conglomerate to settle a bitter family feud. Experts say the settlement of a seven-month old ownership row between the Ambani brothers — Mukesh (48) and Anil (46) — will unlock the value of all the business entities and help them grow in their respective fields. “The division of responsibility will not cast a shadow over day-to-day operations of the companies. All the companies are run by professionals who know their business very well,” said a city-based investment ban-ker, “The settlement will allow both the bro-thers to concentrate on growth of businesses at a much faster pace. Each business units will witness renewed lenders’ interest.” “Reliance group firms like Reliance Infocomm has huge value to be unlocked. Reliance Infocomm’s public issue may also be put on the fast track after the de-merger is formalised over the next few months.” Under the settlement formula, Mukesh will get complete control over the oil refining and gas firm Reliance Industries, the flagship firm which is India’s largest private enterprise — and Indian Petrochemicals Corporation Ltd that the Ambanis acquired three years ago. Anil will manage power utility Reliance Energy, finance firm Reliance Capital, and Reliance Infocomm.