Ambani brothers firms gain on patch-up hopes

Ambani brothers firms gain on patch-up hopes
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First Published: Mon, Oct 12 2009. 10 42 AM IST
Updated: Mon, Oct 12 2009. 10 42 AM IST
Mumbai: Shares in firms controlled by India’s billionaire Ambani brothers rose on Monday after younger sibling Anil called for a renewed effort to end a bitter feud related to the split of the family business empire that spans energy, telecommunication and financial services.
At 10:33 am, Mukesh Ambani-controlled Reliance Industries, which has interests in the energy, petrochemicals and retail sector, was up 1.6% at Rs2,134.95.
Reliance Natural Resources, controlled by Anil, rose 4.2% to Rs86.50. Reliance Communications, also controlled by Anil, gained 1.1% to Rs161.75.
The benchmark 30-share BSE index was up 0.9%.
The vast Reliance business was split between the brothers in 2005.
The brothers are involved in a legal dispute over a deal for Reliance Industries to sell gas to Reliance Natural at below-market rates. The row has unnerved investors considering oil and gas exploration in India.
In a statement on Sunday, Anil Ambani said he wanted an end to the impasse. In response, Reliance Industries said it welcomed the move, but added the dispute under litigation was not merely a family matter and that it hoped “any overtures for rapprochement are in no way related to the ongoing hearing of the case”.
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First Published: Mon, Oct 12 2009. 10 42 AM IST