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Let’s Make An Ambani Deal

Peace between the Ambani brothers?

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Mukesh and Anil Ambani have agreed to cancel a family non-compete agreement as part of a resolution of their festering business conflicts.

Their companies have “approved and signed an Agreement canceling all existing non-compete arrangements.” Mukesh Ambani’s Reliance Industries has agreed, however, to stay out of gas-based power generation until 2022.

The agreement follows a Supreme Court ruling voiding a family agreement on natural gas prices executed in 2006. The companies promised to conclude negotiations on gas prices “expeditiously.”

 

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Business | Magazine | June 2010

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