Since Mukesh Ambani’s Reliance Industries and his brother Anil Ambani’s Reliance ADA Group have canceled their non-compete agreements, Mukesh acquired a 95% stake of Infotel Broadband. Anil is shopping a stake in its flagship cell phone company, Reliance Communications Ltd., and is in talks to sell as much as 26% of its undersea-cable business, Reliance Globalcom,
the
Wall Street Journal
‘s “Deal Journal” column reported.
Despite the truce, advisers still fear they will have to work with one brother or the other, the report noted.
[I]nvestment bankers and other deal advisers privately say that despite the good vibes, there is still a feeling that advisory firms that have been close to one side of the Reliance house in the past may have difficulty winning business from the other Ambani…. The fact that deal advisers are still tiptoeing around the Ambanis suggests that what has been labeled as a rapprochement between the brothers has been blown out of proportion.
(Source: “Deal Journal,”
Wall Street Journal,
June 22, 2010.)
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