Statement made by Anil Ambani

Statement made by Anil Ambani

In June 2005, with the blessings and approval of my respected mother, Smt. Kokilaben Ambani, and in line with the vision and value creation philosophy of our beloved founder Chairman, Shri Dhirubhai Ambani, we announced the restructuring of the Reliance Group.

I had sincerely believed then, that we had resolved all issues, and come to an amicable settlement that would create two of India’s most dynamic business groups, bring peace and harmony to our family, and generate substantial wealth for millions of shareholders of the Reliance family.

Over the past 4 years, some parts of that promise have been realized.

Unfortunately, the joy of that achievement has been tempered by the sorrow, pain and anguish of continuing disagreement and acrimony with my elder brother, Mukeshbhai.

Over these past 4 years, I have persevered with utmost sincerity, humility and good faith, and left no stone unturned to try and resolve our differences.

To my lasting regret, despite all my well-meaning efforts, I have failed - pushing us even to the extreme step of recourse to litigation to protect the interests of over 11 million shareholders of our Group.

Over the past few weeks, many elder statesmen, trusted family members, and long-standing friends of my father, Shri Dhirubhai Ambani, who have always had the best interests of the nation and the Ambani family at heart, have talked of the need to break the current impasse, and to find a solution that puts an end to this bitterness and rancor; and paves the way for substantial future growth and value creation for the country and millions of our shareholders.

I agree with each one of them.

This has been a time of deep sadness and pain for me personally.

Yet, throughout this very trying period, I have maintained the greatest of love, affection and respect for Mukeshbhai - as I have done since my birth.

In that spirit, I have made this pilgrimage today to the holy shrines of Kedarnath and Badrinath, in the hope of seeking divine inspiration and blessings, in trying to heal the wounds, and in making a renewed effort to resolve, reconcile and reciprocate.

I sincerely believe that Mukeshbhai and I can, even at this late stage, sort out all our disagreements, in a constructive, cordial and conciliatory manner, if we both commit to getting this done.

The issues are only a handful, and the facts are well known. My judgement says that they can all be resolved in a matter of weeks, and will not require several months of discussions.

Accordingly, with the blessings of my mother, and invoking the power of Lord Shiva from this most sacred of holy places, I am once again reaching out to Mukeshbhai - and hope and pray that my feelings will be reciprocated, and we will arrive at a solution to all outstanding issues, with a generous heart, a willing mind, and an accommodating spirit.

There can be no better gift to my mother, Smt. Kokilaben Ambani in her 75th year, and to the legacy of our beloved father, Shri Dhirubhai Ambani, the proud creator of the Reliance Group.