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Line drops between India’s Anil Ambani and MTN
Posted by Yogesh on Saturday, 19 July, 2008
MUMBAI, July 18 – A face-off between India’s two richest men, the Ambani siblings, overshadowed Anil Ambani’s negotiations South Africa’s MTN Group to create a global company before his estranged big brother Mukesh.
Anil’s Reliance Communications and MTN called off on Friday their exclusive talks to create a top-10 global telecom firm, saying legal and regulatory issues meant they were unable to conclude a deal.
The talks were clouded by a claim to a right of first refusal on the Indian mobile carrier’s shares by Mukesh, who runs Reliance Industries , India’s largest firm, and who had started dispute proceedings over the issue.
Anil, listed by Forbes magazine as the world’s sixth-richest man, one place behind Mukesh, has clashed with his brother before over business interests. For a factbox of disputes see [ID:nBOM284787].
Now 49, Anil established the Anil Dhirubhai Ambani Group in 2005 after a public feud with Mukesh saw the vast business empire founded by father Dhirubhai, a school teacher’s son, split between the siblings in a deal brokered by their mother.
Source Reuters
